[SCHEDULE 13G/A] Flag Ship Acquisition Corp SEC Filing

Rhea-AI Filing Summary

Karpus Management, Inc. reports owning 738,600 shares of Flag Ship Acquisition Corp common stock, representing 14.70% of the class as of the event date 09/30/2025. The filing says the shares are held directly in accounts managed by Karpus, a New York-registered investment adviser, and that the position is exercised independently of controlling shareholder City of London Investment Group plc because of established informational barriers. The statement records sole voting and dispositive power over all reported shares and includes a certification that the holdings are in the ordinary course of business and not intended to influence control. The filing is signed by the Chief Compliance Officer on 10/07/2025.

Insights

Institutional Holdings Analyst

Holding shows a material, concentrated institutional stake at 14.70%.

The reported 738,600 shares equal 14.70% of the class, which is above common 5% disclosure thresholds and is therefore material to shareholders and market observers. Sole voting and dispositive power over these shares gives the reporting adviser clear control of how that block is voted and traded.

Risks and dependencies include potential liquidity effects if the position is traded and the advisers certificate that holdings are ‘‘in the ordinary course of business. Monitor for any future amendments, Form 4s, or Schedule 13D filings that would signal active attempts to influence corporate control within the next few weeks to months.

Compliance & Governance Specialist

Filing documents regulatory posture and information barriers to parent attribution.

The statement notes Karpus is a registered investment adviser and that City of London Investment Group plc is its controller, but that effective informational barriers exist so CLIG is not attributed the reported position. That distinction matters for ownership aggregation rules and public perception of who holds economic and voting power.

Governance considerations include the sole voting power disclosure and the signed certification that the stake is not held to influence control. Watch for any public disclosures from Flag Ship Acquisition Corp or subsequent SEC amendments that confirm continued independence of voting decisions over the next quarter.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Flag Ship Acquisition Corp

(Name of Issuer)

Common

(Title of Class of Securities)

G3530C109

(CUSIP Number)

09/30/2025

(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. G3530C109

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 738,600.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 738,600.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

738,600.00

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)

14.70 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Flag Ship Acquisition Corp
(b)	Address of issuer's principal executive offices: 260 Madison Avenue, 8th Floor, New York, New York 10016
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.: G3530C109
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: 738,600.00
(b)	Percent of class: 14.70 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 738,600.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 738,600.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	10/07/2025