Company: FSHPU
Filing Date: 2025-07-25
Form Type: PRE 14A
Source: 0001829126-25-005363
Chunk: 20

Company: Flag Ship Acquisition Corp
Filing Date: 2025-07-25
Form: PRE 14A
Chunk 20
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 Agreement described above. Pursuant to the GFT Merger Agreement, among other things, Flag Ship will
merge with and into Merger Sub (the “”), with Merger Sub continuing as the surviving entity and a
wholly-owned subsidiary of GFT. At the effective time of the merger, (i) each of the Flag Ship ordinary shares issued and
outstanding immediately prior to the effective time of the Merger, excluding the Excluded Shares and Dissenting Shares (as defined
in the GFT Merger Agreement), if any, will be automatically cancelled, extinguished and exchanged for the right to receive,
immediately upon consummation the Merger, one (1) Class A ordinary share of GFT (such shares of GFT, collectively, the “”) for each such Flag Ship ordinary share (the “”); and (ii) each right to receive one-tenth (1/10th) of a Flag Ship ordinary share at the consummation of a
business combination of Flag Ship (a “Flag Ship 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, GFT Class A
Ordinary Shares 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 Flag Ship ordinary shares that the holder of the cancelled Flag Ship Right would
have been entitled to receive assuming satisfaction of the terms and conditions of such Flag Ship Right.

Our principal executive offices are located at 26 Broadway, Suite 934, New York, NY 10004 and our telephone number is (646) 362-0256.

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PROPOSAL 1 - THE EXTENSION FEE REDUCTION PROPOSAL</div>

Flag Ship is proposing to approve the Extension Fee Reduction Proposal to provide it and the Sponsor with the incentive to pay the necessary extension payments to extend the time period to consummate its initial business combination past September 20, 2025. Accordingly, the Board believes that this Proposal 1 is necessary in order to be able to consummate an initial business combination.

The Amended Articles provide
that we have 12 months from June 20, 2024 (the closing of our IPO), or 15 months from the closing of the IPO, if we have entered
into a