Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 520

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 2
Chunk 520
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RT”), and GRT Merger Star Limited, a Cayman Islands company limited by shares and a
         wholly-owned subsidiary of GRT (“Merger Sub”). Pursuant to the 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 GRT (the “Surviving Company”).
       
      At the Effective Time, by virtue of the Merger and without any action of the part
         of the Company, Merger Sub or any other Person:
       
      (i) each of the Company’s ordinary shares (the “Company Shares”) issued and outstanding immediately prior to the Effective Time, excluding the Excluded
         Shares and Dissenting Shares (each, as defined below), if any, will be automatically
         cancelled, extinguished and exchanged for the right to receive, immediately upon consummation
         the Merger, one (1) ordinary share of GRT (such shares of GRT, collectively, “Parent Ordinary Shares”) payable in American Depositary Shares of GRT (“Parent ADSs”) for each such Company Share (the “Per Share Merger Consideration”); and

    F-9

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      (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, Parent Ordinary Shares, payable in Parent ADSs, 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
         (the “Company Rights Holder”) would have been entitled to receive from the Company assuming satisfaction of the
         terms and conditions of such Company Right, multiplied by (c) the ADS exchange rate
         of rate of one (1) Parent Ordinary Share per one (1) Parent ADS (the “ADS Exchange Rate”) (the “Rights Merger Consideration”).
       
      The aggregate consideration payable to pursuant to the Mer