Karpus reports 5.98% Emmis Acquisition Corp. (EMIS) ownership stake

Rhea-AI Filing Summary

Karpus Management, Inc. filed a Schedule 13G disclosing beneficial ownership of Emmis Acquisition Corp. common stock. Karpus reports holding 913,836 shares, representing 5.98% of the outstanding common shares as of the event date of 12/31/2025.

The firm, a New York–based registered investment adviser doing business as Karpus Investment Management, states it has sole voting and sole dispositive power over all 913,836 shares. Karpus certifies the position was acquired and is held in the ordinary course of business, without the purpose or effect of changing or influencing control of Emmis Acquisition Corp.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Emmis Acquisition Corp.

(Name of Issuer)

Common

(Title of Class of Securities)

G3037D105

(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. G3037D105

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 913,836.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 913,836.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

913,836.00

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)

5.98 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Emmis Acquisition Corp.
(b)	Address of issuer's principal executive offices: 515 E Las Olas Blvd, Suite 120, Fort Lauderdale, FL 33301
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: G3037D105
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: 913,836.00
(b)	Percent of class: 5.98 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 913,836.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 913,836.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	02/13/2026

FAQ

What did Karpus Management disclose about Emmis Acquisition Corp. (EMIS)?

Karpus Management disclosed a significant ownership position in Emmis Acquisition Corp., reporting beneficial ownership of 913,836 common shares. This stake represents 5.98% of the company’s outstanding common stock as of the 12/31/2025 event date, triggering the Schedule 13G filing requirement.

How large is Karpus Management’s ownership stake in EMIS common stock?

Karpus Management beneficially owns 913,836 Emmis Acquisition Corp. common shares, equal to 5.98% of the class. Crossing the 5% threshold requires public disclosure, so this Schedule 13G details Karpus’s voting and dispositive powers over these shares and its status as an investment adviser.

Does Karpus Management control voting and disposition of its EMIS shares?

Yes. Karpus Management reports sole voting power and sole dispositive power over all 913,836 Emmis Acquisition Corp. shares. It reports zero shared voting or shared dispositive power, indicating decisions on how to vote and whether to sell these shares are made solely by Karpus.

Is Karpus Management seeking to influence control of Emmis Acquisition Corp.?

No. Karpus certifies the Emmis Acquisition Corp. shares were acquired and are held in the ordinary course of business. It specifically states they were not acquired, and are not held, for the purpose or effect of changing or influencing control of the issuer.

Who is the reporting person on this Schedule 13G for EMIS?

The reporting person is Karpus Management, Inc., doing business as Karpus Investment Management, a New York corporation and registered investment adviser. It notes being controlled by City of London Investment Group plc, but states effective informational barriers separate voting and investment decisions over these securities.

On what date did Karpus’s EMIS holdings trigger this Schedule 13G filing?

The relevant event date is 12/31/2025, when Karpus’s beneficial ownership in Emmis Acquisition Corp. reached the reported 913,836 common shares. That position represented 5.98% of the class, crossing the 5% reporting threshold that requires a Schedule 13G ownership disclosure.