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Suppose one flag is rejected by one of the Moderators. Does that mean it has attained a "permanently rejected status"?
Or some other Moderator can still revisit/reconsider it and accept it (or even reject it) later?
Yes, once flag marked as helpful or rejected by a moderator can't be undone. In other words, the flag label/status is permanent/forever.
Though the issue raised by flag can be reconsidered by talking to moderators via chat or re-flagging