Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 540

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 3
Chunk 540
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As of December 31, 2024, there is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacity as such.

Item 4. Mine Safety Disclosures

Not Applicable

71

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our units are currently traded on The Nasdaq Global Market under the symbol “FSHPU” and started trading on The Nasdaq Global Market on June 18, 2024. The ordinary shares and rights began separate trading on August 15, 2024, under the symbols “FSHP” and “FSHPR” respectively.

Shareholders of Record

At December 31, 2024 there were 7,138,000 of our units issued
and outstanding by shareholders of record. Assuming all units have been separated into ordinary shares and rights, at December 31,
2024, there were 8,863,000 ordinary shares issued and outstanding held by two shareholders of record, and there were 7,138,000 of
our rights issued and outstanding and held by two shareholders of record. The number of record holders was determined from the records
of our transfer agent and does not include beneficial owners of any of our securities whose securities are held in the names of various
security brokers, dealers, and registered clearing agencies.

Dividends

We have not paid any cash dividends on our shares of ordinary shares to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be, subject to the laws of the Cayman Islands, within the discretion of our board of directors at such time. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate declaring any cash dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to under the terms of such indebtedness.

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