# EDGAR Filing Document

**Accession Number:** 0001850059
**File Stem:** 0000000000-23-000317
**Filing Date:** 2023-1
**Character Count:** 7668
**Document Hash:** 41696b82c2b5b3256fbd51f779144148
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-000317.hdr.sgml**: 20240717

**ACCESSION NUMBER**: 0000000000-23-000317

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230112

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Flag Ship Acquisition Corp
- **CENTRAL INDEX KEY:** 0001850059
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-04377

**BUSINESS ADDRESS:**
- **STREET 1:** 260 MADISON AVENUE
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 646 216-2000

**MAIL ADDRESS:**
- **STREET 1:** 260 MADISON AVENUE
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001829126-21-001361

## Text-Extract

```

United States securities and exchange commission logo

                             January 12, 2023

       Matthew Chen
       Chief Executive Officer
       Flag Ship Acquisition Corporation
       260 Madison Avenue, 8th Floor
       New York, NY 10016

                                                        Re: Flag Ship
Acquisition Corporation
                                                            Amendment No. 3 to
Registration Statement on Form S-1
                                                            Filed December 14,
2022
                                                            File No. 333-261028

       Dear Matthew Chen:

              We have reviewed your amended registration statement and have the
following
       comment. In our comment, we may ask you to provide us with information
so we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comment applies to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to this comment, we may have additional comments.

       Amendment No. 3 to Registration Statement filed on December 14, 2022

       Private Placement Units, page 132

   1.                                                   We note your disclosure
hereunder that the warrants included in the "private placement
                                                        units will be
redeemable and exercisable by the holders on the same basis as the warrants
                                                        included in the units
being sold in this offering." However, we note in your definition of
                                                        warrants on page 1 (and
related disclosures elsewhere in the filing) that private placement
                                                        warrants are redeemable
"to the extent that they are no longer held by the initial
                                                        purchasers of the
private placement units or their permitted transferees." Because the
                                                        settlement amount for
the subject warrants depends solely on who holds the instrument,
                                                        and this is not an
input to the fair value of a fixed-for-fixed option or forward on equity
                                                        shares, it appears this
provision would cause the private placement warrants to fail Step 2
                                                        of the indexation
guidance under ASC 815-40-15. If so, the private placement warrants
 Matthew Chen
Flag Ship Acquisition Corporation
January 12, 2023
Page 2
      would be classified as liabilities. Please clarify if this is the case,
and revise your
      disclosure as appropriate.
       You may contact Kathryn Jacobson, Senior Staff Accountant, at (202)
551-3365 or
Robert Littlepage, Accounting Branch Chief, at (202) 551-3361 if you have
questions regarding
comments on the financial statements and related matters. Please contact Jeff
Kauten, Staff
Attorney, at (202-551-3447 or Larry Spirgel, Office Chief, at (202) 551-3815
with any other
questions.

                                                              Sincerely,
FirstName LastNameMatthew Chen
                                                              Division of
Corporation Finance
Comapany NameFlag Ship Acquisition Corporation
                                                              Office of
Technology
January 12, 2023 Page 2
cc:       Robert C. Brighton, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

![img-0.jpeg](img-0.jpeg)

CORPORATION FINANCE

# UNITED STATES  
SECURITIES AND EXCHANGE COMMISSION  
WASHINGTON, D.C. 20549

January 12, 2023

Matthew Chen  
Chief Executive Officer  
Flag Ship Acquisition Corporation  
260 Madison Avenue, 8th Floor  
New York, NY 10016

# **Re: Flag Ship Acquisition Corporation  
Amendment No. 3 to Registration Statement on Form S-1  
Filed December 14, 2022  
File No. 333-261028**

Dear Matthew Chen:

We have reviewed your amended registration statement and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to this letter by amending your registration statement and providing the requested information. If you do not believe our comment applies to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response.

After reviewing any amendment to your registration statement and the information you provide in response to this comment, we may have additional comments.

Amendment No. 3 to Registration Statement filed on December 14, 2022

Private Placement Units, page 132

1. We note your disclosure hereunder that the warrants included in the 'private placement units will be redeemable and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.' However, we note in your definition of warrants on page 1 (and related disclosures elsewhere in the filing) that private placement warrants are redeemable 'to the extent that they are no longer held by the initial purchasers of the private placement units or their permitted transferees.' Because the settlement amount for the subject warrants depends solely on who holds the instrument, and this is not an input to the fair value of a fixed-for-fixed option or forward on equity shares, it appears this provision would cause the private placement warrants to fail Step 2 of the indexation guidance under ASC 815-40-15. If so, the private placement warrants

Matthew Chen
Flag Ship Acquisition Corporation
January 12, 2023
Page 2

would be classified as liabilities. Please clarify if this is the case, and revise your disclosure as appropriate.

You may contact Kathryn Jacobson, Senior Staff Accountant, at (202) 551-3365 or Robert Littlepage, Accounting Branch Chief, at (202) 551-3361 if you have questions regarding comments on the financial statements and related matters. Please contact Jeff Kauten, Staff Attorney, at (202-551-3447 or Larry Spirgel, Office Chief, at (202) 551-3815 with any other questions.

Sincerely,

Division of Corporation Finance
Office of Technology

cc: Robert C. Brighton, Esq.