Flag Ship Acquisition Corp

Flag Ship Acquisition Corp. (FSHP) has filed an amendment to its 2025 Form 10-K to change its independent registered public accounting firm from Malone Bailey, LLP to Wei, Wei & Co. This change, previously disclosed in a July 21, 2026, 8-K filing, involves replacing Malone Bailey's report with Wei & Wei's report on the company's consolidated financial statements for the fiscal year ended December 31, 2025. The financial statements themselves are unchanged. The amendment also includes updated Sarbanes-Oxley certifications.

Flag Ship Acquisition Corporation has filed a Definitive Proxy Statement (DEF 14A) announcing its Annual Meeting of Shareholders to be held on November 6, 2026. Key proposals include the election of four directors, the ratification of Wei, Wei & Co., LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, and a proposal to adjourn the meeting if necessary. The company also disclosed that Malone Bailey LLP was dismissed as auditor on July 20, 2026, and Wei, Wei & Co., LLP was engaged. Whale Management Corporation and Matthew Chen hold a significant majority of the company's shares.

Flag Ship Acquisition Corp extended its deadline to complete an initial business combination by one month, from June 20, 2026, to July 20, 2026. This follows shareholder approval for up to twelve one-month extensions. The sponsor, Whale Management Corporation, deposited $51,482 into the Trust Account for this extension. Additionally, 1,507,257 ordinary shares were redeemed by shareholders.

Flag Ship Acquisition Corp (FSHP) announced an amendment to its Investment Management Trust Agreement and its Articles of Association, approved by shareholders at an Extraordinary General Meeting. This allows the company to extend its deadline for consummating an initial business combination up to twelve times, from June 20, 2026, to June 20, 2027. Each extension requires a deposit from the Sponsor. In connection with the vote, over 1.5 million shares were redeemed by shareholders.

Flag Ship Acquisition Corporation announced it has regained compliance with Nasdaq Listing Rule 5250(c)(1). The company had previously received notices of non-compliance in April and May 2026 for failing to timely file its Annual Report on Form 10-K for fiscal year 2025 and its Quarterly Report on Form 10-Q for Q1 2026. Following the filing of its Form 10-Q on June 5, 2026, Nasdaq confirmed the company's compliance on June 8, 2026, and closed the matter.

Flag Ship Acquisition Corp (FSHP) filed its 10-Q report for the period ending March 31, 2026. The company reported a net income of $159,828, a significant decrease from $577,698 in the same period last year. This decline was primarily due to lower interest and dividends earned on its trust account investments. Operating expenses also decreased slightly. The company's total assets grew to $33.45 million, while liabilities also increased to $3.37 million. A significant concern highlighted is the company's going concern status, with a business combination deadline of June 20, 2026, and plans to seek further extensions, raising substantial doubt about its ability to continue operations if a combination is not achieved.

Flag Ship Acquisition Corp has entered into a Letter of Intent with Bluechip & Co. Holdings for a proposed business combination, following the termination of two prior merger agreements with Great Rich Technologies Limited and Great Future Technology Inc. The company is seeking shareholder approval to extend its business combination deadline from June 20, 2026, to June 20, 2027. As of December 31, 2025, the company reported a working capital deficit of $1,438,801 and held $33,080,038 in its trust account.

Flag Ship Acquisition Corporation received a second Nasdaq deficiency notice on May 21, 2026, for failing to timely file its Form 10-Q for the quarter ended March 31, 2026. This follows an initial notice on April 17, 2026, for the late filing of its Form 10-K for the fiscal year ended December 31, 2025. The company remains delinquent in filing both reports and must submit a plan to regain compliance by June 16, 2026, with a potential extension until October 12, 2026.

Flag Ship Acquisition Corp (FSHP) announced it received a second notification from Nasdaq on May 21, 2026, for failing to timely file its Form 10-Q for the quarter ended March 31, 2026. This follows an initial notice received on April 17, 2026, for failing to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The notices do not immediately affect the company's listing or trading, and Flag Ship has until June 16, 2026, to submit a compliance plan, with a potential extension until October 12, 2026.

Flag Ship Acquisition Corporation is seeking shareholder approval to extend the deadline for completing its initial business combination by up to twelve additional one-month periods, from June 20, 2026, to June 20, 2027. An Extraordinary General Meeting is scheduled for June 11, 2026, to vote on this Extension Proposal and an Adjournment Proposal. Public shareholders will have the option to redeem their shares for approximately $11.01 per share from the Trust Account, which held about $33.7 million as of May 13, 2026. The company previously terminated two merger agreements and has now entered into a letter of intent with Bluechip & Co. Holdings for a new potential business combination.