Based on the provided text, the title of the article is likely "10-Q", which is a type of financial report filed with the Securities and Exchange Commission (SEC) by publicly traded companies.

Press release ยท 2026-05-13 08:41
Based on the provided text, the title of the article is likely "10-Q", which is a type of financial report filed with the Securities and Exchange Commission (SEC) by publicly traded companies.

Based on the provided text, the title of the article is likely "10-Q", which is a type of financial report filed with the Securities and Exchange Commission (SEC) by publicly traded companies.

I apologize, but it seems that you haven’t provided a financial report (10-Q) for me to summarize. A 10-Q is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC), and it typically includes financial statements, management’s discussion and analysis (MD&A), and other relevant information.

If you provide the actual 10-Q report, I’d be happy to help you summarize the key financial figures, main events, and significant developments in a single paragraph.

Overview

We are a blank check company incorporated in October 2024 as a Cayman Islands exempted company. Our purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that we have not yet selected. We may pursue a business combination in any industry or sector.

In August 2025, our original sponsor sold its equity interests to a new sponsor, who now owns all of our shares and controls the company. We completed our initial public offering in May 2025, raising $230 million by issuing 23 million units at $10 per unit. We also raised an additional $7.1 million through a private placement of 710,000 units.

The net proceeds from the IPO and private placement were placed in a trust account, to be used for our initial business combination. We have until November 2026 to complete a business combination, or we will be required to liquidate.

Proposed Transactions

In October 2025, we entered into a business combination agreement with PubCo, Armada Merger Sub, Pathfinder, Pathfinder Merger Sub, and Ripple. The key terms are:

  • Armada Delaware will merge with Armada Merger Sub, with Armada Delaware as the surviving company.
  • At least two hours later, Pathfinder Merger Sub will merge with Pathfinder, with Pathfinder as the surviving company.
  • As a result, PubCo will become a publicly traded company.

Concurrently, we entered into several subscription agreements:

  • Advance Funding Subscription Agreements for $214.05 million in cash and 600,000 XRP tokens
  • Delayed Funding Subscription Agreements for $10.5 million in cash and 200,000 XRP tokens
  • Series C Subscription Agreement with the new sponsor for 211,319,096.061435 XRP tokens
  • Ripple Group Subscription Agreements for 50 million XRP tokens

The net proceeds from these subscription agreements, along with funds from our trust account, will be used for working capital, general corporate purposes, and the purchase of XRP.

Results of Operations

We have not engaged in any operations or generated any revenue to date. Our activities have been limited to organizational tasks and preparing for the IPO.

For the three months ended March 31, 2026, we had net income of $1.1 million, consisting of $2.1 million in interest income offset by $973,748 in general and administrative costs.

For the six months ended March 31, 2026, we had net income of $527,553, consisting of $4.4 million in interest income offset by $3.9 million in general and administrative costs.

For the three months ended March 31, 2025 and the period from inception through March 31, 2025, we had net losses of $706 and $46,490 respectively, consisting of general and administrative costs.

Liquidity, Going Concern and Capital Resources

As of March 31, 2026, we had $88,640 in cash and $239 million in marketable securities held in the trust account. We intend to use the trust account funds to complete our business combination.

We may need to obtain additional financing to complete the business combination or if we are required to redeem a significant number of public shares. If we are unable to raise additional capital, we may be required to take measures to conserve liquidity, which could include curtailing operations, suspending the pursuit of a transaction, and reducing overhead.

Management has determined that the potential inability to complete a business combination by November 2026 and the resulting mandatory liquidation raises substantial doubt about our ability to continue as a going concern.

Contractual Obligations

We have entered into several subscription agreements in connection with the proposed business combination:

  • Advance Funding Subscription Agreements for $214.05 million in cash and 600,000 XRP tokens
  • Delayed Funding Subscription Agreements for $10.5 million in cash and 200,000 XRP tokens
  • Series C Subscription Agreement with the new sponsor for 211,319,096.061435 XRP tokens
  • Ripple Group Subscription Agreements for 50 million XRP tokens

We have also agreed to pay various fees and expenses related to the IPO and proposed business combination, including:

  • $9.2 million in deferred underwriting fees
  • Up to $125,000 in reimbursable expenses for a fairness opinion
  • Potential reimbursement of $2.3 million in IPO fees and expenses

We do not have any other long-term debt, capital lease obligations, or other long-term liabilities.

Critical Accounting Estimates

As of March 31, 2026, we did not have any critical accounting estimates to disclose.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting standards would have a material effect on our financial statements if currently adopted.