Airship AI Holdings, Inc. (AISP) CEO discloses new AISPW warrant buys

Rhea-AI Filing Summary

Airship AI Holdings, Inc. insider Victor Huang, the CEO, Chairman and a 10% owner, reported buying additional public warrants linked to the company’s common stock.

On December 15, 2025, he purchased 14,000 Public Warrants (AISPW shares) directly at a derivative price of $0.9227 each, increasing his directly held Public Warrants to 99,125. On the same date, he bought another 6,000 Public Warrants indirectly through Airship Kirkland Family Limited Partnership at $0.9238 each, bringing indirect Public Warrant holdings to 12,000.

Each Public Warrant has an exercise price of $4.5, is exercisable into common stock, and is scheduled to expire on December 21, 2028. Following these transactions, Huang beneficially owns 204,849 common shares directly and 3,767,718 common shares indirectly through the partnership.

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
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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)

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								204,849	D
Common Stock								3,767,718(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
Options	$4.25							(7)	09/03/2035	Common Stock	50,000		50,000	D
Public Warrant (AISPW shares)	$4.5(8)	12/15/2025		P		14,000		12/15/2025	12/21/2028(8)	Common Stock	14,000	$0.9227	99,125	D
Public Warrant (AISPW shares)	$4.5(8)	12/15/2025		P		6,000		12/15/2025	12/21/2028(8)	Common Stock	6,000	$0.9238	12,000	I	See footnote(2)

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.

	By: /s/ Victor Huang	12/16/2025
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Victor Huang report for Airship AI Holdings, Inc. (AISP)?

Victor Huang reported purchasing additional Public Warrants (AISPW shares) tied to Airship AI Holdings, Inc. common stock on December 15, 2025.

How many AISPW public warrants did Victor Huang buy on December 15, 2025?

On December 15, 2025, Victor Huang bought 14,000 AISPW Public Warrants directly and 6,000 AISPW Public Warrants indirectly through Airship Kirkland Family Limited Partnership.

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

The reported AISPW Public Warrants have an exercise price of $4.5 per share and are scheduled to expire on December 21, 2028, subject to the warrant terms.

What are Victor Huang’s roles and relationship to Airship AI Holdings, Inc. (AISP)?

Victor Huang is a Director, CEO, Chairman of the Board, and a reported 10% owner of Airship AI Holdings, Inc.

How many common shares of Airship AI Holdings, Inc. does Victor Huang beneficially own after these transactions?

After the reported transactions, Victor Huang beneficially owns 204,849 common shares directly and 3,767,718 common shares indirectly through Airship Kirkland Family Limited Partnership.

What is Airship Kirkland Family Limited Partnership’s role in the AISP securities reported?

Airship Kirkland Family Limited Partnership is the record holder of certain reported securities, including indirect common stock and AISPW Public Warrants. Victor Huang is its managing partner and has voting and dispositive power over these securities, while disclaiming beneficial ownership except to the extent of his pecuniary interest.

What other derivative securities related to AISP common stock does Victor Huang hold?

Victor Huang holds various derivative securities, including options, stock appreciation rights, warrants, and earnout rights, each tied to Airship AI Holdings, Inc. common stock as detailed in Table II of the report.