Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 17

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 17
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 have effectively become public, whereas an initial public offering is always subject to the underwriter’s ability to complete the offering, as well as general market conditions, which could delay or prevent the offering from occurring. Once public, we believe the target business would then have greater access to capital and an additional means of providing management incentives consistent with shareholders’ interests. Being a public company can offer further benefits by augmenting a company’s profile among potential new customers and vendors and aid in attracting talented employees.

While we believe that our structure and our management team’s backgrounds will make us an attractive business partner, some potential target businesses may have negative view of us since we are a blank check company without an operating history and there is uncertainty relating to our ability to seek shareholder approval of any proposed initial business combination and retain sufficient funds in our trust account in connection therewith.

Financial Position

As of December 31, 2024,
we had approximately $70,799,136 in investments held in the trust account assuming no redemptions and before payment
of up to $1,725,000 of deferred underwriting fees, and before fees and expenses associated with our initial business combination. With
funds available for a business combination in trust account, we offer a target business a variety of options such as creating a liquidity
event for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by
reducing its debt ratio. Additionally, because we are a public company or because a target business may be an attractive investment opportunity
for third parties or be financially financeable through a third-party traditional lender, we may be able to obtain additional financing
from third parties in a financing to satisfy cash needs of any target and its shareholders. Because we are able to complete our initial
business combination using our cash, debt or equity securities, or additional financings or a combination of the foregoing, we have the
flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target business and
its shareholders to fit their needs and desires. However, we have not taken any steps to secure third party financing and there can be
no assurance it will be available to us.

Effecting Our Initial Business Combination

We are not presently engaged in, and we will not engage in, any operations for an indefinite period of time following the IPO. We intend to effectuate our initial business combination using cash from the proceeds of the IPO and the private placement of the private placement units, our shares