ARMADA ACQUISITION CORP II
*W EXP 05/21/203 · CUSIP G0R38G112
32
institutional holders
-7 vs Q1 2026
7.1m
shares reported held*
$5.9mreported value*
0 new
3 added
6 reduced
7 sold out
net sold ≈ $958.9k (-1.1m 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 ≈ $0.83. Options: 1 managers hold calls ($63.8k notional), 0 hold puts (—).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q2 2025 | 24 |
| Q3 2025 | 47 |
| Q4 2025 | 39 |
| Q1 2026 | 39 |
| Q2 2026 | 32 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Bought or addedCut or sold out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2025 | 27 | 9 |
| Q4 2025 | 12 | 16 |
| Q1 2026 | 3 | 14 |
| Q2 2026 | 3 | 13 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
CallsPuts
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $185.6k | $0 | 0.00 |
| Q4 2025 | $66.8k | $0 | 0.00 |
| Q1 2026 | $45.0k | $0 | 0.00 |
| Q2 2026 | $63.8k | $0 | 0.00 |
Biggest buyers
| TORONTO DOMINION BANK | Added | +33.2k |
| AQR Arbitrage LLC | Added | +5.6k |
| CITADEL ADVISORS LLC | Added | +58 |
Biggest sellers
| Harraden Circle Investments, LLC | Sold out | -487.6k |
| Shaolin Capital Management LLC | Reduced | -140.7k |
| Radcliffe Capital Management, L.P. | Reduced | -107.0k |
| HEIGHTS CAPITAL MANAGEMENT, INC | Sold out | -95.6k |
| Verition Fund Management LLC | Reduced | -70.5k |
| CSS LLC/IL | Sold out | -60.0k |
| Clear Street Group Inc. | Reduced | -53.4k |
| Hudson Bay Capital Management LP | Reduced | -51.9k |
| Sculptor Capital LP | Reduced | -47.9k |
| Meteora Capital, LLC | Sold out | -23.4k |
Biggest calls
| MILLENNIUM MANAGEMENT LLC | Unchanged | $63.8k75.0k 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, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| TENOR CAPITAL MANAGEMENT Co., L.P. 0.01% of their portfolio | 750.0k $637.5k | Unchanged |
| Linden Advisors LP 0.00% of their portfolio | 681.0k $555.0k | Unchanged |
| ARISTEIA CAPITAL, L.L.C. 0.01% of their portfolio | 561.2k $457.4k | Unchanged |
| AQR Arbitrage LLC 0.01% of their portfolio | 556.4k $417.4k | Added +5.6k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio | 350.0k $297.5k | Unchanged |
| Magnetar Financial LLC 0.00% of their portfolio | 341.2k $290.0k | Unchanged |
| Polar Asset Management Partners Inc. 0.00% of their portfolio | 300.0k $255.0k | Unchanged |
| Shaolin Capital Management LLC 0.01% of their portfolio | 293.2k $249.2k | Reduced -140.7k |
| Wealthspring Capital LLC 0.06% of their portfolio | 290.9k $247.2k | Unchanged |
| LMR Partners LLP 0.00% of their portfolio | 285.7k $242.8k | Unchanged |
| RIVERNORTH CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 253.2k $177.2k | Unchanged |
| Hudson Bay Capital Management LP 0.00% of their portfolio | 241.7k $205.5k | Reduced -51.9k |
| Context Capital Management, LLC 0.00% of their portfolio | 225.0k $191.2k | Unchanged |
| Saba Capital Management, L.P. 0.00% of their portfolio | 183.6k $149.6k | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 183.2k $155.7k | Unchanged |
| RK Capital Management, LLC/FL 0.01% of their portfolio | 166.7k $141.7k | Unchanged |
| Clear Street Group Inc. 0.00% of their portfolio | 152.9k $130.0k | Reduced -53.4k |
| Arrington Capital Management, LLC 0.13% of their portfolio | 140.0k $119.0k | Unchanged |
| Mint Tower Capital Management B.V. 0.01% of their portfolio | 125.0k $106.0k | Unchanged |
| Verition Fund Management LLC 0.00% of their portfolio | 104.5k $88.8k | Reduced -70.5k |
| Westchester Capital Management, LLC 0.00% of their portfolio | 100.1k $85.0k | Unchanged |
| WHITEBOX ADVISORS LLC 0.00% of their portfolio | 100.0k $85.0k | Unchanged |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 100.0k $85.0k | Added +58 |
| MOORE CAPITAL MANAGEMENT, LP 0.00% of their portfolio | 100.0k $85.0k | Unchanged |
| Radcliffe Capital Management, L.P. 0.01% of their portfolio | 100.0k $81.5k | Reduced -107.0k |
| Sculptor Capital LP 0.00% of their portfolio | 94.7k $80.5k | Reduced -47.9k |
| Periscope Capital Inc. 0.01% of their portfolio | 90.0k $76.5k | Unchanged |
| Cable Car Capital, LP 0.00% of their portfolio | 75.0k $63.8k | Unchanged |
| Walleye Capital LLC 0.00% of their portfolio | 75.0k $63.8k | Unchanged |
| BERKLEY W R CORP 0.00% of their portfolio | 56.1k $47.7k | Unchanged |
| TORONTO DOMINION BANK 0.00% of their portfolio | 43.2k $36.7k | Added +33.2k |
| Skaana Management L.P. 0.00% of their portfolio | 16.0k $13.6k | Unchanged |