Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 46

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 46
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 and outstanding ordinary shares at the time of any such shareholder vote. As a result, in addition to our initial shareholder’s founder shares, we would need only 2,468,501, or approximately 35.77%, of the 6,900,000 public shares sold in the IPO to be voted in favor of a transaction (assuming all outstanding shares are voted) in order to have our initial business combination approved. Accordingly, if we seek shareholder approval of our initial business combination, it is more likely that the necessary shareholder approval will be received than would be the case if such persons agreed to vote their founder shares in accordance with the majority of the votes cast by our public shareholders.

Our sponsor has the right to extend the term we have to consummate our initial business combination, without providing our shareholders with redemption rights.

Our sponsor, officers, and
directors have agreed that we have 12 months or 15 months from the closing of the IPO (or up to 21 months or 24 months from the closing
of the IPO if we extend the period of time to consummate a business combination) to complete our initial business combination. We may,
by resolution of our board of directors if requested by our sponsor, extend the period of time to consummate a business combination up
to nine (9) times, each by an additional one month (for a total of up to 24 months to complete a business combination), subject to the
deposit of additional funds into the trust account by our sponsor or its affiliates or designees as set out elsewhere in this Annual Report,
subject to amendment from time to time. Our shareholders will not be entitled to vote or redeem their shares in connection with any such
extension. In order for the time available for us to consummate our initial business combination to be extended, our sponsors or their
affiliates or designees must deposit into the trust account.

Any such payments would be made in the form of a non-interest-bearing loan from our sponsor or its affiliates or designees and would be repaid, if at all, from funds released to us upon completion of our initial business combination. The obligation to repay any such loans may reduce the amount available to us to pay as purchase price in our initial business combination, and/or may reduce the amount of funds available to the combined company following the initial business combination.

This feature is different than the traditional special purpose acquisition company structure, in which any extension of our period to complete a business combination requires a vote of our shareholders and shareholders have the right to