Flag Ship is a special purpose acquisition company, also known as a SPAC or blank check company. The company maintains no operations of its own. Its sole purpose is to identify and merge with a private business, taking that business public on the Nasdaq. Flag Ship focuses on bringing middle-market companies from Asia, particularly those based in China or Hong Kong, to United States public markets. The company seeks target businesses that demonstrate positive cash flow, predictable revenue streams, and a history of earnings growth. Flag Ship's sponsor is Whale Management, a British Virgin Islands company. The business model relies on completing a merger within a specific timeframe; if Flag Ship fails to close a transaction, it must liquidate and return funds to its shareholders. Since its IPO, Flag Ship has signed and subsequently terminated merger agreements with Great Rich Technologies and Great Future Technology. It is currently negotiating a potential combination with Bluechip & Co. Holdings under a non-binding letter of intent. Flag Ship faces a deadline to complete a business combination or seek shareholder approval for extensions. The company provides targets with access to U.S. capital markets, though previous shareholder redemptions have reduced the capital available to fund transactions.