Here are the 10-Q quarterly reports from Armada Acquisition Corp. II Units (XRPNU) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow XRPNU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full XRPNU filings page.
Armada Acquisition Corp. II, a Cayman Islands SPAC, reported total assets of $241.3 million as of June 30, 2026, almost entirely in a Trust Account of $241.2 million backing 23,000,000 Class A public shares subject to redemption.
For the nine months ended June 30, 2026, Armada generated net income of $2.15 million, driven by $6.54 million of interest on Trust investments, while general and administrative costs totaled $4.38 million. Operating cash flow was negative, and the company had a working capital deficit of $5.29 million.
The SPAC has until November 22, 2026 to complete its initial business combination, primarily a multi-step merger with Pathfinder Digital Assets and Ripple-related entities that will create a Nevada “Pubco” with multiple share classes. Management states that the looming liquidation deadline and limited liquidity raise substantial doubt about the ability to continue as a going concern.
The transaction structure includes a Sponsor Support Agreement with significant potential forfeiture of sponsor shares and warrants tied to XRP pricing, and several PIPE subscription agreements providing up to $224.55 million in cash plus large XRP contributions that will fund Pubco, subject to closing conditions and ownership caps for key investors.
Armada Acquisition Corp. II, a SPAC listed on Nasdaq, filed its quarterly report for the three months ended December 31, 2025. The company holds $236.9 million in its trust account while regular cash was $287,074, leaving a working capital deficit of $3.8 million.
General and administrative costs were $2.9 million, largely offset by $2.3 million of interest income on trust investments, resulting in a net loss of $0.6 million. Shareholders’ deficit was $13.1 million, driven mainly by SPAC structure and accretion of redeemable Class A shares.
On October 19, 2025, Armada signed a Business Combination Agreement with Evernorth Holdings, Pathfinder Digital Assets and Ripple-related entities, under which Evernorth will become the public parent company. Multiple subscription agreements contemplate large PIPE investments funded in cash and XRP tokens. Management discloses substantial doubt about its ability to continue as a going concern if no business combination is completed by November 22, 2026.