Karpus Management Reports 787,825 Shares (8.89%) of FSHPU

Rhea-AI Filing Summary

Karpus Management, Inc. reports beneficial ownership of 787,825 common shares of Flag Ship Acquisition Corp, representing 8.89% of the class. The shares are held directly by accounts managed by Karpus and Karpus reports sole voting and dispositive power over all 787,825 shares, with no shared voting or dispositive power.

The filing states Karpus is a registered investment adviser organized in New York and that ownership is held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer. Karpus notes informational barriers with its parent, City of London Investment Group plc, and says attribution of beneficial ownership to the parent is not required.

Positive

• Material stake disclosed: Karpus beneficially owns 787,825 shares representing 8.89% of the class
• Sole control declared: Karpus reports sole voting and dispositive power over all reported shares
• Compliance detail: Karpus is a registered investment adviser and states shares are held in the ordinary course, not to influence control

Negative

• None.

Insights

Securities Analyst

TL;DR: Karpus holds a meaningful minority position (8.89%) and reports full voting/dispositive control, but states no intent to influence control.

The reported 8.89% stake exceeds typical 5% disclosure thresholds, making this a material position for shareholders to note. Sole voting and dispositive power implies Karpus can vote the shares independently, which is relevant for shareholder votes or contested matters. The certification that the position is held in the ordinary course and not to influence control reduces likelihood of activist intent, though the position size could still be consequential in close votes.

Compliance/Risk Analyst

TL;DR: Filing is a routine Schedule 13G disclosure by an investment adviser; compliance statements and informational barriers are highlighted.

Karpus identifies itself as a registered investment adviser and documents that effective informational barriers exist with its listed parent, reducing attribution risk. The filing includes the required certification that the shares are not held to effect a change in control, aligning with Schedule 13G conditions. From a regulatory perspective the filing appears complete and consistent with passive investor status disclosures.

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)

Common

(Title of Class of Securities)

G3530C109

(CUSIP Number)

06/30/2025

(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 787,825.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 787,825.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

787,825.00

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)

8.89 %

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: 787,825.00
(b)	Percent of class: 8.89 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 787,825.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 787,825.00
	(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:	08/14/2025

FAQ

How many Flag Ship Acquisition Corp (FSHPU) shares does Karpus Management own?

Karpus Management beneficially owns 787,825 shares of Flag Ship Acquisition Corp common stock.

What percentage of FSHPU does Karpus Management hold?

Karpus reports holding 8.89% of the class.

Does Karpus Management have voting power over its FSHPU shares?

Yes. Karpus reports sole voting power and sole dispositive power over all 787,825 shares.

Is the Karpus position intended to change control of Flag Ship Acquisition Corp?

According to the filing, the shares are held in the ordinary course of business and were not acquired and are not held to change or influence control of the issuer.

Is Karpus Management affiliated with a parent company?

Karpus states it is controlled by City of London Investment Group plc but cites informational barriers so attribution of beneficial ownership to the parent is not required.