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.
