F
Flag Ship Acquisition Corp
FSHPCIK 0001850059NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBlank ChecksFY ends Dec 31
Period
FY 2024
Revenue
—
Net Income
$909.8K
Total Assets
$70.97M
Equity
$-2.26M
Shares Out
5.03M
Op. Cash Flow
$-876.3K
Business
Flag Ship Acquisition Corporation is a blank check company formed to effect mergers, share exchanges, asset acquisitions, stock purchases, reorganizations or similar business combinations with one or more businesses. It offers units, ordinary shares and rights through an initial public offering and related private placement and conducts sponsor, lock-up, voting and registration arrangements in connection with potential transactions. Its business is organized around identifying, diligencing and structuring initial business combinations and related trust-account and shareholder redemption procedures. It targets prospective businesses globally and seeks to provide access to U.S. capital markets, with securities listed on Nasdaq.
Summary from filing dated 2025-03-04
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| Formation, general and administrative expenses | 659,064 | 889,298 | |
| Net Interest Income | 2 | 2 | |
| Total other income, net | 2 | 2 | |
| Income before income taxes | 2 | 909,838 | |
| Income taxes | — | — | |
| NET INCOME | 2 | 909,838 | |
| Weighted Average Shares Outstanding | 2 | 2 | |
| Weighted Average Shares Outstanding, Diluted | 2 | 2 | |
| Earnings Per Share (Basic) | 0.24 | 0.17 | |
| Earnings Per Share (Diluted) | 0.24 | 0.17 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| ASSETS | — | — | |
| Current asset: | — | — | |
| Cash and Cash Equivalents | 6,551 | 76,747 | |
| Prepayments and deposits | 18,523 | 95,737 | |
| Total current assets | 25,074 | 172,484 | |
| Other Non-Operating Non-Current Assets | 33 | 71 | |
| TOTAL ASSETS | 33 | 71 | |
| LIABILITIES AND SHAREHOLDER’S DEFICIT | — | — | |
| Current liabilities: | — | — | |
| Other Current Liabilities | 17,124 | 34,370 | |
| Promissory notes – related party | 1 | 677,851 | |
| Total current liabilities | 1 | 712,221 | |
| Deferred underwriting compensation | 2 | 2 | |
| TOTAL LIABILITIES | 3 | 2 | |
| Commitments and contingencies | — | — | |
| Temporary Equity | 33 | 71 | |
| Total Stockholders' Equity | 1,963 | 1,963 | |
| Retained Earnings | −3 | −2 | |
| Total Shareholders’ deficit | −3 | −2 | |
| TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | 33 | 71 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| Cash flows from operating activities: | — | — | |
| Net Income to Common Shareholders | 2 | 909,838 | |
| Adjustments to reconcile net income to net cash used in operating activities: | — | — | |
| Interest and dividends earned on cash and investments held in trust account | 2 | 2 | |
| Change in operating assets and liabilities | — | — | |
| Deferred offering costs | — | 30,000 | |
| Prepayments and deposits | −77,214 | 91,399 | |
| Accrued liabilities | −17,246 | 34,370 | |
| Net Cash from Operating Activities | 120,000 | 40,000 | |
| Net cash used in operating activities | −479,096 | −876,327 | |
| Cash flows from investing activities: | — | — | |
| Cash withdrawn from Trust Account in connection to redemption | 40 | — | |
| Proceeds from extension loan deposited into trust account | 240,000 | — | |
| Proceeds deposited in Trust Account | — | 69 | |
| Net cash provided by (used in) investing activities | 40 | −69 | |
| Cash flows from financing activities: | — | — | |
| Proceed from public offering, net of offering costs | — | 67 | |
| Net Cash from Financing Activities | — | 2 | |
| Redemption of ordinary shares | 40 | — | |
| Proceeds from Debt Issuance | 648,900 | 637,851 | |
| Repayment of promissory note – related party | — | 433,554 | |
| Net cash provided by (used in) financing activities | −40 | 70 | |
| NET CHANGE IN CASH | −70,196 | −39,463 | |
| CASH, END OF YEAR | — | — | |
| CASH, END OF YEAR | — | — | |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | — | — | |
| Initial classification of ordinary shares subject to possible redemption | — | 65 | |
| Allocation of offering costs to ordinary shares subject to possible redemption | — | 3 | |
| Accretion of carrying value to redemption value | — | 8 | |
| Subsequent remeasurement of ordinary shares subject to possible redemption | 2 | 2 | |
| Extension funds attributable to ordinary shares subject to redemption | 240,000 | — | |
| Accrued underwriting compensation | — | 2 |
Filings
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