Karpus Management discloses 2,482 shares in Flag Ship Acquisition Corp (FSHP)

Rhea-AI Filing Summary

Flag Ship Acquisition Corp reports that Karpus Management, Inc. beneficially owns 2,482 shares of Common stock, representing 0.05% of the class. The filing is an Amendment No. 3 to a Schedule 13G/A and states the shares are held directly by accounts managed by Karpus.

Insights

Compliance Counsel

Passive 13G disclosure of a sub-5% holder; routine compliance filing.

The filing amends a Schedule 13G/A to report beneficial ownership of 2,482 shares (0.05%). It emphasizes that Karpus acts as a registered investment adviser and that accounts managed by Karpus hold the shares directly.

Material impact appears limited because the position is under 5% and described as passive; subsequent filings would be required if ownership or intent changes.

Institutional Investor Relations

Small, passive position disclosed; no immediate governance implications.

The disclosure lists sole voting and dispositive power for 2,482 shares, with no shared power. The percentage shown is 0.05%, below thresholds that typically trigger active-control reporting.

Investors may note the City of London Investment Group plc indirect control discussion, but the filing states informational barriers prevent attribution to CLIG.

Key Figures

Filing type: Schedule 13G/A (Amendment No. 3) Shares beneficially owned: 2,482 shares Percent of class: 0.05% +2 more

5 metrics

Filing type Schedule 13G/A (Amendment No. 3) ownership disclosure

Shares beneficially owned 2,482 shares Common stock

Percent of class 0.05% as reported in Item 4(b)

Voting power (sole) 2,482.00 sole voting power reported

Dispositive power (sole) 2,482.00 sole dispositive power reported

Key Terms

Schedule 13G/A, beneficially owned, dispositive power, CUSIP

4 terms

Schedule 13G/A regulatory

"Amendment No. 3 and references to Schedule 13G/A in the heading"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficially owned regulatory

"Item 4(a) 'Amount beneficially owned: 2,482.00'"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

dispositive power regulatory

"Item 4(c)(iii) 'Sole power to dispose or to direct the disposition of: 2,482.00'"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

CUSIP financial

"Item 1(d) 'CUSIP No.: G3530C109'"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

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

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Available on EDGAR 06/05/2026 - 04:03 PM Accepted by SEC EDGAR 06/05/2026 - 04:02 PM Learn about SEC filing dates

FAQ

What does the FSHP Schedule 13G/A amendment disclose?

It discloses that Karpus Management, Inc. beneficially owns 2,482 shares, representing 0.05% of Flag Ship Acquisition Corp. The filing is an Amendment No. 3 to a Schedule 13G/A and states the shares are held directly by accounts managed by Karpus.

Does Karpus have voting or dispositive power over FSHP shares?

Yes. The filing reports Karpus has sole voting power and sole dispositive power over 2,482 shares. Shared voting and dispositive power are reported as 0.00 in the disclosure.

Is the Karpus position attributed to City of London Investment Group plc?

No. The filing states informational barriers are established so voting and investment power are exercised by Karpus independently. Accordingly, attribution to CLIG is not required under cited SEC guidance.

Does this Schedule 13G/A indicate active control of Flag Ship Acquisition Corp?

No. The filing characterizes the holding as passive and the position is 0.05%, under the 5% threshold that generally signals control. The document labels this as 'Ownership of 5 percent or less of a class.'

Who signed the filing for Karpus on behalf of the reporting person?

The amendment is signed by Jodi L. Hedberg, Chief Compliance Officer, with the signature dated 06/05/2026. The filing identifies Karpus Management, Inc. as the reporting person.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Flag Ship Acquisition Corp

(Name of Issuer)

Common

(Title of Class of Securities)

G3530C109

(CUSIP Number)

05/29/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 2,482.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,482.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,482.00

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)

0.05 %

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: 2,482.00
(b)	Percent of class: 0.05 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,482.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 2,482.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	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:	06/05/2026