Flag Ship Acquisition Corp. Changes Certifying Accountant

TL;DR

Flag Ship Acquisition Corp. swapped accountants, no big deal yet.

AI Summary

Flag Ship Acquisition Corp. filed an 8-K on September 5, 2024, to report changes in its certifying accountant. The company, incorporated in the Cayman Islands with its principal executive offices in New York, is a blank check company focused on real estate and construction. This filing does not appear to involve any specific financial transactions or material business developments at this time.

Why It Matters

A change in a company's auditor can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting.

Risk Assessment

Risk Level: low — The filing is procedural and does not indicate any immediate financial distress or significant operational changes.

Key Players & Entities

• Flag Ship Acquisition Corp. (company) — Registrant
• September 5, 2024 (date) — Date of Report
• Cayman Islands (location) — Jurisdiction of Incorporation
• New York (location) — Principal Executive Office Location

FAQ

Key Financial Figures

• $0.001 — each consisting of one Ordinary Share, $0.001 par value, and one right FSHPU The

Filing Documents

• flagship_8k.htm (8-K) — 47KB
• flagship_ex16-1.htm (EX-16.1) — 6KB
• image_002.jpg (GRAPHIC) — 35KB
• 0001829126-24-006124.txt ( ) — 324KB
• fshpu-20240905.xsd (EX-101.SCH) — 4KB
• fshpu-20240905_def.xml (EX-101.DEF) — 26KB
• fshpu-20240905_lab.xml (EX-101.LAB) — 37KB
• fshpu-20240905_pre.xml (EX-101.PRE) — 25KB
• flagship_8k_htm.xml (XML) — 7KB

01

Item 4.01. Changes in Registrant's Certifying Accountant. On July 16, 2024, the Audit Committee of the Board of Directors (the "Audit Committee") of Flag Ship Acquisition Corporation (the "Company") approved the engagement of MaloneBailey LLP ("MaloneBailey") as the Company's new independent registered public accounting firm for the year ending December 31, 2024, effective on July 16, 2024. In connection with the selection of MaloneBailey, the Audit Committee dismissed Marcum Asia CPAs LLP ("Marcum Asia") as the Company's independent registered public accounting firm on July 16, 2024. During the years ended December 31, 2023 and 2022, and the subsequent period through July 16, 2024, there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) with Marcum Asia on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Marcum Asia, would have caused Marcum Asia to make reference to the subject matter of the disagreement in their reports. During the fiscal years ending December 31, 2023 and December 31, 2022 and the subsequent period through the date of dismissal, there were no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K), except the following. Marcum Asia advised the Company, and the Company's management concurred, that the following material weaknesses in internal control over financial reporting existed as of July 16, 2024 (which have been disclosed in our Registration Statement on form S-1/A dated May 22, 2024): 1. a failure to record costs in relation to initial preparation and auditing of its financial statements as expenses at the periods they incurred other than as deferred offering costs. As a result, the Company has restated its financial statements for the year ended December 31, 2022. The report of Marcum Asia on the Company's balance sheets as of December 31,

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 16.1 Letter from Marcum Asia CPAs LLP to the Securities & Exchange Commission dated September 5, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Flag Ship Acquisition Corporation Dated: September 5, 2024 By: /s/ Matthew Chen Name: Matthew Chen Title: Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR