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FSHP

Pre-DATerminatedDeal announced

Flag Ship Acquisition Corporation

Merging with 4/A

1/10 of a right per unit. 10 units = 1 listed right. *R trades whole.

Deal announced 2025-03-03

Pulse

8

↓Terminated

0–100 vitality — and a read on how the book feels about this shell.

% done

8%

Path to close

Price

$11.34

Mkt 56.99M

What is Pulse?

SPAC Pulse measures the current vitality of a deal on a 0–100 scale. A new IPO starts near 50 — a healthy heart with room both ways. It is not weakening just because nothing has printed yet. Weakening is a tag for a slowing beat (stalling cadence), not a quiet shell. 10-Q / 10-K on time is a good beat; an NT is a deficiency. File the report late, then file the NT late, and Pulse falls — that is how public investors read whether management is on top of the shell. Filing recovers some of it. It never pretends the miss did not happen. When other new IPOs file that window on time, they are no longer equal — those shells are healthier. High readings mean the deal book is accelerating; low readings flag life-support risk. Full methodology lives on the desk.

Rate + Lead II · 25 mm/s

Pulse Timeline

Top trace is the Pulse rate. Bottom is the filing lead — R-wave when the rate lifts, QS when it slows. Height is the change.

0255075100II
  1. 05-29 10-K
  2. 06-05 10-Q
  3. 06-17 Extension vote
  4. 08-14 10-Q
  5. 08-31 Listing deficiency
  6. 10-07 Now
Auto interpretation · Lead II printoutAgonal / asystole watchPulse 8

Close path is over. This strip is the afterlife, not a recovery.

Silent —Beats/90d 0Recent gap —

Marks on this strip

  • 03-31NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -2
  • 05-04Terminated. Deal canceled. Flatline on close path.
  • 05-15NT (late notice). Late-notice. Housekeeping, scored as a miss until the 10-Q/10-K lands. -2
  • 05-2910-K. Periodic report on time. +1
  • 06-0510-Q. Periodic report on time. +1
  • 06-17Extension vote. Shareholders printed. Path is late, not leftover trust. unchanged
  • 08-1410-Q. Periodic report on time. unchanged
  • 08-31Listing deficiency. Exchange notice that day. It belongs on this date, not today. Pulse does not double-haircut an already-slow book.
  • 10-07Now. No new filing. Rate holds from the last mark.

Impression: combination canceled. Do not read old S-4 beats as a live heart.

Unconfirmed machine read · not medical advice · not financial advice

Cash condition

At risk

Skin in the game

low

Target

early

8-K Item 5.07

Votes & leftover trust

Share counts as filed. Preliminary tenders do not move cash until they settle.

  1. 2026-06-17 · extension

    1,507,257 shares

    Another 1,507,257 shares on the June 2026 extension. Combination later canceled.

  2. 2025-08-27 · extension

    3,837,483 shares · ~$10.47

    Extension-fee cut vote. 3,837,483 shares at ~$10.47.

Historical context

S-4 on file in the archive

Precedent from 27 names in the Pulse archive (closed, liquidated, and broken deals). Archive base rate is one input; live beat speed then moves Pulse. Not a forecast.

Close rate
100%
Median days left
105
Archive n
27

Status

Terminated

Exchange

Nasdaq

Rights

1/10

Warrants

No

CIK

0001850059

IPO date

2024-06-18

Market cap

56.99M

Days to deadline

—

SEC tickers

FSHP, FSHPR, FSHPU

Sponsor

—

S-4 / F-4 filer

Holdco · Great Future Technology Inc.

Fiscal year

December 31

Next filing

10-Q 2026-11-14

Vote

—

Schedule

What is due next

Fiscal year
Ends December 31 · 10-K cover
This window
10-Q due 2026-08-14 · filed
Next due
10-Q 2026-11-14Period 2026-09-30
Pulse
+6

10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-14 on time (+6).

On time with this window. Pulse stays even with the other new listings that filed.

Meetings

No shareholder meeting dated in the Q&A or calendar.

Price history

Delayed exchange prints — common, rights, units, warrants when listed. Last price is in the header. This tape does not move Pulse.

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S-4 study: rights conversion did not change across amendments for this name. See amendment impact

S-4 amendment timeline

Shrinking gaps mean the deal is progressing. The tag says whether that filing cleared a checklist, dropped a hurdle, or repriced the deal.

  • Merging company

    On file

    4/A

  • Close timing Q&A

    On file

    Close Q on file, no dated window.

  • Meeting Q&A

    On file

    Meeting Q on file.

  • Proxy card

    On file

    Form of proxy is in the exhibits. Late-stage tell.

  • 10-Q / 10-K

    On file

    10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-14 on time (+6).

Proxy card is in the exhibits. That is a late-stage tell.

Q&A · close

When is the Merger expected to be completed? A: GFT and Flag Ship expect to complete the Merger promptly after they receive Flag Ship rsquo;s Shareholder approval at the Flag Ship Extraordinary General Meeting and the GFT Shareholder Approval, provided that the closing conditions as provided in the Merger Agreement are either satisfied or otherwise waived. GFT and Flag Ship currently anticipate the Merger will occur during the second fiscal quarter of 2026. 35 Table of Contents

Q&A · meeting

When and where is the Flag Ship Extraordinary General Meeting? The Flag Ship Extraordinary General Meeting will be held in person at the offices of the Company’s counsel, Becker & Poliakoff, P.A., at 45 Broadway, 17 th Floor, New York, NY 10006, and virtually at https://www.[●] on [●], 2026, at [●] [a.m./p.m.], Eastern Time, or at such other time, on such other date and at such other place to which the meeting may be

  1. 10-Q2026-08-14

    10-Q

  2. 8-K2026-07-21

    8-K

  3. 8-K2026-06-25

    8-K

  4. 8-K2026-06-17

    8-K

  5. 8-K2026-06-09

    8-K

Show 34 more filings
  1. 10-Q2026-06-05

    10-Q

  2. 10-K2026-05-29

    10-K

  3. 8-K2026-05-27

    8-K

  4. NT 10-Q2026-05-15

    NT 10-Q

  5. 4252026-05-11

    425

  6. 8-K2026-05-11

    8-K

  7. 8-K2026-05-04

    Item 1.01 Entry Into A Material Definitive Agreement

  8. 8-K2026-04-22

    8-K

  9. NT 10-K2026-03-31

    NT 10-K

  10. F-4/A2026-02-04Checklist

    F-4/A

  11. 8-K2026-01-30

    8-K

  12. F-42025-12-30Initial filing

    F-4

  13. 8-K2025-12-19

    8-K

  14. 8-K2025-12-12

    Item 1.01 Entry Into A Material Definitive Agreement

  15. 4252025-12-12

    425

  16. 10-Q2025-10-31

    10-Q

  17. 8-K2025-09-23

    8-K

  18. 8-K2025-08-27

    8-K

  19. 10-Q2025-08-01

    10-Q

  20. 10-Q2025-05-13

    10-Q

  21. 8-K2025-04-22

    Terminated combination with Great Rich Technologies Limited (mutual)

  22. 4252025-04-22

    425

  23. 10-K2025-03-04

    10-K

  24. 8-K2025-03-03

    Item 1.01 Entry Into A Material Definitive Agreement

  25. 4252025-03-03

    425

  26. 10-Q2024-11-12

    10-Q

  27. 4252024-10-23

    425

  28. 8-K2024-10-23

    8-K

  29. 8-K2024-09-05

    8-K

  30. 8-K2024-09-03

    8-K

  31. 8-K2024-08-12

    8-K

  32. 10-Q2024-08-08

    10-Q

  33. 8-K2024-06-26

    8-K

  34. 8-K2024-06-21

    8-K

Your notes

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Journal

Latest journal

All notes
  1. BCCQ 425 files on proposed Ursa Major combinationBCCQ · 2026-08-31
  2. HVII 425: ONE Nuclear executes binding LOI for 2.88 GW Project CaymanHVII · 2026-08-31
  3. BREZ Audit Committee concludes May 14, 2026 balance sheet cannot be relied upon; restatement requiredBREZ · 2026-08-31
  4. OCAC dismisses YCM CPA INC., appoints HYYH CPA. LLCOCAC · 2026-08-31
  5. SAMO Units separate; Class A shares and warrants begin individual trading on NYSESAMO · 2026-08-31