Company: FSHPU
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001829126-25-008620
Chunk: 58

Company: Flag Ship Acquisition Corp
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 sponsor and/or its designee into the trust account to
extend the date by which the Company must consummate its initial business combination 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. The first monthly extension fee must be made by September 20, 2025 while each subsequent monthly
extension fee must be deposited into the trust account by the 20th of each succeeding month until June 20, 2026.

On August 26, 2025, in connection with the vote
to approve the Extension Amendment Proposal, holders of 3,837,483 ordinary shares of the Company properly exercised their right
to redeem their shares for cash at a redemption price of approximately $10.54 per share, for an aggregate redemption amount of approximately
$40,447,071.

On each of September 19, 2025, and October 20, 2025, the Company deposited $60,000
respectively into the Trust Account in order to extend the amount of available time to complete a business combination until
November 20, 2025.

Liquidation

If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (net of taxes payable and less interest to pay dissolution expenses up to $50,000), which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the Company’s board of directors, proceed to commence a voluntary liquidation of the Company, subject in each case to its obligations to provide for claims of creditors and the requirements of applicable law. The underwriters have agreed to waive its rights to the deferred underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account