Flag Ship Acquisition Corporation Announces Deposit to Trust Account to Extend Deadline to Consummate Business Combination

Rhea-AI Summary

Flag Ship Acquisition Corporation (NASDAQ: FSHP), a SPAC, has announced that its sponsor Whale Management Corporation has deposited $60,000 into the company's trust account. This deposit extends Flag Ship's deadline to complete a business combination by one month, moving the deadline to October 20, 2025.

The sponsor has indicated its intention to continue extending the completion period for the initial business combination as needed, with additional monthly extensions.

Positive

• None.

Negative

• Delay in finding/completing business combination suggests potential challenges
• Additional extension deposits will reduce capital available for business combination

NEW YORK, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Flag Ship Acquisition Corporation (NASDAQ: FSHP) (the “Company” or “Flag Ship”), a publicly-traded special purpose acquisition company (SPAC), today announced that the Company’s sponsor, Whale Management Corporation (the “Sponsor”), has deposited into the Company's trust account (the “Trust Account”) an aggregate of $60,000, in order to extend the period of time the Company has to consummate a business combination by one month to October 20, 2025.

The Sponsor plans to extend such period of time to complete its initial business combination as necessary, each by an additional month.

About Flag Ship Acquisition Corporation

Flag Ship is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination with one or more businesses or entities. Flag Ship’s efforts to identify a target business have not been limited to a particular industry or geographic region. Flag Ship is sponsored by Whale Management Corporation, a BVI business company with limited liability.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

For further information, please contact:
Matthew Chen | Chief Executive Officer
Phone: (212) 884-2667
Email: mchen@flagshipac.com

FAQ

What is the new deadline for Flag Ship Acquisition Corporation (NASDAQ: FSHP) to complete its business combination?

Flag Ship's new deadline to complete its business combination is October 20, 2025, following a one-month extension.

How much did Flag Ship's sponsor deposit to extend the SPAC merger deadline?

Whale Management Corporation, Flag Ship's sponsor, deposited $60,000 into the trust account to extend the deadline by one month.

Can Flag Ship Acquisition Corporation (FSHP) further extend its business combination deadline?

Yes, the sponsor plans to extend the deadline further as necessary, with additional monthly extensions through new deposits.

What happens to Flag Ship SPAC if they don't complete a business combination by the deadline?

If Flag Ship fails to complete a business combination by the deadline, they would typically need to liquidate and return the trust funds to shareholders, unless further extensions are secured.