Armada Acquisition Corp. III - Class A Ordinary Share

On balance sheet, the trust holds approximately 248.5 million dollars of cash equivalents in six‑month U.S. Treasury bills, segregated for the benefit of public shareholders. There is no operating debt. However, trust funds are restricted and cannot support ongoing operations or acquisitions absent a closing.

Working capital for search expenses depends on sponsor support. Deferred underwriting, warrants, and founder shares create dilution if a transaction proceeds.