No Business Combination target identified as of June 30, 2026; the company (incorporated September 2025, IPO closed February 19, 2026) continues its search focused on FinTech, SaaS, or AI targets, with an 18-month Completion Window expiring approximately August 19, 2027.
Q2 2026 operating metrics: general and administrative costs of $234,322, share-based compensation of $73,546 (173,825 director shares remain unvested), and Trust Account interest income of $2,275,334, producing net income of $1,967,466. The Trust Account held $251,572,228 at quarter-end ($10.12 per public share), invested in U.S. Treasury bills maturing August 20, 2026.
Liquidity and commitments: $708,174 cash and $540,753 working capital outside the Trust Account; no Working Capital Loans outstanding. The Sponsor defers $19,000/month administration fees (Q2 incurred $57,000, $47,500 accrued unpaid). Multiple target-sourcing agreements are active, including a May 4, 2026 finder's agreement with Brookline Capital Markets (1.0% transaction fee) and a strategic advisory engagement (engaged March 30, 2026) with $15,323 accrued at quarter-end.
The company reported no legal proceedings, no changes in internal controls, no off-balance-sheet arrangements, and no subsequent events requiring disclosure. No material changes to the planned use of IPO proceeds were identified.
(Filed on May 8, 2026)
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$903.4K
Armada Acquisition Corp. III consummated its IPO on February 19, 2026, selling 24,850,000 units at $10.00 per unit (including partial over-allotment exercise of 2,350,000 units by Cohen & Company Capital Markets and Northland Securities; the remaining 1,025,000 over-allotment units were forfeited), generating $248.5 million in gross proceeds. Simultaneously, 672,000 Private Placement Units were sold at $10.00 each ($6.72 million), with the Sponsor purchasing 400,000 and the Underwriters 272,000. Total transaction costs were $15.55 million ($4.97 million cash underwriting, $9.94 million deferred underwriting, $636,740 other offering costs).
$248.5 million was deposited into the Trust Account, and on February 20, 2026, the company invested substantially all funds in $252.86 million aggregate principal of six-month U.S. Treasury bills maturing August 20, 2026 (purchase price $248.5 million). As of March 31, 2026, the Trust Account balance was $249,296,894, or approximately $10.03 per public share, reflecting $796,894 of interest earned during the quarter.
The company has 18 months from the February 19, 2026 IPO closing (through approximately August 19, 2027) to complete a Business Combination, focusing on targets providing technological services in FinTech, SaaS, or AI. No specific target had been identified as of March 31, 2026. To support the search, the company entered into multiple advisory engagements: a 2.0% transaction-fee financial advisory agreement (dated October 2025), a second 2.0% advisory agreement with Northland Securities (March 20, 2026), Bishop IR as investor relations advisor at $8,500/month plus a $100,000 success fee (February 2026–February 2027), and a $5,000/month strategic advisory engagement with Xavier Casanova for target due diligence (commenced March 30, 2026).
Following the partial over-allotment exercise, 345,083 Class B founder shares were forfeited, reducing total Class B shares from 8,852,917 to 8,507,834 (the Sponsor holds 8,252,834 after allocating 255,000 shares to three independent directors as compensation, subject to quarterly vesting through the 18-month IPO anniversary and immediate vesting upon a Business Combination). The company also amended its charter on February 12, 2026, to change its fiscal year-end from September 30 to December 31, making this filing its first quarterly report under the new fiscal calendar.
As of March 31, 2026, the company held $903,352 in operating cash outside the Trust Account and working capital of $703,605. The Sponsor agreed to pay $19,000/month for administrative and office services commencing February 17, 2026, with deferral of fees to the extent necessary to maintain liquidity. No Working Capital Loans were outstanding. The company had no operating revenues, consistent with its status as a pre-combination blank check company; its only income was $796,894 of interest on Trust Account investments.
(Filed on March 20, 2026)
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$4.3K
Armada Acquisition Corp. III was incorporated on September 19, 2025 as a Cayman Islands SPAC targeting a business combination in FinTech, SaaS, or AI, with an 18-month completion window running from the IPO closing date; the company had no operations or revenues during the inception-to-date period.
During the period, the Sponsor purchased 8,852,917 Class B founder shares for $25,000 on September 29, 2025, and on December 15, 2025, the Sponsor transferred 255,000 Class B shares (85,000 each) to three independent directors (Khan, Decker, White) with 8,500 shares per director vesting at IPO closing and the remainder vesting in six quarterly installments over 18 months.
As of December 31, 2025, the company held $4,347 in cash, had a working capital deficit of $355,614, and reported a net loss of $52,950 consisting entirely of general and administrative costs, with no operating revenues.
Subsequent to the reporting period, on February 19, 2026, the company completed its IPO of 24,850,000 units at $10.00 per unit (including 2,350,000 units from partial exercise of the over-allotment option; 1,025,000 units forfeited), generating $248.5 million in gross proceeds, and simultaneously sold 672,000 private placement units for $6.72 million; $248.5 million was placed in a U.S. trust account and total transaction costs were approximately $15.5 million ($4.97M cash underwriting, $9.94M deferred underwriting, $637K other).
The company entered into a financial advisory agreement on October 8, 2025 providing for a 2.0% transaction fee payable upon business combination closing, and committed non-managing institutional investors to 275,000 private placement units through the Sponsor, with the Sponsor issuing membership interests reflecting approximately 2.2 million founder shares to those investors at a fair value of $1.60 per share ($3,513,866 total).
