Armada Acquisition Corp. IIXRPN
Cash in trust
$241.2M
$241,164,305
Trust per share
$10.49
Redemption value
IPO
May 2025
$230.0M raised
Combination deadline
Nov 22, 2026
79 days remaining
Filings on record
72
Latest Aug 27, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Oct 20, 2025
Overview
Armada Acquisition Corp. II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002044009. It completed its initial public offering in May 2025, raising $230.0M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker XRPN, units under XRPNU, warrants under XRPNW on Nasdaq. The vehicle is sponsored by Armada through Armada Sponsor II LLC. The mandate targets technology, financial services. Definitive business-combination agreement signed, closing pending.
“we intend to focus on target businesses that provide technological services to the financial services industry (FinTech), Software-as-a-Service (SaaS), or artificial intelligence (AI).”
Reading the filings
Arithmetic on what Armada Acquisition Corp. II has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trading at a premium to trust
At $10.56 the shares sit within a point of the $10.49 redemption value, so the market is pricing the cash and little else.
Trust versus the $10 unit
The trust holds $10.49 per public share, 4.9% above the $10.00 the units were sold at. That spread is accrued interest on the trust and, where the charter provides for it, sponsor contributions paid in to buy more time. It is the floor a public shareholder can redeem at, not a valuation of the business.
Time on the clock
79 days to the Nov 22, 2026 deadline. Inside ninety days a sponsor has three routes and no others: close, call a shareholder vote to extend (which opens a redemption window and usually costs a monthly contribution into the trust), or liquidate and return the cash. This is the window where redemption arithmetic starts to dominate the share price.
Warrant coverage
Each unit carried one-half of one warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Sponsor record
Armada has launched 4 vehicles. Of the 1 that have resolved, 0 closed a combination and 1 liquidated, a 0% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Cohen & Company led the offering. It has been named on 47 SPAC IPOs, book-running 46 of them, and 50% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Scores
Recomputed 4m agoThree readings of Armada Acquisition Corp. II, each an unweighted mean of the components shown beneath it, and each component a percentile against every live SPAC rather than an absolute we invented. They describe the setup, not the merit. How they are built
Edge
ModerateHow much does the structure protect a holder right now?
37/100
- Discount to trust28
-0.67%
- Trust accretion71
$10.49 per share
- Runway15
79 days
- Sponsor record33
0.0%
Edge reads the setup, not the business. A vehicle can score well on protection and still be a poor place to leave money once a deal closes.
FOMO
ModerateHow much attention is this vehicle attracting right now?
48/100
- Filing activity79
5 in 30 days
- News coverage0
0 stories in 30 days
- Premium to trust72
0.67%
- Deal freshness39
announced 319 days ago
Attention is not quality. FOMO rises on news volume and on the market paying above trust, both of which have preceded plenty of disappointments.
Potential
ElevatedHow likely is this vehicle to complete a combination, and at what scale?
62/100
- Sponsor record33
0.0%
- Trust scale67
$241M
- Stage85
definitive agreement signed
Potential is about execution, not about the target. It says nothing about whether the eventual deal is worth owning, because the target is usually unknown when the score is computed.
These are derived measures, not ratings of investment merit. They carry no view on the target, no price target and no recommendation, and a high score is not a reason to buy anything.
SEC filing history
Free tier: filings older than 24 hours- DEFM14A
Definitive merger proxy statement
Accession 0001193125-26-371516
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000151
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001346554-26-000064
- 425
Business-combination communication
Accession 0001193125-26-349549
- 10-Q
Quarterly report
Accession 0001193125-26-347492
- 8-K
Entry into a material definitive agreement
Items 1.01, 2.03, 9.01 · Accession 0001193125-26-328607
- 10-Q
Quarterly report
Accession 0001193125-26-220180
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001628280-26-032867
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001905106-26-000061
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001346554-26-000026
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001193125-26-051868
- 10-Q
Quarterly report
Accession 0001193125-26-051286
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001905106-26-000029
- 10-K
Annual report
Accession 0001193125-25-308177
- 425
Business-combination communication
Accession 0001193125-25-279041
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001193125-25-279035
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0001167557-25-000019
- 425
Business-combination communication
Accession 0001193125-25-263630
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001193125-25-263628
- 425
Business-combination communication
Accession 0001193125-25-256850
- 425
Business-combination communication
Accession 0001193125-25-255398
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001193125-25-255392
- 425
Business-combination communication
Accession 0001193125-25-243743
- 425
Business-combination communication
Accession 0001193125-25-243106
- 8-K
Entry into a material definitive agreement; Regulation FD disclosure; Other events
Items 1.01, 2.02, 3.02, 7.01, 8.01, 9.01 · Accession 0001193125-25-243103
- 3/A
3/A
Accession 0001193125-25-209541
- SCHEDULE 13G
Beneficial ownership report (passive)
Accession 0001193125-25-203978
- 4
Statement of changes in beneficial ownership
Accession 0000950170-25-114360
- 4
Statement of changes in beneficial ownership
Accession 0000950170-25-114356
- 4
Statement of changes in beneficial ownership
Accession 0000950170-25-114350
Armada Acquisition Corp. II: questions answered
What is Armada Acquisition Corp. II (XRPN)?
Armada Acquisition Corp. II is a special purpose acquisition company incorporated in Cayman Islands and registered with the SEC under CIK 0002044009. It completed its initial public offering in May 2025, raising $230.0M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker XRPN, units under XRPNU, warrants under XRPNW on Nasdaq. The vehicle is sponsored by Armada through Armada Sponsor II LLC. The mandate targets technology, financial services. Definitive business-combination agreement signed, closing pending.
How much does Armada Acquisition Corp. II hold in trust?
Approximately $241,164,305, or about $10.49 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must Armada Acquisition Corp. II complete a merger?
By Nov 22, 2026. If no combination closes by then the sponsor must seek a further extension or wind the vehicle up and return the trust.
What happens if Armada Acquisition Corp. II does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in Armada Acquisition Corp. II, and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $10.49 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does Armada Acquisition Corp. II trade under?
Class A shares trade as XRPN on Nasdaq, the units as XRPNU, and the warrants as XRPNW. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for Armada Acquisition Corp. II?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $10.49, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $10.56, a premium of 0.67% to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do Armada Acquisition Corp. II's founder shares and warrants create?
Each unit also carried one-half of one warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors Armada Acquisition Corp. II, and what is their track record?
Armada Sponsor II LLC is the sponsor entity, part of the Armada franchise. That franchise has launched 4 vehicles in total, of which 0 closed a combination and 1 liquidated, a 0% completion rate on resolved vehicles. Named principals: Douglas M. Lurio, Stephen P. Herbert.
Which banks underwrote the Armada Acquisition Corp. II IPO?
Cohen & Company, Northland Securities. Cohen & Company and Northland Securities were credited as book-running managers on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is Armada Acquisition Corp. II tradeable, and where?
Yes. XRPN returned a live quote of $10.56 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is Armada Acquisition Corp. II a good investment?
That is not a question this site answers. Armada Acquisition Corp. II is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this Armada Acquisition Corp. II data come from?
Filings Armada Acquisition Corp. II submitted to the SEC under CIK 0002044009: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Sep 4, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
SPACListing is a reference-data service, not an investment adviser. Nothing here is a recommendation to buy or sell any security.
Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
Armada: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Cohen & Company in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Technology SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All spacs with an announced deal
Definitive business-combination agreement signed, closing pending.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.