Company: FSHPU
Filing Date: 2025-03-03
Form Type: 425
Source: 0001829126-25-001402
Chunk: 5

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-03
Form: 425
Chunk 5
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 considerations)
which could result in unforeseen delays in the timing of the business combination and negatively impact the attractiveness of the business
combination to investors; and (k) other risks and uncertainties indicated from time to time in the final prospectus of the Company relating
to its initial public offering filed with the SEC, including those under “Risk Factors” therein, and other documents filed
or to be filed with the SEC by the Company. Copies are available on the SEC’s website at www.sec.gov.

The foregoing list of factors is not exclusive.
Additional information concerning these and other risk factors are contained in the Company’s and GRT’s most recent filings
with the SEC. All subsequent written and oral forward-looking statements concerning the Company and GRT, the business combination transactions
described herein or other matters and attributable to the Company, GRT, GRT’s shareholders or any person acting on behalf of any
of them are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the date made. Neither the Company, GRT, nor GRT’s shareholders undertake
or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change
in their expectations or any change in events, conditions or circumstances on which any such statement is based.

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| Item 9.01 | Financial Statement and Exhibits. |

(d) Exhibits

<div align='center'>EXHIBIT INDEX</div>

| Exhibit No. 
 2.1         |     | Description                                                                 
 First Amendment to Merger Agreement dated February 28, 2025                 |
|:------------|:----|:----------------------------------------------------------------------------|
| 104         |     | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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SIGNATURES</div>

Pursuant to the requirements of the Securities Exchange
Act of 1934, the Company has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

| Dated: March 3, 2025 | Flag Ship Acquisition Corporation 
 By:                               | /s/ Matthew             
 Chen                    |
|:---------------------|:----------------------------------|:------------------------|
|                      | Name:                             | Matthew Chen            |
|                      | Title:                            | Chief Executive Officer |

<div align='center'>4</