Highbridge Discloses 7.9% Warrant Stake in Airship AI (AISP)

Highbridge Capital Management, LLC reports beneficial ownership of 2,723,175 shares of Airship AI Holdings, Inc. common stock exercisable upon warrants, representing 7.9% of the outstanding shares based on 31,844,471 shares outstanding as of May 15, 2025.

Rhea-AI Filing Summary

Highbridge Capital Management, LLC reports beneficial ownership of 2,723,175 shares of Airship AI Holdings, Inc. common stock exercisable upon warrants, representing 7.9% of the outstanding shares based on 31,844,471 shares outstanding as of May 15, 2025. The filing clarifies these shares are issuable upon exercise of warrants held by Highbridge funds and that Highbridge acts as investment adviser to those funds. The statement notes Highbridge Tactical Credit Master Fund, L.P. holds the right to dividends or sale proceeds for more than 5% of the class. Highbridge certifies the holdings were acquired in the ordinary course of business and not for the purpose of changing control.

Positive

• Disclosure of material stake: Reporting of a >5% interest (7.9%) increases transparency for investors
• Clear classification: Holdings are described as issuable upon exercise of warrants and held in ordinary course, reducing ambiguity about intent

Negative

• Potential dilution: Warrants exercisable into 2,723,175 shares could dilute existing holders if exercised
• Missing financial detail: Filing does not disclose warrant exercise price or schedule, limiting ability to assess economic impact

Insights

Financial Analyst

TL;DR: A disclosed warrant position equals a 7.9% economic stake, which may influence dilution and voting outcomes if exercised.

The filing documents that Highbridge holds warrants exercisable into 2,723,175 shares, calculated against a reported 31,844,471 shares outstanding, yielding a 7.9% interest assuming exercise. For investors this is material because stakes above 5% require disclosure and can affect future share supply and ownership concentration if exercised. The statement provides no information on exercise timing, strike price, or related financing, so immediate financial impact cannot be quantified from this filing alone.

Corporate Governance Expert

TL;DR: The filing is a routine Section 13 disclosure showing a significant passive economic interest via warrants, not an announced control action.

Highbridge classifies the holdings as held in the ordinary course and not for control, and the signature certifies no intent to influence control. The disclosure names a specific Highbridge fund with rights to dividends/proceeds above 5%, satisfying beneficiary identification requirements. There is no group formation or indication of coordinated action. Governance implications are limited absent additional agreements or director nominations disclosed elsewhere.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of AISP does Highbridge report owning?

Highbridge reports beneficial ownership of 2,723,175 shares exercisable upon warrants, representing 7.9% of AISP based on 31,844,471 shares outstanding.

Are the shares currently outstanding or issuable upon exercise for AISP?

The filing states the reported shares are issuable upon exercise of warrants held by Highbridge Funds, not currently outstanding common shares.

Which Highbridge fund holds more than 5% of AISP?

The filing identifies Highbridge Tactical Credit Master Fund, L.P. as having the right to dividends or proceeds for more than 5% of the shares reported.

Does Highbridge intend to influence control of Airship AI (AISP)?

Highbridge certified the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Where is Highbridge organized and what is its business address?

Highbridge is organized in Delaware and the filing lists its business office at 277 Park Avenue, 23rd Floor, New York, NY 10172.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2025 - 04:04 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Airship AI Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

008940108

(CUSIP Number)

06/30/2025

(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 2,723,175.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,723,175.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,723,175.00

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)

7.9 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: The 2,723,175 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 277 Park Avenue, 23rd Floor, New York, New York 10172.
(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 31,844,471 shares of Common Stock outstanding as of May 15, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 15, 2025, and assumes the exercise of the warrants held by the Highbridge Funds.
(b)	Percent of class: 7.9%
(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.
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. Highbridge Tactical Credit Master Fund, L.P., a Highbridge Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the shares of Common Stock.
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:	08/14/2025