Company: FSHPU
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0001829126-25-001450
Chunk: 170

Company: Flag Ship Acquisition Corp
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1
Chunk 170
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 (i) each of the Company’s ordinary shares (the “Company Shares”) issued and outstanding immediately prior to the Effective Time, excluding the Excluded
         Shares and Dissenting Shares (each, as defined below), if any, will be automatically
         cancelled, extinguished and exchanged for the right to receive, immediately upon consummation
         the Merger, one (1) ordinary share of GRT (such shares of GRT, collectively, “Parent Ordinary Shares”) payable in American Depositary Shares of GRT (“Parent ADSs”) for each such Company Share (the “Per Share Merger Consideration”); and

    F-9

FLAG SHIP ACQUISITION CORPORATION

NOTES TO FINANCIAL STATEMENTS

      (ii) each right to receive one-tenth (1/10th) of a Company Share at the consummation of a business combination of the Company
         (a “Company Right”) that is outstanding immediately prior to the Effective Time will be cancelled,
         extinguished and exchanged for the right to receive, immediately upon the consummation
         of the Merger, Parent Ordinary Shares, payable in Parent ADSs, in an amount equal
         to (in each case, as rounded down to the nearest whole number) the product of (a)
         the Per Share Merger Consideration, multiplied by (b) the number of Company Shares that the holder of the cancelled Company Right
         (the “Company Rights Holder”) would have been entitled to receive from the Company assuming satisfaction of the
         terms and conditions of such Company Right, multiplied by (c) the ADS exchange rate
         of rate of one (1) Parent Ordinary Share per one (1) Parent ADS (the “ADS Exchange Rate”) (the “Rights Merger Consideration”).
       
      The aggregate consideration payable to pursuant to the Merger Agreement to the shareholders
         of the Company (“Company Shareholders”) entitled thereto shall consist of that number of Parent Ordinary Shares payable
         in Parent ADSs that is equal to (i) the Per Share Merger Consideration multiplied
         by the number of Company Shares registered in the name of those Company Shareholders
         immediately prior to the Effective Time, multiplied by the ADS Exchange Rate, plus
         (ii) the Rights Merger Consideration, as described above.
       
      Liquidation
       
      If the Company is unable to complete a Business Combination within the Combination
         Period, the Company will