Archimedes Tech SPAC Partners II Co.

What they do

The company is a Cayman Islands exempted company formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, or other similar business combination with one or more businesses. It has no operations and no revenue, and its assets consist almost entirely of cash held in a trust account. It completed an IPO of 23,000,000 units on February 12, 2025, at $10.00 per unit, generating $230,000,000 in gross proceeds, plus a private placement of 840,000 units to the sponsor and BTIG for $8,400,000.

Revenue drivers

• No revenue — The company has not generated any revenue to date; it is a shell company with no operations.
• Trust interest income — Interest earned on trust funds may be released to pay taxes, but the amount is not specified in the filings.

Recent performance

As of June 30, 2026, the company held $244.7 million in total assets, primarily $244.2 million in the trust account, and had cash of $414,970. Total liabilities were $146.6 million, and shareholder equity was negative $146.1 million. Reported annual net income for 2025 was $8.0 million, but operating cash flow for 2025 was negative $739,050. The company has not completed a business combination and continues to hold funds in trust.

Strategy

The company plans to use the trust funds to consummate an initial business combination within 21 months from the IPO closing, which would be by November 2026 (exact date not provided). It may hold shareholder votes to amend its charter to extend the completion window if needed. The sponsor and BTIG hold private placement units with transfer restrictions until the business combination. The company has no stated acquisition target or industry focus.

Risks

• No business combination completed — The company has not identified or completed a target acquisition as of the latest filing, and failure to do so within 21 months could trigger liquidation.
• Shell company with no operations — The company has no revenue or operations, and its only assets are cash in trust, so its value depends entirely on a future deal.
• Negative shareholder equity — As of June 30, 2026, shareholders' deficit was negative $146.1 million, indicating liabilities exceed assets.
• Limited cash outside trust — Cash and cash equivalents outside the trust were only $414,970 as of June 30, 2026, which may not be sufficient to cover operating costs until a deal.

Outlook

Management has not provided a specific outlook or timeline beyond the 21-month completion window. The company is searching for a target business and may seek shareholder approval to extend the deadline. The trust funds are invested in U.S. government treasuries and money market funds, and will be released only upon a business combination or liquidation.