Armada Acquisition Corp. II has an updated ownership report from Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah. They report beneficial ownership of 1,100,000 Class A ordinary shares, representing 4.3% of the class, based on 25,522,000 shares outstanding as of May 4, 2026. The shares are held by Tenor Opportunity Master Fund, Ltd., with Tenor Capital as investment manager and Robin Shah overseeing its general partner, resulting in shared voting and dispositive power over these shares. The reporting persons state they may be deemed beneficial owners but each disclaims beneficial ownership except to the extent of any pecuniary interest.
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 entered into an unsecured promissory note with its sponsor, Arrington XRP Capital Fund, LP, on July 27, 2026. On July 31, 2026 the company borrowed $135,000 under this note and may draw additional amounts at the sponsor’s discretion for ordinary-course administrative and working capital needs.
Borrowings bear interest at the short-term Applicable Federal Rate determined under Section 1274(d) of the Internal Revenue Code in effect at issuance. The note matures upon the earlier of termination of the October 19, 2025 Business Combination Agreement or consummation of the transactions contemplated by that agreement. The company may prepay at any time without penalty, with all outstanding principal and accrued interest due at maturity.
W. R. Berkley Corporation reported beneficial ownership of 1,233,735 Class A ordinary shares of Armada Acquisition Corp. II, representing 5.2% of the class (CUSIP G0R38G104). The filing lists shared voting and dispositive power over these 1,233,735 shares.
The disclosure is a Schedule 13G filing that identifies Berkley Insurance Company as holding the same 1,233,735 share position under shared power. Signatures by Richard M. Baio appear on the form.
Armada Acquisition Corp. II received an updated Schedule 13G/A from Tenor Capital Management Company, L.P., Tenor Opportunity Master Fund, Ltd., and Robin Shah reporting significant ownership of its Class A ordinary shares.
The reporting persons disclose beneficial ownership of 2,185,000 Class A shares, representing 9.2% of the class. The shares are held in the form of units by Tenor Opportunity Master Fund, Ltd., with Tenor Capital as investment manager and Robin Shah in a controlling role over its general partner.
They report no sole voting or dispositive power, but shared voting and dispositive power over the same 2,185,000 shares. The ownership percentage is calculated using 23,710,000 shares outstanding as of December 31, 2025, as stated in the issuer’s 10-Q. The filing stresses that the securities are not held to change or influence control of the company and includes standard disclaimers that each reporting person only admits beneficial ownership to the extent of their pecuniary interest.
Harraden Circle Investments, LLC and affiliated funds have fully exited their position in Armada Acquisition Corp. II. In Amendment No. 1 to Schedule 13G, the reporting persons state they beneficially own 0 shares of Class A common stock, representing 0% of the class, as of 12/31/2025.
The filing lists several Harraden entities and Frederick V. Fortmiller, Jr. as reporting persons and confirms this is an exit filing, noting they have ceased to be beneficial owners of more than five percent of the issuer’s outstanding Class A common stock. The certification also states the securities were not acquired or held for the purpose of changing or influencing control of the company.
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.
Meteora Capital, LLC and its managing member Vik Mittal report beneficial ownership of Class A common stock of Armada Acquisition Corp. II. They disclose beneficial ownership of 2,974,719 shares, representing 12.5463% of the class as of 12/31/2025.
The shares are held by funds and managed accounts for which Meteora Capital acts as investment manager, with shared voting and dispositive power over all reported shares and no sole voting or dispositive power. The filers state the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.