Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 2

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 2
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 in the trust account within non-current assets, and the amount of $1,725,000 for deferred underwriting commissions within non-current
liabilities.

The Company’s units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “FSHPU” on June 18, 2024. Each unit consists of one ordinary share, one right to receive one-tenth (1/10) of an ordinary share upon the consummation of an initial business combination. The units began separate trading on August 15, 2024 and the ordinary shares and rights commenced trading on Nasdaq under the symbols “FSHP,” and “FSHPR,” respectively.

Proposed GRT Business Combination

On October 21, 2024,
Flag Ship Acquisition Corporation entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Great Rich Technologies
Limited, a public limited company incorporated under the laws of Hong Kong, and GRT Merger Star Limited, a Cayman Islands company limited
by shares and a wholly-owned subsidiary of GRT (“Merger Sub”).

The Merger Agreement and
related agreements are further described in our Current Report on Form 8-K filed with the SEC on October 23, 2024. Other than as
specifically discussed, this Annual Report does not assume the closing of the transactions contemplated by the Merger Agreement (“Proposed
GRT Business Combination”). The following description of the Merger Agreement and related agreements do not purport to be complete
and is qualified in its entirety by reference to the full text of the corresponding agreements, the forms of which were filed as exhibits
to the Current Report on Form 8-K on October 23, 2024 and the terms of which are incorporated by reference herein. On February 28, 2025,
Flag Ship, GRT and Merger Sub entered into the first amendment to the Merger Agreement (the “First Amendment”) solely to
amend Section 10.01 of the Merger Agreement to extend the Outside Date defined thereunder from February 28, 2025 to August 28, 2025.

Merger Agreement

The Merger

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”). Immediately upon Closing, the Company and