Emmis Acquisition sponsor transfers 11,667 shares

The transferred shares remain under the same transfer restrictions as the Sponsor’s other Class B ordinary shares, and the transfer was for no cash consideration.

Rhea-AI Filing Summary

Emmis Capital Sponsor LLC reported disposition transactions in this Form 4 filing. Emmis Acquisition Corp. reported that Emmis Capital Sponsor LLC transferred 11,667 Class B ordinary shares to Kenneth C. Greenberg on September 25, 2026, in connection with his appointment as a director. The transfer was for no cash consideration, and the shares remain subject to the same transfer restrictions as the Sponsor’s other Class B ordinary shares. The Sponsor held 3,821,666 Class B ordinary shares directly after the transfer. Peter Goldstein, the Sponsor’s managing member, may be deemed to have beneficial ownership of Sponsor-held securities but disclaims it except to the extent of his pecuniary interest.

Insider Trade Summary

Other: 11,667 shares

Other 1 txn

Insider Emmis Capital Sponsor LLC

Role CEO

Type	Security	Shares	Price	Value
Other	Class B Ordinary Shares F1, F2	11,667	$0.00	$0.00

Holdings After Transaction: Class B Ordinary Shares — 3,821,666 shares (Direct)

Footnotes (2)

1. F1. Represents 11,667 Class B ordinary shares of Emmis Acquisition Corp. (the "Issuer") transferred by Emmis Capital Sponsor LLC (the "Sponsor") to Kenneth C. Greenberg on September 25, 2026, in connection with Mr. Greenberg's appointment as a director of the Issuer. The shares were transferred for no cash consideration and are subject to the same transfer restrictions applicable to the other Class B ordinary shares held by the Sponsor.
2. F2. Represents Class B ordinary shares held directly by the Sponsor following the reported transaction. Prior to the reported transaction, the Sponsor held 3,833,333 Class B ordinary shares. Peter Goldstein is the managing member of the Sponsor and may be deemed to have beneficial ownership of the securities held by the Sponsor. Mr. Goldstein disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. The Sponsor also beneficially owns 310,000 Class A ordinary shares and 310,000 rights to receive Class A ordinary shares upon consummation of the Issuer's initial business combination.

Key Figures

Class B ordinary shares transferred: 11,667 shares Sponsor’s direct Class B ordinary shares: 3,821,666 shares Sponsor’s Class B ordinary shares before transfer: 3,833,333 shares +2 more

5 metrics

Class B ordinary shares transferred 11,667 shares Transferred on September 25, 2026

Sponsor’s direct Class B ordinary shares 3,821,666 shares Held following the transfer on September 25, 2026

Sponsor’s Class B ordinary shares before transfer 3,833,333 shares Held before the reported transaction

Class A ordinary shares beneficially owned by Sponsor 310,000 shares Reported in the ownership footnote

Rights to receive Class A ordinary shares 310,000 rights Beneficially owned by Sponsor, exercisable upon consummation of the initial business combination

Key Terms

Class B ordinary shares, transfer restrictions, beneficial ownership, pecuniary interest, +1 more

5 terms

Class B ordinary shares technical

"11,667 Class B ordinary shares of Emmis Acquisition Corp."

Class B ordinary shares are a type of ownership stake in a company that typically come with different voting rights or privileges compared to other share classes. For investors, they represent a way to hold part of the company’s value and influence its decisions, often with fewer voting rights than Class A shares. Understanding these shares helps investors assess their level of control and potential returns within a company.

transfer restrictions regulatory

"subject to the same transfer restrictions applicable to the other Class B ordinary shares"

Transfer restrictions are legal or contractual limits that prevent or delay selling, gifting, or otherwise moving ownership of a security. Think of them like a temporary lock on a share that can be imposed by law, a contract, or a registrar: they matter to investors because they reduce liquidity, can delay when holders can realize cash, and often affect a security’s market value and attractiveness to buyers.

beneficial ownership regulatory

"may be deemed to have beneficial ownership of the securities held by the Sponsor"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

initial business combination financial

"upon consummation of the Issuer's initial business combination"

An initial business combination is the deal in which a special-purpose acquisition company (SPAC) merges with or acquires an operating business to bring that business onto public markets. Think of the SPAC as an empty shell that raises money from investors, then uses that cash to buy a private company—this transaction turns the private company into a public one and often changes its ownership, valuation, and access to capital, so investors should watch for shifts in risk, future growth prospects, and shareholder rights.

FAQ

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

How many EMIS Class B shares did Emmis Capital Sponsor LLC transfer?

Emmis Capital Sponsor LLC transferred 11,667 Class B ordinary shares to Kenneth C. Greenberg on September 25, 2026, in connection with his appointment as a director. The transfer was for no cash consideration.

How many Class B shares did the EMIS Sponsor hold before the transfer?

Emmis Capital Sponsor LLC held 3,833,333 Class B ordinary shares before the reported transfer.

What restrictions apply to the EMIS shares transferred to Kenneth C. Greenberg?

The transferred Class B ordinary shares are subject to the same transfer restrictions applicable to the other Class B ordinary shares held by Emmis Capital Sponsor LLC.

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

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Available on EDGAR 09/28/2026 - 05:32 PM Accepted by SEC EDGAR 09/28/2026 - 05:31 PM Learn about SEC filing dates

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^*

Emmis Capital Sponsor LLC

(Last) (First) (Middle)

C/O EMMIS ACQUISITION CORP.

515 E LAS OLAS BLVD, SUITE 120

(Street)

FORT LAUDERDALE FLORIDA 33301

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Emmis Acquisition Corp. [ EMIS ]

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/25/2026

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

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

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

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
Class B Ordinary Shares	09/25/2026		J		11,667	D	$0(1)	3,821,666(2)	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

Explanation of Responses:

1. Represents 11,667 Class B ordinary shares of Emmis Acquisition Corp. (the "Issuer") transferred by Emmis Capital Sponsor LLC (the "Sponsor") to Kenneth C. Greenberg on September 25, 2026, in connection with Mr. Greenberg's appointment as a director of the Issuer. The shares were transferred for no cash consideration and are subject to the same transfer restrictions applicable to the other Class B ordinary shares held by the Sponsor.

2. Represents Class B ordinary shares held directly by the Sponsor following the reported transaction. Prior to the reported transaction, the Sponsor held 3,833,333 Class B ordinary shares. Peter Goldstein is the managing member of the Sponsor and may be deemed to have beneficial ownership of the securities held by the Sponsor. Mr. Goldstein disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. The Sponsor also beneficially owns 310,000 Class A ordinary shares and 310,000 rights to receive Class A ordinary shares upon consummation of the Issuer's initial business combination.

	/s/ Peter Goldstein	09/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)