Airship AI (AISP) CEO adds 20,000 public warrants post-merger holdings

Rhea-AI Filing Summary

Airship AI Holdings, Inc. insider Victor Huang, the company’s CEO, Chairman and a director and 10% owner, filed an amended Form 4 to update his holdings. The filing reports that on December 15, 2025, he acquired 20,000 Public Warrants (AISPW), each for common stock, at a price of $0.923 per warrant. These public warrants have an exercise price of $4.50 per share and currently expire on December 21, 2028, subject to adjustment and possible earlier redemption or liquidation.

After the reported transactions, Huang beneficially owns 3,972,567 shares of common stock, along with a large package of derivative securities, including options, stock appreciation rights, warrants, earnout rights and public warrants. The amendment states it is filed to report and consolidate all prior direct and indirect holdings as direct holdings.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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)
12/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
12/16/2025

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								3,972,567(1)	D

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(2)	$0.12							12/21/2023	01/15/2032	Common Stock	1,749,335		1,749,335	D
Stock Appreciation Rights(3)	$0.12							12/21/2023	02/16/2032	Common Stock	1,758,105		1,758,105	D
Warrants(4)	$1.77							12/21/2023	05/08/2027	Common Stock	1,344,951		1,344,951	D
Earnout Rights	(5)							(5)	(5)	Common Stock	1,750,094		1,750,094	D
Options	$2.86							(6)	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
Options	$4.25							(6)	09/03/2035	Common Stock	50,000		50,000	D
Public Warrant (AISPW shares)	$4.5(7)	12/15/2025		P		20,000		(7)	12/21/2028(7)	Common Stock	20,000	$0.923	126,125	D

Explanation of Responses:

1. Includes 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. 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.

3. 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.

4. 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.

5. 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.

6. Options vest quarterly over 4 years.

7. 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. AISPW shares have various dates exercisable based on various purchase dates.

Remarks:

The Reporting Person files this Amendment No. 1 to its original Form 4 dated 12/15/2025 to report and consolidate all Direct and Indirect holdings as Direct holdings.

	By: /s/ Victor Huang	01/15/2026
	** 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 insider transaction did AISP CEO Victor Huang report on this Form 4/A?

The filing reports that Victor Huang acquired 20,000 Public Warrants (AISPW) for Airship AI Holdings, Inc. on December 15, 2025.

At what price did Victor Huang buy the 20,000 AISPW public warrants of AISP?

He acquired the 20,000 Public Warrants (AISPW) at a price of $0.923 per warrant.

What is the exercise price and expiration date of the AISPW public warrants reported by AISP?

The Public Warrants (AISPW) have an exercise price of $4.50 per share and currently expire on December 21, 2028, subject to adjustment and possible earlier redemption or liquidation.

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

Following the reported transaction, Victor Huang beneficially owns 3,972,567 shares of common stock of Airship AI Holdings, Inc.

What derivative securities related to AISP does Victor Huang hold besides the new public warrants?

He holds multiple derivative securities, including options, stock appreciation rights, warrants, earnout rights and a total of 126,125 Public Warrants (AISPW) beneficially owned after the reported transaction.

Why was this AISP Form 4/A filed as an amendment?

The amendment states it is filed "to report and consolidate all Direct and Indirect holdings as Direct holdings" for the reporting person.

What is Victor Huang’s role and status at Airship AI Holdings, Inc. (AISP)?

Victor Huang is identified as a Director, CEO, Chairman of the Board and a 10% Owner of Airship AI Holdings, Inc.