AACI
Armada Acquisition Corp. IIIFinancial Services·Financial - Conglomerates
$9.96
$254M market cap
Revenue
$0.0M
Free Cash Flow
$-0.3M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Armada Acquisition Corp. III operates as a blank check company. It was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company was founded on September 19, 2025 and is headquartered in Philadelphia, PA.
2-Year Price History
$9.95+0.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q2 | 0.0 | -0.4 | -0.4 | 0.2 | -0.3 | -0.3 | -0.0 | 0.9 | 0.0 | 11.0 | -0.6% | -- | -- |
| Act | 2026-Q1 | 0.0 | -0.1 | 0.0 | -0.1 | -0.0 | -0.0 | -0.0 | 0.0 | 0.0 | 32.0 | 0.0% | -- | -- |
Valuation & Metrics
Market Stats
Price$9.96
Market Cap$254M
Enterprise Value$253M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-0.1%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$0.2M
Free Cash Flow$-0.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-0.3%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover1.0
Change (vs Prior)+104.5%
Need at least 2 settlement dates for chart
Employees
Headcount2
Revenue / Employee$0
Gross Profit / Employee$0
Cash Runway
34.3months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
26.6%
18 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.0%
0 filers
Vanguard, iShares, SPDR
Market makers
0.0%
0 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
Not enough quarterly ownership history to chart yet.
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $20.0M | $9.86 | +$20.0M | +$20.0M | — | $64.61B |
| Hudson Bay Capital Management LP | $8.9M | $9.86 | +$8.9M | +$8.9M | — | $15.12B |
| TENOR CAPITAL MANAGEMENT Co., L.P. | $6.9M | $9.86 | +$6.9M | +$6.9M | — | $1.50B |
| SONA ASSET MANAGEMENT (US) LLC | $6.5M | $9.86 | +$6.4M | +$6.5M | — | $1.93B |
| RK Capital Management, LLC/FL | $5.3M | $9.86 | +$5.3M | +$5.3M | — | $43.5M |
| Radcliffe Capital Management, L.P. | $4.2M | $9.86 | +$4.2M | +$4.2M | — | $1.33B |
| TWO SIGMA INVESTMENTS, LP | $4.0M | $9.86 | +$4.0M | +$4.0M | — | $117.03B |
| METEORA CAPITAL, LLC | $3.0M | $9.86 | +$3.0M | +$3.0M | — | $69.12B |
| Verition Fund Management LLC | $3.0M | $9.86 | +$3.0M | +$3.0M | — | $9.73B |
| BERKLEY W R CORP | $2.0M | $9.86 | +$2.0M | +$2.0M | — | $1.86B |
| Clear Street Group Inc. | $1.8M | $9.86 | +$1.8M | +$1.8M | — | $17.82B |
| Mint Tower Capital Management B.V. | $986K | $9.86 | +$986K | +$986K | — | $517M |
| JPMORGAN CHASE & CO | $270K | $9.86 | +$269K | +$270K | — | $1.47T |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $270K | $9.86 | +$269K | +$270K | — | $1.12B |
| BOOTHBAY FUND MANAGEMENT, LLC | $174K | $9.86 | +$174K | +$174K | — | $4.25B |
| Schonfeld Strategic Advisors LLC | $173K | $9.86 | +$173K | +$173K | — | $12.20B |
| WOLVERINE ASSET MANAGEMENT LLC | $103K | $9.86 | +$103K | +$103K | — | $2.32B |
| MORGAN STANLEY | $0 | $9.86 | +$0 | +$0 | — | $1.65T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-1.57%
avg per quarter
Holders (ex-self)
—
excl. this stock
Buyers (this Q)
-1.57%
18 buyers · $0.07B in
Sellers (this Q)
+0.00%
0 sellers · $0.00B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-10.2%
how holders react when this stock falls
On quiet Qs
-9.0%
−10% to +10% baseline
On rallies (+10%+)
-12.1%
how they react when this stock rises
Holders' portfolio flow this Q
-4.3%
outflows — trims may be forced
Sellers' portfolio flow this Q
+0.0%
Sellers' overall flow ~ flat.
New buyers this quarter
ADAGE CAPITAL PARTNERS GP, L.L.C.+$0.02BHudson Bay Capital Management LP+$0.01BTENOR CAPITAL MANAGEMENT Co., L.P.+$0.01BSONA ASSET MANAGEMENT (US) LLC+$0.01BRK Capital Management, LLC/FL+$0.01BRadcliffe Capital Management, L.P.+$0.00BTWO SIGMA INVESTMENTS, LP+$0.00BMETEORA CAPITAL, LLC+$0.00BVerition Fund Management LLC+$0.00BBERKLEY W R CORP+$0.00B
Top-5 holders · 70.4%
ADAGE CAPITAL PARTNERS GP, L.L.C.--
Hudson Bay Capital Management LP--
TENOR CAPITAL MANAGEMENT Co., L.P.--
SONA ASSET MANAGEMENT (US) LLC--
RK Capital Management, LLC/FL--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Not enough holder history to plot.
Corporate
Order Flow (FINRA, ~3w lag)
0.3%retail
33.9%dark
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Armada Acquisition Corp. II: A Crypto-Collateralized Shell with a $4 Million Liquidity Hole
Overall Risk
8/10
Fraud
4/10
Dilution
9/10
Insolvency
9/10
Earnings Overstated
3/10
Hidden Liabilities
6/10
Legal
5/10
Audit Warnings
7/10
Hidden Upside
4/10
Contextually Acceptable
4/10