ARMADA ACQUISITION CORP II

Ticker: XRPNW CUSIP: G0R38G112 Class: *W EXP 05/21/203

Holders for Q4 2025 Position Changes for Q4 2025

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

New Positions (3)

Westchester Capital Management, LLC

Value ($000) $82 Shares 100,055

RK Capital Management, LLC/FL

Value ($000) $148 Shares 166,711

Sculptor Capital LP

Value ($000) $143 Shares 163,936

Institution	Shares	Value ($000)
Westchester Capital Management, LLC	100,055	$82
RK Capital Management, LLC/FL	166,711	$148
Sculptor Capital LP	163,936	$143

Increased Positions (7)

Harraden Circle Investments, LLC

Value ($000) $705 (+54.2%) Shares 791,635 (+64.5%)

Shaolin Capital Management LLC

Value ($000) $664 (+39.9%) Shares 746,538 (+49.3%)

ARISTEIA CAPITAL, L.L.C.

Value ($000) $491 (+107.9%) Shares 561,206 (+124.5%)

Clear Street Group Inc.

Value ($000) $201 (+163.4%) Shares 226,354 (+181.1%)

Hudson Bay Capital Management LP

Value ($000) $334 (+3.1%) Shares 375,776 (+10.1%)

Parallax Volatility Advisers, L.P.

Value ($000) $103 (+35.5%) Shares 116,060 (+44.7%)

Walleye Capital LLC

Value ($000) $67 (+12.4%) Shares 75,000 (+20.0%)

Institution	Prev Shares	Curr Shares	Change
Harraden Circle Investments, LLC	481,108	791,635	+310,527 (+64.5%)
Shaolin Capital Management LLC	500,000	746,538	+246,538 (+49.3%)
ARISTEIA CAPITAL, L.L.C.	249,999	561,206	+311,207 (+124.5%)
Clear Street Group Inc.	80,517	226,354	+145,837 (+181.1%)
Hudson Bay Capital Management LP	341,441	375,776	+34,335 (+10.1%)
Parallax Volatility Advisers, L.P.	80,231	116,060	+35,829 (+44.7%)
Walleye Capital LLC	62,500	75,000	+12,500 (+20.0%)

Decreased Positions (6)

METEORA CAPITAL, LLC

Value ($000) $226 (-43.0%) Shares 254,255 (-39.1%)

Bulldog Investors, LLP

Value ($000) $22 (-53.2%) Shares 25,000 (-50.0%)

Verition Fund Management LLC

Value ($000) $144 (-54.0%) Shares 175,000 (-46.7%)

LMR Partners LLP

Value ($000) $254 (-33.1%) Shares 285,704 (-28.6%)

Radcliffe Capital Management, L.P.

Value ($000) $210 (-16.9%) Shares 240,012 (-10.3%)

GLAZER CAPITAL, LLC

Value ($000) $0 (-76.6%) Shares 12,500 (-75.0%)

Institution	Prev Shares	Curr Shares	Change
METEORA CAPITAL, LLC	417,610	254,255	-163,355 (-39.1%)
Bulldog Investors, LLP	50,000	25,000	-25,000 (-50.0%)
Verition Fund Management LLC	328,496	175,000	-153,496 (-46.7%)
LMR Partners LLP	400,000	285,704	-114,296 (-28.6%)
Radcliffe Capital Management, L.P.	267,515	240,012	-27,503 (-10.3%)
GLAZER CAPITAL, LLC	50,000	12,500	-37,500 (-75.0%)

Exited Positions (11)

Decagon Asset Management LLP

Value ($000) $220 Shares 231,385

BOOTHBAY FUND MANAGEMENT, LLC

Value ($000) $261 Shares 25,000

CANTOR FITZGERALD, L. P.

Value ($000) $253 Shares 266,091

TORONTO DOMINION BANK

Value ($000) $285 Shares 300,000

Weiss Asset Management LP

Value ($000) $119 Shares 125,000

DRIEHAUS CAPITAL MANAGEMENT LLC

Value ($000) $71 Shares 74,999

WOLVERINE ASSET MANAGEMENT LLC

Value ($000) $32 Shares 33,555

COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS

Value ($000) $32 Shares 33,530

Schonfeld Strategic Advisors LLC

Value ($000) $12 Shares 12,500

HIGHBRIDGE CAPITAL MANAGEMENT LLC

Value ($000) $1 Shares 1,000

PICTON MAHONEY ASSET MANAGEMENT

Value ($000) $0 Shares 100,000

Institution	Prev Shares	Prev Value ($000)
Decagon Asset Management LLP	231,385	$220
BOOTHBAY FUND MANAGEMENT, LLC	25,000	$261
CANTOR FITZGERALD, L. P.	266,091	$253
TORONTO DOMINION BANK	300,000	$285
Weiss Asset Management LP	125,000	$119
DRIEHAUS CAPITAL MANAGEMENT LLC	74,999	$71
WOLVERINE ASSET MANAGEMENT LLC	33,555	$32
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS	33,530	$32
Schonfeld Strategic Advisors LLC	12,500	$12
HIGHBRIDGE CAPITAL MANAGEMENT LLC	1,000	$1
PICTON MAHONEY ASSET MANAGEMENT	100,000	$0