Vault-13

ARMADA ACQUISITION CORP II

*W EXP 05/21/203 · CUSIP G0R38G112

47 institutional holders +23 vs Q2 2025
9,524,9279.5m shares reported held*
$9.3mreported value*
23 new 4 added 9 reduced 0 sold out net bought ≈ $3.8m (+4.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $0.97. Options: 2 managers hold calls ($185.6k notional), 0 hold puts (—).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q2 25: 24Q3 25: 4747Q2 25Q3 25
Numbers
QuarterHolders
Q2 202524
Q3 202547

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$50k$100k$150k$200kQ4 24 calls: $0Q4 24 puts: $0Q4 24P/C —Q1 25 calls: $0Q1 25 puts: $0Q1 25P/C —Q2 25 calls: $0Q2 25 puts: $0Q2 25P/C —Q3 25 calls: $185.6kQ3 25 puts: $0Q3 25P/C 0.00
Numbers
QuarterCallsPutsP/C
Q4 2024$0$0—
Q1 2025$0$0—
Q2 2025$0$0—
Q3 2025$185.6k$00.00

Biggest buyers

TENOR CAPITAL MANAGEMENT Co., L.P. New +750,000+750.0k
AQR Arbitrage LLC New +562,691+562.7k
Harraden Circle Investments, LLC New +481,108+481.1k
Meteora Capital, LLC New +417,610+417.6k
TORONTO DOMINION BANK New +300,000+300.0k
Wealthspring Capital LLC New +290,865+290.9k
CANTOR FITZGERALD, L. P. New +266,091+266.1k
RIVERNORTH CAPITAL MANAGEMENT, LLC New +253,166+253.2k
Saba Capital Management, L.P. New +183,597+183.6k
BNP PARIBAS FINANCIAL MARKETS New +183,174+183.2k

Biggest sellers

GLAZER CAPITAL, LLC Reduced -263,783-263.8k
BERKLEY W R CORP Reduced -89,229-89.2k
HIGHBRIDGE CAPITAL MANAGEMENT LLC Reduced -86,499-86.5k
WOLVERINE ASSET MANAGEMENT LLC Reduced -66,244-66.2k
Magnetar Financial LLC Reduced -65,933-65.9k
BOOTHBAY FUND MANAGEMENT, LLC Reduced -50,000-50.0k
ATW SPAC MANAGEMENT LLC Reduced -50,000-50.0k
Shaolin Capital Management LLC Reduced -22,865-22.9k
Verition Fund Management LLC Reduced -22,754-22.8k

Biggest calls

MILLENNIUM MANAGEMENT LLC New $138.1k145.4k shares
DLD Asset Management, LP New $47.5k50.0k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 TENOR CAPITAL MANAGEMENT Co., L.P. 0.01% of their portfolio NEW YORK, NY 750,000750.0k $712.4k $712.4k 0.01% New
2 Linden Advisors LP 0.00% of their portfolio New York, NY 681,000681.0k $645.2k $645.2k 0.00% Unchanged
3 AQR Arbitrage LLC 0.01% of their portfolio Greenwich, CT 562,691562.7k $534.5k $534.5k 0.01% New
4 Shaolin Capital Management LLC 0.02% of their portfolio Miami, FL 500,000500.0k $474.9k $474.9k 0.02% Reduced -22.9k -22,865
5 Harraden Circle Investments, LLC 0.09% of their portfolio NEW YORK, NY 481,108481.1k $457.0k $457.0k 0.09% New
6 Meteora Capital, LLC 0.04% of their portfolio Boca Raton, FL 417,610417.6k $396.7k $396.7k 0.04% New
7 LMR Partners LLP 0.00% of their portfolio LONDON, X0 400,000400.0k $380.0k $380.0k 0.00% Unchanged
8 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio TORONTO, A6 350,000350.0k $332.5k $332.5k 0.00% Unchanged
9 Hudson Bay Capital Management LP 0.00% of their portfolio STAMFORD, CT 341,441341.4k $324.3k $324.3k 0.00% Added +34.4k +34,441
10 Magnetar Financial LLC 0.00% of their portfolio EVANSTON, IL 341,200341.2k $324.1k $324.1k 0.00% Reduced -65.9k -65,933
11 Verition Fund Management LLC 0.00% of their portfolio GREENWICH, CT 328,496328.5k $312.0k $312.0k 0.00% Reduced -22.8k -22,754
12 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 300,000300.0k $285.0k $285.0k 0.00% New
13 Polar Asset Management Partners Inc. 0.01% of their portfolio TORONTO, A6 300,000300.0k $285.0k $285.0k 0.01% Unchanged
14 Wealthspring Capital LLC 0.07% of their portfolio WEST HARRISON, NY 290,865290.9k $276.3k $276.3k 0.07% New
15 Radcliffe Capital Management, L.P. 0.02% of their portfolio BALA CYNWYD, PA 267,515267.5k $252.8k $252.8k 0.02% Unchanged
16 CANTOR FITZGERALD, L. P. 0.00% of their portfolio NEW YORK, NY 266,091266.1k $252.8k $252.8k 0.00% New
17 RIVERNORTH CAPITAL MANAGEMENT, LLC 0.01% of their portfolio WEST PALM BEACH, FL 253,166253.2k $240.5k $240.5k 0.01% New
18 ARISTEIA CAPITAL, L.L.C. 0.01% of their portfolio GREENWICH, CT 249,999250.0k $236.2k $236.2k 0.01% Unchanged
19 Decagon Asset Management LLP 0.12% of their portfolio LONDON, X0 231,385231.4k $219.8k $219.8k 0.12% Added +19.1k +19,113
20 Context Capital Management, LLC 0.01% of their portfolio LAJOLLA, CA 225,000225.0k $213.7k $213.7k 0.01% Added +25.0k +25,000
21 Saba Capital Management, L.P. 0.01% of their portfolio NEW YORK, NY 183,597183.6k $174.4k $174.4k 0.01% New
22 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 183,174183.2k $174.0k $174.0k 0.00% New
23 Weiss Asset Management LP 0.00% of their portfolio BOSTON, MA 125,000125.0k $118.7k $118.7k 0.00% Added +50.1k +50,111
24 Mint Tower Capital Management B.V. 0.01% of their portfolio AMSTERDAM, P7 125,000125.0k $119.0k $119.0k 0.01% New
25 WHITEBOX ADVISORS LLC 0.00% of their portfolio MINNEAPOLIS, MN 100,000100.0k $95.0k $95.0k 0.00% New
26 MOORE CAPITAL MANAGEMENT, LP 0.00% of their portfolio NEW YORK, NY 100,000100.0k $95.0k $95.0k 0.00% New
27 PICTON MAHONEY ASSET MANAGEMENT 0.00% of their portfolio Toronto, A6 100,000100.0k $95.0k $95.0k 0.00% New
28 Periscope Capital Inc. 0.02% of their portfolio Toronto, A6 100,000100.0k $95.0k $95.0k 0.02% Unchanged
29 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 99,984100.0k $95.0k $95.0k 0.00% New
30 HEIGHTS CAPITAL MANAGEMENT, INC 0.03% of their portfolio SAN FRANCISCO, CA 95,63395.6k $90.8k $90.8k 0.03% New
31 Clear Street Group Inc. 0.00% of their portfolio NEW YORK, NY 80,51780.5k $76.5k $76.5k 0.00% First filing
32 Parallax Volatility Advisers, L.P. 0.00% of their portfolio San Francisco, CA 80,23180.2k $76.2k $76.2k 0.00% New
33 Cable Car Capital, LP 0.03% of their portfolio SAN FRANCISCO, CA 75,00075.0k $71.2k $71.2k 0.03% New
34 Driehaus Capital Management LLC 0.00% of their portfolio Chicago, IL 74,99975.0k $71.2k $71.2k 0.00% Unchanged
35 Walleye Capital LLC 0.00% of their portfolio NEW YORK, NY 62,50062.5k $59.4k $59.4k 0.00% Unchanged
36 CSS LLC/IL 0.00% of their portfolio CHICAGO, IL 60,03460.0k $57.0k $57.0k 0.00% Unchanged
37 BERKLEY W R CORP 0.00% of their portfolio Greenwich, CT 56,08156.1k $53.3k $53.3k 0.00% Reduced -89.2k -89,229
38 GLAZER CAPITAL, LLC 0.00% of their portfolio New York, NY 50,00050.0k $47.0k $47.0k 0.00% Reduced -263.8k -263,783
39 Bulldog Investors, LLP 0.01% of their portfolio SADDLE BROOK, NJ 50,00050.0k $47.5k $47.5k 0.01% New
40 STEADFAST CAPITAL MANAGEMENT LP 0.00% of their portfolio NEW YORK, NY 40,00040.0k $38.0k $38.0k 0.00% New
41 WOLVERINE ASSET MANAGEMENT LLC 0.00% of their portfolio CHICAGO, IL 33,55533.6k $31.9k $31.9k 0.00% Reduced -66.2k -66,244
42 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 33,53033.5k $31.9k $31.9k 0.00% New
43 BOOTHBAY FUND MANAGEMENT, LLC 0.01% of their portfolio NEW YORK, NY 25,00025.0k $260.9k $260.9k 0.01% Reduced -50.0k -50,000
44 ATW SPAC MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 25,00025.0k $23.7k $23.7k 0.03% Reduced -50.0k -50,000
45 Skaana Management L.P. 0.01% of their portfolio BROOKLYN, NY 16,02516.0k $15.2k $15.2k 0.01% New
46 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 12,50012.5k $11.9k $11.9k 0.00% New
47 HIGHBRIDGE CAPITAL MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 1,0001.0k $945 $945 0.00% Reduced -86.5k -86,499