Highbridge holds 4.8% Airship AI (NASDAQ: AISP) stake via warrants

Rhea-AI Filing Summary

Airship AI Holdings, Inc. received an amended Schedule 13G/A from Highbridge Capital Management, LLC, which reports beneficial ownership of 1,708,795 shares of common stock issuable upon exercise of warrants. This position represents 4.8% of the common stock class, based on 34,175,563 shares outstanding as of November 14, 2025.

Highbridge, a Delaware investment adviser to certain funds and accounts, reports sole voting and dispositive power over these warrant shares. The Highbridge Funds have the right to receive dividends or sale proceeds from the reported shares. The filing states the securities are held in the ordinary course of business and not for the purpose of influencing control of Airship AI.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Airship AI Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

008940108

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 008940108

1

Names of Reporting Persons

Highbridge Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,708,795.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,708,795.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,708,795.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: The 1,708,795 shares of Common Stock (as defined in Item 2(a)) are issuable upon exercise of warrants reported herein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Airship AI Holdings, Inc.
(b)	Address of issuer's principal executive offices: 8210 154th Ave NE, Redmond, WA 98052.
Item 2.
(a)	Name of person filing: This statement is filed by Highbridge Capital Management, LLC ("Highbridge" or the "Reporting Person"), a Delaware limited liability company and the investment adviser to certain funds and accounts (the "Highbridge Funds"), with respect to the shares of common stock, par value $0.0001 per share ("Common Stock"), of Airship AI Holdings, Inc., a Delaware corporation (the "Issuer"), issuable upon exercise of warrants directly held by the Highbridge Funds. The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of the Reporting Person is 390 Madison Avenue, 28th Floor, New York, NY 10017.
(c)	Citizenship: Highbridge is a Delaware limited liability company.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 008940108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 34,175,563 shares of Common Stock outstanding as of November 14, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 14, 2025, and assumes the exercise of the warrants held by the Highbridge Funds.
(b)	Percent of class: 4.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a). The Highbridge Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Highbridge Capital Management, LLC

Signature:	/s/ Kirk Rule
Name/Title:	Kirk Rule, Executive Director
Date:	02/17/2026

FAQ

What stake in Airship AI (AISP) does Highbridge Capital Management report?

Highbridge Capital Management reports beneficial ownership of 1,708,795 Airship AI common shares, issuable upon exercise of warrants. This equals 4.8% of the company’s common stock class, based on 34,175,563 shares outstanding as of November 14, 2025.

How does Highbridge hold its Airship AI (AISP) position?

Highbridge’s Airship AI position is held through warrants owned by certain funds and accounts it advises. The 1,708,795 reported shares are not currently outstanding stock, but are shares issuable upon exercise of those warrants by the Highbridge Funds.

What percentage of Airship AI (AISP) common stock does Highbridge own?

Highbridge reports beneficial ownership of 4.8% of Airship AI’s common stock. This percentage is calculated using 34,175,563 shares outstanding as of November 14, 2025, and assumes full exercise of the warrants held by the Highbridge-managed funds.

Does Highbridge seek control of Airship AI (AISP) with this stake?

No. Highbridge certifies the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Airship AI, and not in connection with any transaction intended to achieve such control.

Who benefits economically from Highbridge’s Airship AI (AISP) holdings?

The filing states that the Highbridge Funds have the right to receive dividends or the proceeds from any sale of the reported shares. Highbridge Capital Management acts as the investment adviser for these funds and reports beneficial ownership on their behalf.

What type of filing did Highbridge submit for Airship AI (AISP)?

Highbridge submitted an Amendment No. 2 to Schedule 13G regarding Airship AI common stock. Schedule 13G is a beneficial ownership report generally used by certain institutional investors holding shares without intent to influence control of the issuer.