Flag Ship Acquisition Corporation announced on July 20, 2026, that its Audit Committee approved the engagement of Wei, Wei & Co., LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2026. Consequently, the company dismissed MaloneBailey LLP. There were no disagreements with MaloneBailey regarding accounting principles or auditing procedures, though the company's 2025 Form 10-K identified material weaknesses in internal controls related to segregation of duties and insufficient written policies. Additionally, MaloneBailey's previous reports included an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern due to net capital deficiency and dependence on completing a business combination. Flag Ship Acquisition Corporation is a blank check company operating in the special purpose acquisition company (SPAC) industry.

On June 18, 2026, Whale Management Corporation (the Sponsor) deposited $51,482 into the company's trust account to fund the first of up to twelve possible one-month extensions for its initial business combination deadline. Consequently, the deadline was extended from June 20, 2026, to July 20, 2026. Additionally, holders of 1,507,257 ordinary shares exercised their redemption rights following an Extraordinary General Meeting on June 11, 2026. The company is a special purpose acquisition company (SPAC) formed to effect a business combination.

On June 11, 2026, shareholders approved an amendment to extend the deadline to consummate an initial business combination. The company may now extend the deadline up to twelve times in one-month increments from June 20, 2026, until June 20, 2027. Each extension requires the Sponsor to deposit the lesser of $60,000 or $0.033 per outstanding IPO ordinary share into the trust account. Additionally, holders of 1,507,257 ordinary shares exercised their redemption rights for a pro rata portion of the Trust Account funds. The company is a special purpose acquisition company (SPAC) that operates as a blank check company to effect a business combination.

On June 8, 2026, Flag Ship Acquisition Corp. received notice from Nasdaq that it has regained compliance with Listing Rule 5250(c)(1) after filing its delinquent Form 10-K for the fiscal year ended December 31, 2025 and Form 10-Q for the quarter ended March 31, 2026. The company operates as a special purpose acquisition company (SPAC).