SCHEDULE 13G/A 0001140361-25-002645 0001279891 XXXXXXXX LIVE 1 Ordinary Shares, par value $0.001 per share 09/30/2025 0001850059 Flag Ship Acquisition Corp G3530C109 26 Broadway, Suite 934 New York NY 10004 Rule 13d-1(b) WOLVERINE ASSET MANAGEMENT LLC IL 0 147420 0 147420 147420 N 2.93 IA Wolverine Trading Partners, Inc. IL 0 147420 0 147420 147420 N 2.93 CO HC Wolverine Holdings, L.P. IL 0 147420 0 147420 147420 N 2.93 HC Christopher L. Gust IL 0 147420 0 147420 147420 N 2.93 IN HC Robert R. Bellick IL 0 147420 0 147420 147420 N 2.93 IN HC Flag Ship Acquisition Corp 26 Broadway, Suite 934, New York, New York, 10004 Wolverine Asset Management, LLC Wolverine Holdings, L.P. Wolverine Trading Partners, Inc. Christopher L. Gust Robert R. Bellick c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604 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 N IA HC 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. 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). 0 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. 0 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. N Y Y Y Y Y N 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. WOLVERINE ASSET MANAGEMENT LLC /s/ Kenneth L. Nadel 10/07/2025 Wolverine Trading Partners, Inc. /s/ Christopher L. Gust 10/07/2025 Wolverine Holdings, L.P. /s/ Christopher L. Gust 10/07/2025 Christopher L. Gust /s/ Christopher L. Gust 10/07/2025 Robert R. Bellick /s/ Robert R. Bellick 10/07/2025