Flag Ship Acquisition CorpFSHP
Cash in trust
$34.0M
$34,017,341
Trust per share
$21.87
Redemption value
IPO
Jun 2024
$67.3M raised
Combination deadline
Jun 20, 2027
289 days remaining
Filings on record
114
Latest Aug 31, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Oct 23, 2024
Overview
Flag Ship Acquisition Corp is a special purpose acquisition company incorporated and registered with the SEC under CIK 0001850059. It completed its initial public offering in Jun 2024, raising $67.3M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker FSHP, units under FSHPU, rights under FSHPR on Nasdaq. The vehicle is sponsored by Whale Management through Whale Management Corporation. The mandate targets generalist. Definitive business-combination agreement signed, closing pending.
“We intend to focus on one or more businesses that have predictable revenue streams and definable low working capital and capital expenditure requirements.”
Reading the filings
Arithmetic on what Flag Ship Acquisition Corp has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $21.87 per public share, 118.7% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
289 days to the Jun 20, 2027 deadline. The vehicle is early in its search window, and the deadline is not yet the binding constraint.
Sponsor promote
The sponsor's founder block is 225,000 shares against 1,555,260 public shares, or 12.6% of the combined count, acquired before the IPO at nominal cost. That promote is the structural dilution every public shareholder carries into a combination, and it is why the economics of a de-SPAC differ so sharply from a conventional IPO.
Sponsor record
Whale Management has launched 2 vehicles. Of the 1 that have resolved, 0 closed a combination and 1 liquidated, a 0% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Lucid led the offering. It has been named on 6 SPAC IPOs, and 0% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Scores
Recomputed 4m agoThree readings of Flag Ship Acquisition Corp, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ElevatedHow much does the structure protect a holder right now?
57/100
- Trust accretion100
$21.87 per share
- Runway40
289 days
- Sponsor record33
0.0%
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
ModerateHow much attention is this vehicle attracting right now?
34/100
- Filing activity79
5 in 30 days
- News coverage0
0 stories in 30 days
- Deal freshness22
announced 681 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ModerateHow likely is this vehicle to complete a combination, and at what scale?
27/100
- Sponsor record33
0.0%
- Lead bank record8
0.0%
- Bank franchise2
6 SPAC mandates
- Trust scale9
$34M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
News on Flag Ship Acquisition Corp
Last 90 days- Flag Ship Acquisition Extends Deadline To Combine From June 20, 2026 To July 20, 2026Neutral
Benzinga · 2mo ago
- Flag Ship Acquisition Corporation Regains Compliance with Nasdaq Listing Rule 5250(c)(1)Neutral
Yahoo · 2mo ago
News sentiment
NeutralAcross 2 recent stories, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- 8-K
Notice of delisting or failure to satisfy a listing rule
Item 3.01 · Accession 0001829126-26-009545
- 4
Statement of changes in beneficial ownership
Accession 0000812291-26-000013
- 3
Initial statement of beneficial ownership
Accession 0000812291-26-000012
- 10-Q
Quarterly report
Accession 0001829126-26-008880
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001628280-26-053929
- 8-K
Current report
Items 4.01, 9.01 · Accession 0001829126-26-007693
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001829126-26-006872
- 8-K
Entry into a material definitive agreement; Submission of matters to a vote of security holders; Other events
Items 1.01, 5.03, 5.07, 8.01, 9.01 · Accession 0001829126-26-006621
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001829126-26-006238
- 10-Q
Quarterly report
Accession 0001829126-26-006111
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001072613-26-000506
- 10-K
Annual report
Accession 0001829126-26-005818
- 8-K
Notice of delisting or failure to satisfy a listing rule; Regulation FD disclosure
Items 3.01, 7.01, 9.01 · Accession 0001829126-26-005698
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001649553-26-000065
- DEF 14A
Definitive proxy statement
Accession 0001829126-26-005418
- NT 10-Q
Late quarterly report notification
Accession 0001829126-26-005365
- PRER14A
PRER14A
Accession 0001829126-26-005290
- 425
Business-combination communication
Accession 0001829126-26-004889
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001829126-26-004888
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001628280-26-032407
- PRE 14A
PRE 14A
Accession 0001829126-26-004764
- 8-K
Entry into a material definitive agreement; Termination of a material definitive agreement
Items 1.01, 1.02, 9.01 · Accession 0001829126-26-004455
- 8-K
Notice of delisting or failure to satisfy a listing rule; Regulation FD disclosure
Items 3.01, 7.01, 9.01 · Accession 0001829126-26-003762
- NT 10-K
Late annual report notification
Accession 0001829126-26-002932
- F-4/A
F-4/A
Accession 0001829126-26-000952
- 8-K
Current report
Items 2.03, 9.01 · Accession 0001829126-26-000772
- F-4
F-4
Accession 0001829126-25-010333
- 8-K
Submission of matters to a vote of security holders
Items 5.07, 9.01 · Accession 0001829126-25-010172
- 8-K
Entry into a material definitive agreement
Items 1.01, 9.01 · Accession 0001829126-25-009930
- 425
Business-combination communication
Accession 0001829126-25-009931
Flag Ship Acquisition Corp: questions answered
What is Flag Ship Acquisition Corp (FSHP)?
Flag Ship Acquisition Corp is a special purpose acquisition company incorporated and registered with the SEC under CIK 0001850059. It completed its initial public offering in Jun 2024, raising $67.3M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker FSHP, units under FSHPU, rights under FSHPR on Nasdaq. The vehicle is sponsored by Whale Management through Whale Management Corporation. The mandate targets generalist. Definitive business-combination agreement signed, closing pending.
How much does Flag Ship Acquisition Corp hold in trust?
Approximately $34,017,341, or about $21.87 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Flag Ship Acquisition Corp complete a merger?
By Jun 20, 2027. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Flag Ship Acquisition Corp does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Flag Ship Acquisition Corp, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $21.87 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Flag Ship Acquisition Corp trade under?
Class A shares trade as FSHP on Nasdaq, the units as FSHPU, with rights as FSHPR. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Flag Ship Acquisition Corp?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $21.87, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $11.40, a spread to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do Flag Ship Acquisition Corp's founder shares and warrants create?
The founder block is 225,000 shares against 1,555,260 public shares, so roughly 12.6% of the combined count sits with the sponsor at nominal cost. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Flag Ship Acquisition Corp, and what is their track record?
Whale Management Corporation is the sponsor entity, part of the Whale Management franchise. That franchise has launched 2 vehicles in total, of which 0 closed a combination and 1 liquidated, a 0% completion rate on resolved vehicles. Named principals: Matthew Chen.
Which banks underwrote the Flag Ship Acquisition Corp IPO?
Lucid, EarlyBirdCapital. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Flag Ship Acquisition Corp tradeable, and where?
Yes. FSHP returned a live quote of $11.40 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Flag Ship Acquisition Corp a good investment?
That is not a question this site answers. Flag Ship Acquisition Corp is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Flag Ship Acquisition Corp data come from?
Filings Flag Ship Acquisition Corp submitted to the SEC under CIK 0001850059: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Sep 4, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Whale Management: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Lucid in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Generalist SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.