---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-243103"
form_type: "8-K"
ticker: "XRPN"
cik: "0002044009"
company_name: "Armada Acquisition Corp. II"
filed_at: "2025-10-20T23:59:59+00:00"
generated_at: "2026-05-17T03:18:44.316619+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-25-243103
- form_type: 8-K
- ticker: XRPN
- cik: 0002044009
- company_name: Armada Acquisition Corp. II
- filed_at: 2025-10-20T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2044009/000119312525243103/0001193125-25-243103-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2044009/000119312525243103/d97098d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-243103
- JSON: https://secwatch.observer/filing/0001193125-25-243103.json
- Plain text: https://secwatch.observer/filing/0001193125-25-243103.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.