Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 316

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1A
Chunk 316
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 within 12 months from the closing of the Initial
         Public Offering (or 15 months if the Company enters into a business combination agreement
         prior to the expiration of the initial 12-month period (the “Event”)) from the closing
         of the Initial Public Offering to consummate a Business Combination or (B) with respect
         to any other provision relating to shareholders’ rights or pre-business combination activity and (iii) the redemption of all of the
         Company’s public shares if the Company is unable to complete its initial Business Combination
         within nine months from the closing of the Initial Public Offering (or up to 21 or
         24 months from the closing of the Initial Public Offering if the Company extends the
         period of time to consummate a Business Combination depending on occurrence of the
         Event), subject to applicable law.

    F-7

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      Business Combination
       
      The Company listed the Units on the Nasdaq Global Market (“NASDAQ”). The Company’s management has broad discretion with respect to the specific application of the
         net proceeds of the Initial Public Offering and the Private Units, although substantially
         all of the net proceeds are intended to be generally applied toward consummating a
         Business Combination. NASDAQ rules provide that the Business Combination must be with
         one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
         commissions and interest released to pay taxes payable) at the time of the signing
         a definitive agreement in connection with a Business Combination. The Company will
         only complete a Business Combination if the post-Business Combination company owns
         or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires
         a controlling interest in the target sufficient for it not to be required to register
         as an investment company under the Investment Company Act of 1940, as amended (the
         “Investment Company Act”). There is no assurance that the Company will be able to
         successfully effect a Business Combination. Upon the closing of the Initial Public
         Offering, management has agreed that at least $10.00 per Unit, including the proceeds of the sale of the Private Units will be held in
         a trust account (“Trust Account”) and invested in U.S. government securities,