Flag Ship Acquisition Corp SEC 10-Q Report
Flag Ship Acquisition Corp, a blank check company focused on mergers and acquisitions, has released its Form 10-Q report for the quarter ended June 30, 2025. The report provides a comprehensive overview of the company's financial performance and business activities, highlighting significant progress and future plans.
Financial Highlights
Net Income: Flag Ship Acquisition Corp reported a net income of $589,626 for the three months ended June 30, 2025, reflecting an increase due to higher interest and dividends earned on cash and investments held in the Trust Account. For the six months ended June 30, 2025, the company reported a net income of $1,167,324, driven by similar factors.
Net Income Per Share: The net income per share was $0.07 for the three months ended June 30, 2025, indicating improved earnings per share compared to the same period in 2024. For the six months ended June 30, 2025, the net income per share was $0.13, showing a significant increase from the loss per share in the same period in 2024.
Business Highlights
Business Overview: Flag Ship Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company is currently focused on identifying and evaluating potential business combination targets, particularly those with a connection to the Asian market.
Initial Public Offering: The company completed its IPO in June 2024, raising $69 million through the sale of 6,900,000 units. Each unit consists of one ordinary share and one right, with the proceeds placed in a trust account to be used for a future business combination.
Trust Account Management: The funds from the IPO are held in a trust account and invested in U.S. government treasury bills or money market funds. These funds are intended to be used for the business combination, with interest earned being used to pay taxes.
Proposed GFT Business Combination: On April 18, 2025, Flag Ship entered into a merger agreement with Great Future Technology Inc. (GFT), a Cayman Islands company. The merger will result in Flag Ship merging with a subsidiary of GFT, with GFT continuing as the surviving entity.
Termination of Previous Merger Agreement: The company previously entered into a merger agreement with Great Rich Technologies Limited, which was terminated on April 18, 2025, in favor of the new agreement with GFT.
Operational Focus: The company is currently in the process of identifying and evaluating potential targets for its initial business combination. It has not yet commenced any operations and will not generate operating revenues until after the completion of a business combination.
Future Outlook: The company has until June 20, 2026, to complete its initial business combination, with the possibility of extending the deadline by up to nine months if necessary. The management is focused on completing the proposed GFT business combination or identifying alternative targets if needed.
Going Concern Consideration: The company has raised concerns about its ability to continue as a going concern if it fails to complete a business combination within the prescribed timeframe. Management plans to address this uncertainty through the completion of the initial business combination.
SEC Filing: Flag Ship Acquisition Corp [ FSHP ] - 10-Q - Aug. 01, 2025