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

Rhea-AI Filing Summary

Wolverine Asset Management LLC and related entities report collective beneficial ownership of 147,420 ordinary shares of Flag Ship Acquisition Corp, equal to 2.93% of the outstanding class based on July 31 share count of 5,025,517. The filing identifies shared voting and dispositive power only; none of the reporting persons claim sole voting or sole dispositive power over the shares. The ownership is disclosed as held in the ordinary course of business and not for the purpose of changing or influencing control.

The group filing lists the reporting persons (Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Christopher L. Gust and Robert R. Bellick), their Illinois organization or U.S. citizenship, and signatures dated 10/07/2025.

Positive

• Clear disclosure of beneficial ownership amounting to 147,420 shares
• Stake is below 5%, indicating non-controlling passive position
• All reporting persons affirm the holdings are in the ordinary course of business

Negative

• Voting power is shared only; no sole voting or dispositive power is reported
• Position is materially small (2.93%) and unlikely to affect control absent increases

Insights

Investment Stewardship Analyst

Minor passive stake disclosed; no sole control claimed.

The group reports 147,420 shares representing 2.93% of the class, which is below a 5% passive-ownership threshold that typically denotes material influence.

This position carries shared voting and dispositive power only, indicating coordinated disclosure rather than direct control. Monitor any future filings for increases above 5% or changes in sole voting power.

Corporate Governance Specialist

Filing shows coordinated ownership across related entities and principals.

The statement ties voting/dispositive authority to multiple related reporting persons and two named individuals, which is common when an investment manager and its affiliates hold the position.

Key items to watch include additional amendments showing changes in the 2.93% stake or any language altering the stated purpose (ordinary course vs. influence) within the next reporting amendments.

10/10/2025 - 01:46 PM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Flag Ship Acquisition Corp

(Name of Issuer)

Ordinary Shares, par value $0.001 per share

(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

WOLVERINE ASSET 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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,420.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,420.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,420.00

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)

2.93 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G3530C109

1

Names of Reporting Persons

Wolverine Trading Partners, 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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,420.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,420.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,420.00

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)

2.93 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G3530C109

1

Names of Reporting Persons

Wolverine Holdings, L.P.

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,420.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,420.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,420.00

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)

2.93 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G3530C109

1

Names of Reporting Persons

Christopher L. Gust

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,420.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,420.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,420.00

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)

2.93 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G3530C109

1

Names of Reporting Persons

Robert R. Bellick

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

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 147,420.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 147,420.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

147,420.00

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)

2.93 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Flag Ship Acquisition Corp
(b)	Address of issuer's principal executive offices: 26 Broadway, Suite 934, New York, New York, 10004
Item 2.
(a)	Name of person filing: Wolverine Asset Management, LLC Wolverine Holdings, L.P. Wolverine Trading Partners, Inc. Christopher L. Gust Robert R. Bellick
(b)	Address or principal business office or, if none, residence: c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604
(c)	Citizenship: Wolverine Asset Management, LLC - Illinois Wolverine Holdings, L.P. - Illinois Wolverine Trading Partners, Inc. - Illinois Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen
(d)	Title of class of securities: Ordinary Shares, par value $0.001 per share
(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: Wolverine Asset Management, LLC ("WAM") is an investment manager and has voting and dispositive power over 147,420 Ordinary Shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, Mr. Gust, and WTP have voting and disposition power over 147,420 Ordinary Shares of the Issuer.
(b)	Percent of class: 2.93%. WAM may be deemed the beneficial owner of 2.93% of the Issuer's Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 2.93% of the Issuer's Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 5,025,517 (the number of Ordinary Shares outstanding as of July 31, as reported in the Issuer's Form 10-Q filed on August 1, 2025).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: WAM has shared power to vote or direct the vote of 147,420 Ordinary Shares of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 147,420 Ordinary Shares of the Issuer in each case as set forth in Item 4(a) above.
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: WAM has shared power to dispose, or direct the disposition of 147,420 Ordinary Shares of the Issuer, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 147,420 Ordinary Shares of the Issuer, in each case as set forth in item 4(a) above.
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.
	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.

WOLVERINE ASSET MANAGEMENT LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	10/07/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/07/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/07/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/07/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/07/2025

FAQ

What stake did Wolverine report in Flag Ship Acquisition Corp (FSHP)?

The reporting persons disclosed beneficial ownership of 147,420 ordinary shares, equal to 2.93% of the class.

Who are the reporting parties in this Schedule 13G/A for FSHP?

The filers are Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Christopher L. Gust and Robert R. Bellick.

Does the filing indicate sole voting or disposal authority over the shares?

No; the filing reports 0 sole voting power and 147,420 shares with shared voting and dispositive power.

Was the stake reported as intended to influence control of FSHP?

No; the certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control.

What share count was used to calculate the 2.93% figure?

The percentage was calculated using 5,025,517 ordinary shares outstanding as of July 31.