ARMADA ACQUISITION CORP II

Ticker: XRPN CUSIP: G0R38G104 Class: COM CL A

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (22)

Quarry LP
Value ($000) $1,510 Shares 147,423
SkyView Investment Advisors, LLC
Value ($000) $3 Shares 250,000
Diametric Capital, LP
Value ($000) $599 Shares 58,498
DLD Asset Management, LP
Value ($000) $2,039 Shares 199,130
Mann Financial Group, Inc.
Value ($000) $127 Shares 12,450
Sculptor Capital LP
Value ($000) $2,560 Shares 250,000
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS
Value ($000) $2,048 Shares 200,000
PRELUDE CAPITAL MANAGEMENT, LLC
Value ($000) $149 Shares 14,555
Walleye Capital LLC
Value ($000) $1,536 Shares 150,000
Caitlin John, LLC
Value ($000) $16 Shares 1,600
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $849 Shares 82,910
CITIGROUP INC
Value ($000) $1,024 Shares 100,000
Virtu Financial LLC
Value ($000) $0 Shares 27,588
HUNTINGTON NATIONAL BANK
Value ($000) $26 Shares 2,501
Glass Jacobson Investment Advisors llc
Value ($000) $6 Shares 582
OSAIC HOLDINGS, INC.
Value ($000) $6 Shares 600
Cambridge Investment Research Advisors, Inc.
Value ($000) $1 Shares 75,131
EverSource Wealth Advisors, LLC
Value ($000) $3 Shares 250
Stone House Investment Management, LLC
Value ($000) $1 Shares 100
Global Retirement Partners, LLC
Value ($000) $1 Shares 50

Increased Positions (10)

METEORA CAPITAL, LLC
Value ($000) $30,461 (+63.9%) Shares 2,974,719 (+67.0%)
TENOR CAPITAL MANAGEMENT Co., L.P.
Value ($000) $22,374 (+43.0%) Shares 2,185,000 (+45.7%)
BERKLEY W R CORP
Value ($000) $5,652 (+59.1%) Shares 551,981 (+62.2%)
Westchester Capital Management, LLC
Value ($000) $8,534 (+29.1%) Shares 833,400 (+31.6%)
Clear Street Group Inc.
Value ($000) $2,986 (+912.7%) Shares 291,625 (+931.9%)
BOOTHBAY FUND MANAGEMENT, LLC
Value ($000) $1,150 (+129.2%) Shares 112,262 (+133.5%)
TORONTO DOMINION BANK
Value ($000) $8,704 (+46.7%) Shares 850,000 (+49.5%)
MILLENNIUM MANAGEMENT LLC
Value ($000) $4,426 (+42.1%) Shares 432,250 (+44.8%)
Schonfeld Strategic Advisors LLC
Value ($000) $513 (+118.4%) Shares 50,069 (+122.5%)
MORGAN STANLEY
Value ($000) $518 (+72840.6%) Shares 50,574 (+74273.5%)

Decreased Positions (9)

Periscope Capital Inc.
Value ($000) $2,048 (-34.6%) Shares 200,000 (-33.3%)
Shaolin Capital Management LLC
Value ($000) $2,048 (-34.6%) Shares 200,000 (-33.3%)
First Trust Capital Management L.P.
Value ($000) $4,699 (-9.9%) Shares 458,864 (-8.2%)
Hudson Bay Capital Management LP
Value ($000) $2,186 (-65.9%) Shares 213,437 (-65.2%)
Radcliffe Capital Management, L.P.
Value ($000) $4,780 (-4.4%) Shares 466,789 (-2.6%)
WOLVERINE ASSET MANAGEMENT LLC
Value ($000) $1,058 (-36.3%) Shares 103,287 (-35.1%)
JPMORGAN CHASE & CO
Value ($000) $511 (-79.6%) Shares 49,873 (-79.2%)
GLAZER CAPITAL, LLC
Value ($000) $2 (-19.5%) Shares 205,012 (-18.0%)
CITADEL ADVISORS LLC
Value ($000) $1,523 (-24.8%) Shares 148,682 (-23.3%)

Exited Positions (7)

Harraden Circle Investments, LLC
Value ($000) $13,113 Shares 1,256,800
Wealthspring Capital LLC
Value ($000) $5,079 Shares 486,740
MIZUHO SECURITIES USA LLC
Value ($000) $1,769 Shares 175,100
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND
Value ($000) $7,308 Shares 700,000
DRIEHAUS CAPITAL MANAGEMENT LLC
Value ($000) $1,566 Shares 150,000
Verition Fund Management LLC
Value ($000) $2,290 Shares 219,335
CANTOR FITZGERALD, L. P.
Value ($000) $296 Shares 28,364