Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 13

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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FT Merger Agreement”) with Great Future Technology Inc., a Cayman Islands exempted company
limited by shares (“PubCo” or “Parent”) and GFT Merger Sub Limited, a Cayman Islands exempted company limited
by shares and a wholly-owned subsidiary of GFT (“Merger Sub”). The GFT Merger Agreement replaces and supersedes the GRT Merger
Agreement described above. Pursuant to the GFT Merger Agreement, among other things, the Company will merge with and into Merger Sub
(the “Merger”), with Merger Sub continuing as the surviving entity and a wholly-owned subsidiary of PubCo. At the effective
time of the merger, (i) each of the Company Shares issued and outstanding immediately prior to the Effective Time, excluding the Excluded
Shares and Dissenting Shares, if any, will be automatically cancelled, extinguished and exchanged for the right to receive, immediately
upon consummation the merger, one (1) Class A ordinary share of PubCo (such shares of PubCo, collectively, “PubCo Class A Ordinary
Shares”) for each such Company Share (the “Per Share Merger Consideration”); and (ii) each right to receive one-tenth
(1/10th) of a Company Share at the consummation of a business combination of the Company (a “Company Right”) that is outstanding
immediately prior to the effective time will be cancelled, extinguished and exchanged for the right to receive, immediately upon the
consummation of the Merger, PubCo Class A Ordinary Shares in an amount equal to (in each case, as rounded down to the nearest whole number)
the product of (a) the Per Share Merger Consideration, multiplied by (b) the number of Company Shares that the holder of the cancelled
Company Right would have been entitled to receive from the Company assuming satisfaction of the terms and conditions of such Company
Right.

On August 26, 2025, the Company held an
extraordinary general meeting of shareholders (the “Extraordinary General Meeting”) and obtained approval by ordinary
resolution of the reduction of the monthly fee payable by the Company’s sponsor and/or its designee into the trust account to
extend the date by which the Company must consummate its initial business combination from $0.033 per each outstanding public share
(for each monthly extension) to an amount equal to the lesser of (i) $60,000 for all outstanding public shares and (ii)