Armada Acquisition Corp. I (AACI)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	13.24 k	13.24 k	13.24 k	13.24 k	13.24 k	13.24 k
Cash burn (monthly)	31.49 k	2.27 k	461.56 k	260.80 k	86.25 k	92.14 k
Cash used (since last report)	183.16 k	13.19 k	2.68 mm	1.52 mm	501.63 k	535.87 k
Cash remaining	-169.92 k	48.68	-2.67 mm	-1.50 mm	-488.39 k	-522.63 k
Runway (months of cash)	-5.4	0.0	-5.8	-5.8	-5.7	-5.7

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Financial data from company earnings reports.

Institutional ownership, Q2 2024

AACI institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	21	23	-8.7%
Opened positions	9	18	-50.0%
Closed positions	11	5	+120.0%
Increased positions	2	1	+100.0%
Reduced positions	4	3	+33.3%

13F shares	Current	Prev Q	Change
Total value	444.14 mm	6.39 bn	-93.1%
Total shares	8.73 mm	8.45 mm	+3.3%
Total puts	0.00	0.00
Total calls	17.13 k	0.00	NEW
Total put/call ratio	–	–	–

Largest owners	Shares	Value	Change
Armada Sponsor	5.34 mm	$0.00	0.0%
Rivernorth Capital Management	742.50 k	$103.58 mm	NEW
Atalaya Capital Management	603.43 k	$84.48 mm	0.0%
Polar Asset Management Partners	556.90 k	$77.69 mm	NEW
Shaolin Capital Management	274.68 k	$38.32 mm	-26.7%
MMCAP International Inc. SPC	250.00 k	$34.88 mm	0.0%
K2 Principal Fund	207.66 k	$24.92 mm	+92.9%
Q Global Advisors	150.00 k	$21.00 k	0.0%
Corbin Capital Partners	139.07 k	$19.40 mm	0.0%
CNH Partners	135.03 k	$19.34 mm	NEW

Largest transactions	Shares	Bought/sold	Change
Rivernorth Capital Management	742.50 k	+742.50 k	NEW
Polar Asset Management Partners	556.90 k	+556.90 k	NEW
EHP Funds	0.00	-305.70 k	EXIT
Fir Tree Capital Management	0.00	-268.60 k	EXIT
BNP Paribas Arbitrage	0.00	-215.80 k	EXIT
CNH Partners	135.03 k	+135.03 k	NEW
Radcliffe Capital Management	0.00	-118.26 k	EXIT
K2 Principal Fund	207.66 k	+100.00 k	+92.9%
Shaolin Capital Management	274.68 k	-100.00 k	-26.7%
Cowen And	31.40 k	-86.48 k	-73.4%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

AACI insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	#Shares	#Remaining
15 Aug 24	Mohammad A Khan	Common Stock	Sale back to company	Dispose D	No	No	125,000	0
15 Aug 24	Stephen P Herbert	Common Stock	Sale back to company	Dispose D	No	No	298,436	0
15 Aug 24	Thomas A Decker	Common Stock	Sale back to company	Dispose D	No	No	125,000	0
15 Aug 24	Douglas M Lurio	Common Stock	Sale back to company	Dispose D	No	No	403,941	0
13 Aug 24	Mohammad A Khan	Common Stock	Other	Acquire J	No	No	90,000	125,000
13 Aug 24	Stephen P Herbert	Common Stock	Other	Acquire J	No	No	248,436	298,436
13 Aug 24	Thomas A Decker	Common Stock	Other	Acquire J	No	No	90,000	125,000
13 Aug 24	Douglas M Lurio	Common Stock	Other	Acquire J	No	No	353,941	403,941
13 Aug 24	Armada Sponsor	Common Stock	Other	Dispose J	No	No	5,342,000	0

Data from 3, 4 and 5 filings. Values as filed, not updated for current price.