Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 79

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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 share (subject to increase of up to an additional $0.30 per public share in the event that the Sponsor elects to extend the period of time to consummate a business combination). The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our rights. The Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder shares, private placement shares and any public shares they may acquire during or after our IPO in connection with the completion of our initial business combination.

We will have up to 21 months, or 24 months
if the Event occurs, from the closing of the IPO to complete our initial business combination if we extend the period of time to
consummate a business combination, which may be accomplished only if the Sponsor deposits additional funds into the Trust Account.
The Sponsor may extend the deadline for completion of an initial business combination up to nine (9) times, each by an additional
one month until June 20, 2026, subject to the Sponsor and/or its designee depositing additional funds into the Trust Account with a
monthly extension fee (the “Monthly Extension Fee”) of $60,000. The amount was initially $230,000 (equivalent to $0.033
per public share). On August 26, 2025, through the Extraordinary General Meeting, the shareholders approved a proposal to reduce the
payment from $0.033 per each outstanding public share (for each monthly extension) to an amount equal to the lesser of (i) $60,000
for all outstanding public shares and (ii) $0.033 for each outstanding public share. In connection with the vote to approve the reduction of the Monthly Extension Fee, holders of 3,837,483 ordinary
shares of the Company properly exercised their right to redeem their shares for cash for an aggregate redemption amount of approximately
$40,447,071. If we are unable to consummate our initial
business combination within the Prescribed Time Frame, we will, as promptly as reasonably possible but not more than ten business
days thereafter, redeem the public shares for a pro rata portion of the funds held in the Trust Account and as promptly as
reasonably possible following such redemption, subject to the approval of our remaining shareholders