Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our units are currently traded on The Nasdaq Global Market under the symbol “FSHPU” and started trading on The Nasdaq Global Market on June 18, 2024. The ordinary shares and rights began separate trading on August 15, 2024, under the symbols “FSHP” and “FSHPR” respectively.
Shareholders of Record
At December 31, 2024 there were 7,138,000 of our units issued
and outstanding by shareholders of record. Assuming all units have been separated into ordinary shares and rights, at December 31,
2024, there were 8,863,000 ordinary shares issued and outstanding held by two shareholders of record, and there were 7,138,000 of
our rights issued and outstanding and held by two shareholders of record. The number of record holders was determined from the records
of our transfer agent and does not include beneficial owners of any of our securities whose securities are held in the names of various
security brokers, dealers, and registered clearing agencies.
Dividends
We have not paid any cash dividends on our shares of ordinary shares to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be, subject to the laws of the Cayman Islands, within the discretion of our board of directors at such time. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate declaring any cash dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to under the terms of such indebtedness.
Recent Sales of Unregistered Securities
In February 2021, our sponsor purchased an aggregate of 2,875,000 founder shares, for an aggregate purchase price $25,000 at an average purchase price of approximately $0.01 per share. On November 29, 2022, our sponsor surrendered 1,150,000 shares for no consideration. Such securities were issued in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. Our sponsor is an accredited investor for purposes of Rule 501 of Regulation D.
In addition, our sponsor has purchased an aggregate of 238,000 private placement units at a price of $10.00 per unit for an aggregate purchase price of $2,380,000 at the closing of our initial public offering on June 20, 2024. Each unit consists of one private placement share, one private placement right granting the holder thereof the right to receive one-tenth (1/10) of an ordinary share upon the consummation of an initial business combination. These issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.
Securities Authorized for Issuance Under Equity Compensation Plans
None.
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Use of Proceeds
The registration statement
for our initial public offering was declared effective by the Securities and Exchange Commission on June 17, 2024. We completed our
initial public offering on June 20, 2024. In our initial public offering, we sold units at an offering price of $10.00 and consisting
of one ordinary share and one right. Each right entitles the holders thereof to receive one tenth (1/10) of one ordinary share upon the
consummation of the initial business combination.
In connection with our initial public offering, we sold 6,900,000 units, generating gross proceeds of $69,000,000. Simultaneously with the closing of the IPO, pursuant to the Private Placement Units Purchase Agreement by and between the Company and our sponsor, Whale Management Corporation, the Company completed the private sale of an aggregate of 238,000 units (the “Private Placement Units”) to the Sponsor at a purchase price of $10.00 per Private Placement Unit, generating gross proceeds to the Company of $2,380,000.
Transaction costs related
to our IPO amounted to $3,448,233, consisting of $1,380,000 of underwriting fees, $1,725,000 of deferred underwriting fees and $343,233
of other offering costs. A total of $69,000,000, comprised of $67,545,000 of the proceeds from the IPO (which amount includes
up to $1,725,000 of the underwriter’s deferred discount) and $1,455,000 of the proceeds of the sale of the Private
Placement Units, was placed in a U.S.-based trust account, established by VStock Transfer LLC, our transfer agent and maintained at Wilmington
Trust, National Association, acting as trustee. Except with respect to interest earned on the funds in the trust account that may be released
to the Company to pay its taxes, the funds held in the trust account will not be released from the trust account until the earliest of
(i) the completion of the Company’s initial business combination, (ii) the redemption of any of the Company’s public shares
properly tendered in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association
to (A) modify the substance or timing of its obligation to redeem 100% of the Company’s public shares if it does not complete its
initial business combination within 12 months or 15 months from the closing of the IPO (or up to 21 months or 24 months from the closing
of the IPO if we extend the period of time to consummate a business combination), or (B) with respect to any other provision relating
to shareholders’ rights or pre-business combination activity, and (iii) the redemption of the Company’s public shares if it
is unable to complete its initial business combination within 12 months or 15 months from the closing of the IPO (or up to 21 months or
24 months from the closing of the IPO if we extend the period of time to consummate a business combination.
For the year ended December 31,
2024, net cash generated from the IPO and private placement units and held outside of the trust was used in operating activities was $874,859.
At December 31, 2024 the Company had a working capital deficit of $539,737.
ITEM 6. RESERVED
Not applicable.
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