Recent Updates — AACI

Armada Acquisition Corp. III entered into a definitive business combination agreement with Brains Bioceutical Corp., valuing the target at an implied pre-money equity value of approximately $750.0 million. The transaction involves Armada III merging with Brains, which will continue as Brains Therapeutics Corp. and trade on Nasdaq under the ticker symbol "BAPI". Existing Brains shareholders are expected to roll 100% of their equity into the combined company. The deal is subject to shareholder approvals, regulatory clearances, and other customary closing conditions, with an expected completion in the second quarter of 2027. Armada Acquisition Corp. III is a special purpose acquisition company formed for effecting business combinations. Brains Bioceutical Corp. is a pharmaceutical company specializing in cannabinoid-based therapeutics and API manufacturing.

On September 11, 2026, Evernorth Holdings Inc. entered into a note purchase agreement to issue $30.0 million of 4.00% Convertible Senior PIK Notes due 2031 to NH Investment & Securities Co. The closing is conditioned on and expected to occur concurrently with the previously announced business combination between Armada Acquisition Corp. II, Evernorth Holdings Inc., Pathfinder Digital Assets LLC, and Ripple Labs Inc. This transaction supports the proposed merger, which is anticipated to close in the fourth quarter of 2026 following the effectiveness of the Form S-4 registration statement declared on August 27, 2026. Armada Acquisition Corp. II operates as a blank check company focused on effecting a merger with private operating companies.