Vault-13

FLAG SHIP ACQUISITION CORP FSHP

ORD SHS · Common Stock · CUSIP G3530C109

13 institutional holders -9 vs Q2 2025
2,682,4712.7m shares reported held*
53.4% of all shares outstanding*
$28.3mreported value*
2 new 1 added 9 reduced 10 sold out net sold ≈ $36.2m (-3.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 5.0m as of 2025-10-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $10.56.

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0102030Q3 24: 21Q4 24: 24Q1 25: 22Q2 25: 22Q3 25: 1313Q3 24Q4 24Q1 25Q2 25Q3 25
Numbers
QuarterHolders
Q3 202421
Q4 202424
Q1 202522
Q2 202522
Q3 202513

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q4 24: 9 bought or addedQ4 24: 7 cut or sold outQ4 24Q1 25: 7 bought or addedQ1 25: 8 cut or sold outQ1 25Q2 25: 6 bought or addedQ2 25: 3 cut or sold outQ2 25Q3 25: 3 bought or addedQ3 25: 19 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 202497
Q1 202578
Q2 202563
Q3 2025319

Biggest buyers

Crossingbridge Advisors, LLC New +133,000+133.0k
Westchester Capital Management, LLC New +52,702+52.7k
MORGAN STANLEY Added +5+5

Biggest sellers

First Trust Capital Management L.P. Sold out -612,750-612.8k
RIVERNORTH CAPITAL MANAGEMENT, LLC Sold out -577,000-577.0k
TORONTO DOMINION BANK Sold out -406,548-406.5k
WOLVERINE ASSET MANAGEMENT LLC Reduced -346,697-346.7k
GLAZER CAPITAL, LLC Sold out -293,297-293.3k
MIZUHO SECURITIES USA LLC Reduced -267,970-268.0k
BERKLEY W R CORP Reduced -257,893-257.9k
Polar Asset Management Partners Inc. Reduced -227,000-227.0k
AQR Arbitrage LLC Reduced -159,391-159.4k
Cable Car Capital, LP Sold out -138,000-138.0k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
MIZUHO FINANCIAL GROUP INC 13G · institution +0.7 pts · filed 2025-08-13 8.1% +0.7 pts 718.5k≈ $4.9m 2025-08-13
CVI Investments, Inc. 13G · exempt (held before listing) new · filed 2026-05-19 6.1% new 306.6k≈ $3.4m 2026-05-19

Fell to 5% or below in the last year: BERKLEY W R CORP (0.0%, 2026-08-06), Karpus Management, Inc. (0.1%, 2026-06-05), First Trust Capital Management L.P. (0.0%, 2025-11-14)

Insider purchases and sales in Q3 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Karpus Management, Inc. 0.25% of their portfolio Pittsford, NY 738,600738.6k $7.8m $7.8m 0.25% Reduced -49.2k -49,225
2 MIZUHO SECURITIES USA LLC 0.10% of their portfolio NEW YORK, NY 450,500450.5k $4.7m $4.7m 0.10% Reduced -268.0k -267,970
3 BERKLEY W R CORP 0.27% of their portfolio Greenwich, CT 400,938400.9k $4.2m $4.2m 0.27% Reduced -257.9k -257,893
4 HEIGHTS CAPITAL MANAGEMENT, INC 1.04% of their portfolio SAN FRANCISCO, CA 308,447308.4k $3.3m $3.3m 1.04% Reduced -5.6k -5,553
5 Polar Asset Management Partners Inc. 0.03% of their portfolio TORONTO, A6 150,000150.0k $1.6m $1.6m 0.03% Reduced -227.0k -227,000
6 WOLVERINE ASSET MANAGEMENT LLC 0.02% of their portfolio CHICAGO, IL 147,420147.4k $1.6m $1.6m 0.02% Reduced -346.7k -346,697
7 Crossingbridge Advisors, LLC 0.72% of their portfolio PLEASANTVILLE, NY 133,000133.0k $1.4m $1.4m 0.72% New
8 Quarry LP 0.34% of their portfolio NEW YORK, NY 130,000130.0k $1.4m $1.4m 0.34% Reduced -58.7k -58,688
9 AQR Arbitrage LLC 0.03% of their portfolio Greenwich, CT 125,200125.2k $1.3m $1.3m 0.03% Reduced -159.4k -159,391
10 Westchester Capital Management, LLC 0.03% of their portfolio VALHALLA, NY 52,70252.7k $556.5k $556.5k 0.03% New
11 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 38,43438.4k $405.9k $405.9k 0.00% Reduced -48.0k -48,009
12 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 7,1867.2k $76.5k $76.5k 0.00% First filing
13 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 4444 $465 $465 0.00% Added +5 +5