Armada Acquisition Corp II (XRPN) is a blank-check special purpose acquisition company that completed its initial public offering on May 22, 2025, raising proceeds held in a Trust Account managed by Continental Stock Transfer & Trust Company. The company generates no operating revenue. Its sole purpose is to identify and complete an initial business combination within 18 months of the IPO closing date. The IPO priced units at $10.00, with the underwriters fully exercising a 3,000,000-unit over-allotment option, resulting in $9.2 million in deferred underwriting commissions placed in trust (per the 10-K filed December 4, 2025). On October 19, 2025, the company entered into a Business Combination Agreement with PubCo, Armada Merger Sub, Pathfinder, Pathfinder Merger Sub, and Ripple. Leadership is headed by CEO Taryn Naidu and Chairman J. Michael Arrington, both with backgrounds in financial technologies, web3, and decentralized finance. The company is incorporated in the Cayman Islands and intends to domesticate to Delaware prior to closing.

Revenue model

No operating revenue. The company holds IPO proceeds in a Trust Account and earns no revenue until completion of an initial business combination. Deferred underwriting commissions of $9.2 million are payable from trust upon deal close.

Products and services

Blank-check SPAC vehicle. IPO units priced at $10.00 each, including Class A Shares and warrants. Trust Account managed by Continental Stock Transfer & Trust Company. Pending business combination with Ripple under a Business Combination Agreement signed October 19, 2025.

Customers and end markets

No customers or end markets in the traditional sense. Target combination counterparties include Ripple, a participant in the digital asset and financial technology sector. Management focus is on web3, decentralized finance, and financial technology businesses.

Value-chain role

SPAC sponsor and acquisition vehicle. Sources, evaluates, and executes a single business combination transaction. Capital held in trust pending deal close.

Geographic exposure

Incorporated in the Cayman Islands as of the filing date, with planned domestication to Delaware. Principal offices located in Florida. No operating business with geographic revenue exposure as of fiscal year ended September 30, 2025.

Source: SEC 10-K, filed 2025-12-04

Industry: Blank Checks