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25-NSE ·Filed Oct 9, 2026

XRPN

Armada Acquisition Corp. II
BEARISH
Impact 7/10
Horizonimmediate Processed17d ago SEC0001354457-26-000975
Notable filing: 25-NSE
Actionable Insight ▼ Bearish

The delisting and likely dissolution of Armada Acquisition Corp. II means the securities will cease trading on Nasdaq. Holders should expect to receive the pro rata trust distribution (typically ~$10 per share) in the near term. No further trading or business combination is possible.

DirectionBearish
Confidencehigh
Horizonimmediate
Latest settled — T+5d ⚠ clustered
XRPN ▼ -9.93% at T+5d
SHORT call ✓ call won +9.93% · α vs SPY +8.44% · entry $16.91 → $15.23
Next anchor: T+20d in 11d
Latest observation: T+9 +33.89% FF3 residual α
Entry = T+0 close
Oct 9, 2026
via day close
T+1d
-2.54%
call +2.54% · α +2.53%
$16.48
settled 14d ago
T+5d
-9.93%
call +9.93% · α +8.44%
$15.23
settled 10d ago
T+20d
Pending
in 11d
T+60d
Pending
in 2mo

Price Chart

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Executive Summary

Nasdaq filed a Form 25-NSE to remove from listing and registration the securities of Armada Acquisition Corp. II (a blank-check company), effective October 9, 2026, under Rule 12d2-2(a)(3) for matured, redeemed, or retired securities. This filing confirms the delisting of the company's Class A ordinary shares, warrants, and units, likely following the end of its SPAC lifecycle without a completed business combination.

Key Facts

  • Nasdaq filed Form 25-NSE to delist Armada Acquisition Corp. II's securities under 17 CFR 240.12d2-2(a)(3) for matured, redeemed, or retired securities.
  • The delisting covers Class A ordinary shares, warrants, and units.
  • The filing was made on October 9, 2026, and is effective immediately.
  • The company is a blank-check (SPAC) entity that has not completed a business combination.

Financial Impact

Total liquidation value of the trust is not disclosed; typical SPAC trust value is the IPO proceeds plus interest, which will be returned to shareholders upon dissolution.

market capitalizationliquidityshare price

Risk Factors

  • Complete loss of equity value for holders who do not tender shares before the trust distribution deadline.
  • No further opportunity for a business combination or recovery of investment beyond the trust proceeds.
  • Potential for the stock to trade at a discount to trust value in the final days before delisting.

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

DocumentAccession Number
25-NSE Filing (Primary)0001354457-26-000975
Document: 0001354457-26-000975-index-headers.html0001354457-26-000975
Document: 0001354457-26-000975-index.html0001354457-26-000975
Document: 0001354457-26-000975.txt0001354457-26-000975
25 reports for XRPN
Performance horizon
67% Hit rate @ T+5 2 of 3 directional calls Went positive at some point 2 of 3 best @ T+1▲ +68.25%Oct 1, 2026
Filters
Rows
Reports for XRPN — sortable, filterable
TypeNow
Oct 23, 2026
3d ago
S-1
NEUTRAL ★ 4/10
$14.94awaiting T+5—$15.00 (+0.40%)
Oct 23, 2026
3d ago
8-K
MIXED ★ 5/10
$15.16awaiting T+5—$15.00 (−1.06%)
Oct 20, 2026
6d ago
EFFECT
NEUTRAL ★ 3/10
$14.85awaiting T+5—$15.00 (+1.01%)
Oct 19, 2026
6d ago
SC 13G
NEUTRAL ★ 4/10
$14.85awaiting T+5—$15.00 (+1.01%)
Oct 19, 2026
6d ago
3
NEUTRAL ★ 3/10
$14.85awaiting T+5—$15.00 (+1.01%)
Oct 15, 2026
11d ago
SC 13G
NEUTRAL ★ 4/10
$15.45 $15.06▼ −2.52%▼ −2.09%$15.00 (−2.91%)
Oct 9, 2026
17d ago
25-NSE
BEARISH ★ 7/10
$16.91 $15.23▲ +9.93%▲ +8.44%$15.00 (+11.30%)
Oct 9, 2026
17d ago
8-K
BEARISH ★ 8/10
$16.91 $15.23▲ +9.93%▲ +8.44%$15.00 (+11.30%)
Oct 9, 2026
17d ago
3
NEUTRAL ★ 2/10
$16.91 $15.23▼ −9.93%▼ −8.44%$15.00 (−11.30%)
Oct 9, 2026
17d ago
3
NEUTRAL ★ 2/10
$16.91 $15.23▼ −9.93%▼ −8.44%$15.00 (−11.30%)
Showing 10 of 25

US Market Status

Market Closed — Opens Tue (15h 57m)

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Report published Oct 9, 2026