Armada Acquisition Corp. II signs definitive merger with Pathfinder Digital Assets; $214M PIPE

Armada Acquisition Corp. II

SPAC to acquire Pathfinder Digital Assets; Ripple Labs Inc. involved; shareholders receive Pubco Class A shares.
PIPE of $214.05 million cash plus 600,000 XRP tokens at $10/share; Adjustment Shares tied to XRP VWAP.
Sponsor forfeits 120,000 Class A shares, 2,364,000 Class B shares, and 60,000 private placement warrants.
Six-month lock-up for Sponsor, Ripple, and certain affiliates post-closing.
Closing conditions include SPAC shareholder approval, HSR expiration, and minimum $5M net tangible assets.

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