Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 392

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 392
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10) of
         one ordinary share upon consummation of a Business Combination, even if the holder
         of a right redeemed all shares held by him, her or it in connection with a Business
         Combination or an amendment to the Company’s Amended and Restated Memorandum and Articles of Association with respect to its
         pre-business combination activities. In the event that the Company will not be the
         surviving company upon completion of a Business Combination, each holder of a right
         will be required to affirmatively redeem his, her or its rights in order to receive
         the one-tenth (1/10) of a share underlying each right upon consummation of the Business
         Combination. No additional consideration will be required to be paid by a holder of
         Public Rights in order to receive his, her or its additional ordinary shares upon
         consummation of a Business Combination. The shares issuable upon exchange of the rights
         will be freely tradable (except to the extent held by affiliates of the Company).
         If the Company enters into a definitive agreement for a Business Combination in which
         the Company will not be the surviving entity, the definitive agreement will provide
         for the holders of rights to receive the same per share consideration the holders
         of the ordinary shares will receive in the transaction on an as-converted into ordinary
         share basis.
       
      The Company will not issue fractional shares in connection with an exchange of rights.
         Fractional shares will either be rounded down to the nearest whole share or otherwise
         addressed in accordance with the applicable provisions of the Cayman Islands law.
         As a result, the holders of the rights must hold rights in multiples of ten in order
         to receive shares for all of the holders’ rights upon closing of a Business Combination. If the Company is unable to complete
         a Business Combination within the Combination Period and the Company liquidates the
         funds held in the Trust Account, holders of rights will not receive any of such funds
         with respect to their rights, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such rights, and the rights
         will expire worthless. Further, there are no contractual penalties for failure to
         deliver securities to the holders of the rights upon consummation of a Business Combination.
         Additionally, in no event will the Company be required to net cash settle the rights.
         Accordingly, the rights may expire worthless.