[Form 4/A] Airship AI Holdings, Inc. Amended Insider Trading Activity

Rhea-AI Filing Summary

Victor Huang, CEO and Chairman of Airship AI Holdings, Inc. (AISP), amended a Form 4 to correct the security type for a reported purchase and to disclose an insider disposition. The filing shows a disposition of 134,719 shares of common stock on 08/13/2025. Mr. Huang also has indirect beneficial ownership of 3,393,123 common shares through Airship Kirkland Family Limited Partnership and holds various derivative instruments including options (1,749,335), stock appreciation rights (1,758,105), warrants (1,344,951) and earnout rights (1,750,094). The amendment clarifies the purchase involved 7,000 public warrant (AISPW) shares, not common stock.

Positive

• Amendment corrects the record to identify purchase of 7,000 public warrants (AISPW) instead of common shares, improving disclosure accuracy
• Large retained indirect stake via Airship Kirkland Family Limited Partnership (3,393,123 shares) and extensive derivative holdings maintain substantial economic interest

Negative

• Insider disposition of 134,719 common shares on 08/13/2025, which may be viewed negatively by some investors

Insights

Securities Analyst

TL;DR: Insider sold 134,719 common shares; significant indirect and derivative holdings remain.

The reported disposition of 134,719 common shares by the CEO on 08/13/2025 is a clear insider sale recorded on an amended Form 4. Despite the sale, the filing shows substantial indirect equity exposure (3,393,123 shares) and large derivative positions totaling millions of underlying shares, which preserve meaningful economic interest. The amendment corrects the record to show 7,000 public warrants (AISPW) were purchased, improving record accuracy. This is a routine insider reporting event with limited standalone valuation impact disclosed in this filing.

Corporate Governance Expert

TL;DR: Amendment improves disclosure accuracy; insider remains a significant holder and controlling partner.

The Form 4/A clarifies an earlier misstatement by specifying that 7,000 AISPW warrants were purchased rather than common shares, which strengthens the disclosure record. Victor Huang is identified as CEO, Chairman and a managing partner of the record holder, indicating control over the partnership's voting and dispositive power while disclaiming direct beneficial ownership except for pecuniary interest. The filing appropriately reports both direct dispositions and extensive indirect and derivative holdings, consistent with Section 16 reporting obligations.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Huang Victor

(Last) (First) (Middle)

C/O AIRSHIP AI HOLDINGS, INC.

8210 154TH AVE NE

(Street)

REDMOND WA 98052

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Airship AI Holdings, Inc. [ AISP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Chairman of the BOD

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/14/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								134,719	D
Common Stock								3,393,123(1)	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options(3)	$0.12							12/21/2023	01/15/2032	Common Stock	1,749,335		1,749,335	I	See footnote(2)
Stock Appreciation Rights(4)	$0.12							12/21/2023	02/16/2032	Common Stock	1,758,105		1,758,105	I	See footnote(2)
Warrants(5)	$1.77							12/21/2023	05/08/2027	Common Stock	1,344,951		1,344,951	D
Earnout Rights	(6)							(6)	(6)	Common Stock	1,750,094		1,750,094	I	See footnote(2)
Options	$2.86							(7)	08/16/2034	Common Stock	100,000		100,000	D
Warrant	$2.36							09/27/2024	09/27/2029	Common Stock	220,000		220,000	D
Public Warrant (AISPW shares)	$4.5(8)	08/13/2025		P		7,000		08/13/2025	12/21/2028(8)	Common Stock	7,000	$1.6471	43,000	D

Explanation of Responses:

1. Represents shares of common stock of the Issuer received on December 21, 2023, as consideration pursuant to that certain Merger Agreement, dated as of June 27, 2023 (as amended on September 22, 2023 and as may be further amended and/or restated from time to time, the "Merger Agreement"), by and among Airship AI Holdings, Inc., a Delaware corporation (the "Issuer") (formerly known as BYTE Acquisition Corp., a Cayman Island exempted company limited by shares, prior to its domestication as a Delaware corporation), BYTE Merger Sub, Inc., a Washington corporation and a direct, wholly-owned subsidiary of the Issuer, and Airship AI, Inc., a Washington company (formerly known as Airship AI Holdings, Inc., "Airship AI"). The Reporting Person received the reported shares in exchange for shares of common stock of Airship AI at the Conversion Ratio, as defined in the Merger Agreement, as of the Effective Time of the Merger.

2. Airship Kirkland Family Limited Partnership is the record holder of the securities reported herein. Victor Huang is the managing partner of Airship Kirkland Family Limited Partnership and as such has voting and dispositive power over these securities. Mr. Huang disclaims beneficial ownership of the securities held by Airship Kirkland Family Limited Partnership, except to the extent of his pecuniary interest therein.

3. Represents options to purchase shares of common stock of the Issuer received on December 21, 2023, pursuant to the Merger Agreement, upon the conversion of options to purchase shares of common stock of Airship AI at the Conversion Ratio, as defined in the Merger Agreement, as of the Effective Time of the Merger.

4. Represents stock appreciation rights denominated in shares of common stock of the Issuer received on December 21, 2023, pursuant to the Merger Agreement, upon the conversion of stock appreciation rights denominated in shares of common stock of Airship AI at the Conversion Ratio, as defined in the Merger Agreement, as of the Effective Time of the Merger.

5. Represents warrants to purchase shares of common stock of the Issuer received by the Reporting Person on December 21, 2023, pursuant to the Merger Agreement, upon the conversion of warrants to purchase shares of common stock of Airship AI at the Conversion Ratio, as defined in the Merger Agreement, as of the Effective Time of the Merger.

6. Pursuant to earnout provisions in the Merger Agreement, the holder of such Earnout Rights is entitled to receive shares of common stock of the Issuer upon the occurrence of certain operating performance and share price performance milestones during the applicable earnout periods set forth in the Merger Agreement.

7. Options vest quarterly over 4 years.

8. Public Warrant (AISPW shares) Exercise Price subject to adjustment and expire five years after the closing of the merger on December 21, 2023, or earlier upon redemption or liquidation.

Remarks:

The Reporting Person files this Amendment No. 1 to its original Form 4 dated 08/13/2025 to correctly identify the purchase of 7,000 Warrant AISPW shares, not Common shares.

	By: /s/ Victor Huang	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Victor Huang report on the AISP Form 4/A?

The filing reports a disposition of 134,719 common shares on 08/13/2025 and corrects a prior entry to show purchase of 7,000 AISPW public warrants instead of common shares.

How many AISP shares does Victor Huang beneficially own after the transaction?

The filing reports indirect beneficial ownership of 3,393,123 common shares through Airship Kirkland Family Limited Partnership.

What derivative securities does the Form 4/A disclose for Victor Huang?

Derivatives disclosed include options (1,749,335), stock appreciation rights (1,758,105), warrants (1,344,951), earnout rights (1,750,094), plus additional options and warrants listed in the filing.

Does Victor Huang directly control the reported shares?

The filing states that Airship Kirkland Family Limited Partnership is the record holder and Victor Huang is the managing partner with voting and dispositive power; he disclaims beneficial ownership except for pecuniary interest.

Why was this Form 4 amended?

The amendment was filed to correctly identify the purchase of 7,000 AISPW warrants rather than common shares in the original Form 4 dated 08/13/2025.