Flag Ship Acquisition Corp

Flag Ship Acquisition Corp is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), incorporated on May 14, 2018, as an exempted company in the Cayman Islands. The company's primary purpose is to complete a merger, share exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more existing businesses. Flag Ship Acquisition Corp completed its initial public offering (IPO) on June 20, 2024, following the Securities and Exchange Commission declaring its registration statement effective on June 17, 2024. In the IPO, the company sold 6,900,000 units at an offering price of $10.00 per unit, generating gross proceeds of $69,000,000. Each unit consisted of one ordinary share and one right to receive one-tenth (1/10) of an ordinary share upon the consummation of an initial business combination. Concurrently with the IPO closing, Flag Ship Acquisition Corp sold 238,000 Private Placement Units to its sponsor, Whale Management Corporation, a British Virgin Islands company, at a purchase price of $10.00 per unit. This private sale generated gross proceeds of $2,380,000 for the company. The Private Placement Units are identical to the units sold in the IPO, with specific transfer restrictions for the sponsor.