Armada Acquisition Corp. III (AACI)

Price$10.04Cached quoteAs of 2026-09-11 00:59 UTC

AI: Undervalued

Share price sits below disclosed trust valueAACI last closed at $10.04 on September 16, 2026 versus the latest company-reported trust value of $10.12 per public share as of June 30.

The $251.572 million trust covered 24.85 million public shares, implying $10.12 per share. The roughly 0.8% discount to that already-stale trust value provides a modest redemption-value cushion plus free business-combination optionality. Trust interest after June 30 could increase gross NAV further, although taxes and permitted withdrawals matter.

Trust protection and deadline remain intactAll 24.85 million public shares remained subject to redemption, with no completed redemption event disclosed, and the initial combination deadline is August 19, 2027.

The SPAC has 18 months from its February 19, 2026 IPO closing to complete a business combination. If none closes, public shares are to be redeemed within ten business days for their pro-rata trust balance including interest, net of taxes and up to $100,000 of dissolution expenses. Changing the timing through a charter amendment requires giving public holders a redemption opportunity; no built-in automatic paid extension mechanism is disclosed.

Treasury income supports NAV but liquidity is thinThe trust earned $3.072 million through June 30, while cash outside the trust was only $708,174 with $540,753 of working capital.

Substantially all trust funds were initially invested in six-month U.S. Treasury bills purchased for $248.500 million and maturing August 20, 2026; the filing permits short Treasuries, qualifying government money-market funds, cash or bank deposits. The post-maturity allocation has not been updated publicly in a later company filing found here. The sponsor repaid its IPO promissory note, no working-capital loans were outstanding at June 30, and it agreed to defer administration fees as needed for liquidity.

Sponsor promote and warrants create meaningful post-deal dilutionThe downside case is protected by redemption, but a successful merger can materially dilute continuing holders.

At June 30 there were 8,507,834 Class B founder shares, including 8,252,834 held by the sponsor, versus 24.85 million redeemable public shares. There were also 12.425 million public warrants and 336,000 private warrants exercisable at $11.50 after the applicable conditions. The sponsor bought 400,000 private-placement units, and up to $1.5 million of future working-capital loans could be convertible into additional $10 units. A $9.94 million deferred underwriting fee is payable only upon a completed combination and scales with trust funds remaining after redemptions.

AI: News

Latest quarterly filing shows larger trust and still no targetThe August 12, 2026 10-Q reported $251.572 million in trust assets, $3.072 million of trust interest earned and no finalized specific business-combination target.

The filing still describes AACI as a blank-check company searching primarily across FinTech, SaaS and generative-AI opportunities. All 24.85 million public shares remained redeemable at June 30, and the August 7 share-count disclosure still reconciled to the full public and private share base. No subsequent announced merger target or later material company filing surfaced in the live search through September 17, 2026.

AACI shares and AACIW warrants trade separatelyThe company announced that separate trading of its Class A shares and warrants would begin March 27, 2026.

Unit holders can separate AACIU into AACI shares and AACIW warrants, while unseparated units continue trading as AACIU. This matters for valuation because AACI alone represents the redeemable common-share claim on trust; the half-warrant originally packaged with each IPO unit is a separate security once separated.

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Revenue

No reported data

Net income

No reported data

Free cash flow

No reported data

Total cash / debt

CashTotal debt

2025

Financial statements

No annual filing data is available.

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of AACI
Holder	Shares held
ADAGE CAPITAL PARTNERS GP, L.L.C.	2.03M
Linden Advisors LP	1.4M
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	1.1M
WOLVERINE ASSET MANAGEMENT LLC	1.02M
Magnetar Financial LLC	1M
Polar Asset Management Partners Inc.	900K
Hudson Bay Capital Management LP	900K
AQR Arbitrage LLC	740K
TENOR CAPITAL MANAGEMENT Co., L.P.	700K
Alberta Investment Management Corp	700K
SONA ASSET MANAGEMENT (US) LLC	650K
GLAZER CAPITAL, LLC	625.5K
MILLENNIUM MANAGEMENT LLC	612K
WHITEBOX ADVISORS LLC	550K
BNP PARIBAS FINANCIAL MARKETS	537.68K
Radcliffe Capital Management, L.P.	426.21K
Schonfeld Strategic Advisors LLC	417.51K
TWO SIGMA INVESTMENTS, LP	407.81K
Context Capital Management, LLC	400K
Crossingbridge Advisors, LLC	400K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Armada Acquisition Corp. III (AACI)

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