Based on the provided text, the title of the article is likely "10-Q".

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 has the power to appoint our board of directors. 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.

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.

We also entered into several subscription agreements for a PIPE financing:

• 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.
• A Series C Subscription Agreement with the new sponsor for 211,319,096.061435 XRP tokens.
• Ripple Group Subscription Agreements for 50 million XRP tokens.

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. We expect to start generating non-operating income in the form of interest on the trust account funds once the IPO is completed.

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.

Liquidity, Going Concern and Capital Resources

We raised $230 million from the IPO and $7.1 million from the private placement, with $231.15 million placed in the trust account. We incurred $14.4 million in transaction costs.

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

We may need to obtain additional financing to complete a 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.

There is substantial doubt about our ability to continue as a going concern if we are unable to complete a business combination by the end of the combination period in November 2026.

Off-Balance Sheet Arrangements and Contractual Obligations

We have no off-balance sheet arrangements as of March 31, 2026. Our key contractual obligations include:

• 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
• Deferred underwriting commission of $9.2 million payable upon completion of a business combination
• Potential reimbursement of $2.3 million to underwriters upon a digital asset treasury transaction

We also have agreements to pay monthly administrative fees and potential transaction fees to advisors, but these are only payable upon completion of a business combination.

Critical Accounting Estimates and Recent Accounting Pronouncements

As of March 31, 2026, we did not have any critical accounting estimates. Management does not believe any recently issued accounting standards would have a material effect on our financial statements.