Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 26

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 ordinary share upon consummation of the initial business combination.

The Private Placement Units are identical to the Public Units sold in the Initial Public Offering except for certain registration rights and transfer restrictions.

NOTE 5 – RELATED PARTY TRANSACTIONS

Founder Shares

On May 2018, the Company issued one ordinary
share to the initial shareholder for no consideration. On February 20, 2021, the Company cancelled the one share for no consideration
and the Sponsor purchased 1,150,000
ordinary shares for an aggregate price of $25,000.
On September 23, 2021, the Company purchased back all the 1,150,000
shares for $25,000
and reissued 2,875,000
ordinary shares to the Sponsor for $25,000.
On November 29, 2022, our sponsor surrendered 1,150,000
shares for no consideration. The Founder Shares include an aggregate of up to 225,000
shares subject to forfeiture by the Sponsors to the extent that the underwriters’ over-allotment is not exercised in full
or in part, so that the Sponsors will collectively own 20% of the Company’s issued and outstanding shares after the Initial Public
Offering (assuming the initial shareholders do not purchase any Public Shares in the Initial Public Offering and excluding the Private
Units and underlying securities). The underwriters exercised the over-allotment option in full, so those shares are no longer subject
to forfeiture.

The initial shareholders have agreed not to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until (1) with respect to 50% of the Founder Shares, the earlier of six months after the completion of a Business Combination and the date on which the closing price of the ordinary shares equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing after a Business Combination and (2) with respect to the remaining 50% of the Founder Shares, six months after the completion of a Business Combination, or earlier, in either case, if, subsequent to a Business Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their ordinary shares for cash, securities or other property.

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FLAG SHIP ACQUISITION CORPORATION

NOTES TO UNAUDITED FINANCIAL STATEMENTS

Promissory Note