{"url_path":"/sec/fshp/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-05","source_url":"https://www.sec.gov/Archives/edgar/data/1850059/0001829126-26-006111-index.html","accession_number":"0001829126-26-006111","cik":"0001850059","ticker":"FSHP","issuer_name":"Flag Ship Acquisition Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/1850059/0001829126-26-006111-index.html","primary_entity_key":"0001850059","primary_entity_name":"Flag Ship Acquisition 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STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n \n\n☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the quarterly period ended March 31, 2026**\n\n \n\n**or**\n\n \n\n☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n** **\n\n**For the transition period from __________ to __________**\n\n \n\n**Commission file number: 001-42138**\n\n \n\n**Flag Ship Acquisition Corporation**\n\n \n\n(Exact name of registrant as specified in its charter)\n\n \n\nCayman Islands\n \nN/A00-0000000\n\n(State or other jurisdiction of\nincorporation or organization)\n \n(I.R.S. Employer\nIdentification No.)\n\n \n\n**26 Broadway, Suite 934 New York, New York 10004**\n\n \n\n(Address of principal executive offices)\n\n \n\n**(646) 362-0256**\n\n \n\n(Registrant’s telephone number, including area code)\n\n \n\n \n\n \n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\n**Title of each class**\n \n**Trading Symbol(s)**\n \n**Name of each exchange on which registered**\n\nUnits, each consisting of one Ordinary Share, $0.001 par value, and one right\n \nFSHPU\n \nThe Nasdaq Stock Market LLC\n\nOrdinary Share, $0.001 par value\n \nFSHP\n \nThe Nasdaq Stock Market LLC\n\nRights to receive one-tenth (1/10th) of one Ordinary Share\n \nFSHPR\n \nThe Nasdaq Stock Market LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\n \n \nEmerging growth company\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒   No ☐\n\n \n\nAs\nof June 5, 2026, the registrant had 5,025,517\nordinary shares, $0.001 par value per share, issued and outstanding.\n\n \n\n \n\n \n\n \n\n \n\n \n\n**FLAG SHIP ACQUISITION CORPORATION**\n\n \n\n**FORM 10-Q FOR THE QUARTER ENDED March 31, 2026**\n\n \n\n**TABLE OF CONTENTS**\n\n** **\n\n \n \n**Page**\n\n**Part I. Financial Information**\n \n1\n\n[Item 1. Financial Statements](#a_002)\n \n1\n\n[Balance Sheets (Unaudited)](#a_003)\n \n1\n\n[Statements of Operations (Unaudited)](#a_004)\n \n2\n\n[Statements of Changes in Shareholders’ Deficit (Unaudited)](#a_005)\n \n3\n\n[Statements of Cash Flows (Unaudited)](#a_006)\n \n4\n\n[Notes to Unaudited Financial Statements](#a_007)\n \n5\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a_008)\n \n21\n\n[Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk](#a_009)\n \n27\n\n[Item 4. Controls and Procedures](#a_010)\n \n27\n\n \n \n \n\n**Part II. Other Information**\n \n28\n\n[Item 1. Legal Proceedings](#a_012)\n \n28\n\n[Item 1A. Risk Factors](#a_013)\n \n28\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#a_014)\n \n28\n\n[Item 3. Defaults Upon Senior Securities](#a_015)\n \n29\n\n[Item 4. Mine Safety Disclosures](#a_016)\n \n29\n\n[Item 5. Other Information](#a_017)\n \n29\n\n[Item 6. Exhibits](#a_018)\n \n30\n\n \n \n \n\n**Part III. Signatures**\n \n31\n\n \n\ni\n\n \n\n \n\n**Part I. Financial Information**"}