Armada Acquisition Corp. III · NASDAQ:AACI
Armada Acquisition Corp. III — SPAC Merger (November 2026)
33 slides from Armada Acquisition Corp. III's SPAC merger presentation, Nov 5, 2026
Slide 1: Investor Presentation
Exhibit 99.2 I N V E S T O R P R E S E N T A T I O N D O C U M E N T N O . B B - I P - 2 0 2 6 - 0 0 2 · V E R S I O N 4.6
Slide 2: Disclaimer
Disclaimer D O C U M E N T N O . B B - I P - 2 0 2 6 - 0 0 2 · V E R S I O N 4.6 D I S C L A I M E R employees, advisers or agents shall be responsible or liable for any direct, indirect or about Brains and AACI through the website maintained by the SEC at www.sec.gov. consequential loss or loss of
Slide 3: Additional Information
Additional Information D O C U M E N T N O . B B - I P - 2 0 2 6 - 0 0 2 · V E R S I O N 4.6 A D D I T I O N A L I N F O R M A T I O N A N D W H E R E T O F I N D I T N O S E C A P P R O V A L N O N - I F R S M E A S U R E S A N D C A L E N D A R I Z E D F I G U R E S In connection with the proposed
Slide 4: Important Notices
Important Notices D O C U M E N T N O . B B - I P - 2 0 2 6 - 0 0 2 · V E R S I O N 4.6 No offer or solicitation; defined terms. See “Disclaimer” on page 2 and “Additional Information” on page 3, which form part of these Important Notices. In this presentation, “Armada” and “AACI” refer to Armada Ac
Slide 5: Forward-Looking Information
Forward-Looking Information This presentation contains forward-looking statements or information (collectively needs and expected future developments and other factors it believes are appropriate. continue a substantial part of its business; the Company may require additional “forward-looking statem
Slide 6: Who We Are
W H O W E A R E Brains Bioceutical is a pharmaceutical company combining an established EU- GMP manufacturing and regulatory platform with a proprietary drug-development pipeline focused on cannabinoid- based therapeutics. OVERVIEW / PLATFORM / PARTNERSHIPS / API & MANUFACTURING / PHARMA PIPELINE /
Slide 7: A Pharmaceutical Platform, Not a Consumer Cannabis Business
A Pharmaceutical Platform, Not a Consumer Cannabis Business Brains Bioceutical operates within the regulated pharmaceutical ecosystem. T R A D I T I O N A L C A N N A B I S O P E R AT O R B R A I N S Consumer products Pharmaceutical APIs Cultivation economics EU-GMP manufacturing Dispensary distribu
Slide 8: The Future of Brains Bioceutical
The Future of Brains Bioceutical V I S I O N M I S S I O N To set the global benchmark for To establish the global standard in cannabinoid products and therapies by cannabinoid innovation and medicines unlocking the full therapeutic potential where trusted science, regulatory of cannabinoids, throug
Slide 9: Investment Highlights
Investment Highlights Established Pharmaceutical Platform Proven Manufacturing at Commercial Scale Integrated EU-GMP manufacturing, regulatory and drug-development capabilities 500+ GMP batches produced with 12.8 tonnes of annual manufacturing capacity focused on pharmaceutical-grade cannabinoids. a
Slide 10: One platform, two primary value drivers, multiple monetization opportunities
One platform, two primary value drivers, multiple monetization opportunities 0 1 0 2 API Manufacturing Pharmaceutical & Supply Development EU-GMP cannabinoid APIs powering A development portfolio of the global development and cannabinoid-based therapeutics commercialization of cannabinoid- – partner
Slide 11: Near-Term Catalysts
Near-Term Catalysts F O U N D AT I O N F O R A C C E L E R AT I N G G R O W T H Eight programs on the path to commercial success as the next group of market-authorised cannabinoid medicines A P I S U P P LY / C U S T O M E R P R O G R A M S B R A I N S D R U G D E V E L O P M E N T P O R T F O L I O
Slide 12: Drug Development Pipeline
Drug Development Pipeline Methazolamide ER 175 mg tablets for reduction of intraocular pressure Extended-Release Methazolamide over 24 hours in glaucoma conditions. Once-daily dosing designed for Glaucoma safety, convenience and improved compliance. FDA submission in PRECLINICAL PHASE 1 PHASE 2 PHAS
Slide 13: Pipeline Detail
Pipeline Detail Glaucoma Opioid Use Disorder ER methazolamide · reduction of intraocular pressure CBD 200 mg adjunct therapy · FDA Pivotal bioequivalence study (32 subjects) completed under an FDA Special 450-subject, multi-site, NIH-funded Phase 3 randomised controlled trial 2 Protocol Agreement (S
Slide 14: From cannabinoid platform to $7.2B acquisition: the GW Pharma precedent
From cannabinoid platform to $7.2B acquisition: the GW Pharma precedent GW listed in the U.S. in 2013 at a $130M equity value. Its blockbuster, Epidiolex, did not yet exist as a program. Eight years later Jazz paid $7.2B. G W E Q U I T Y V A L U E , U S$ E A R LY A C C E S S P I V O TA L P H A S E 3
Slide 15: Brains' lead indications address established global markets
Brains’ lead indications address established global markets M A R K E T O P P O R T U N I T Y 2 Epilepsy $10.0B Anti-epileptic drugs · 2025, global Forecast $12.5B by 2030 $28B 1 Glaucoma Sum of four third-party 2025 market estimates from $8.8B Glaucoma therapeutics · 2025, global Forecast $14.4B by
Slide 16: EU-GMP Development & Manufacturing
EU-GMP Development & Manufacturing Large-scale cannabinoid API production in the UK, advancing a diversifi ed portfolio of APIs, formulations and fi nished products backed by pharmaceutical-grade quality B R A I N S F A C I L I T Y S P E C S M A N U F A C T U R I N G C A P A B I L I T Y Robust and s
Slide 17: Barriers to Replication
Barriers to Replication T H E M O AT , Q U A N T I F I E D What a new entrant would have to build, step by step, before competing for a single regulated customer. PROCESS DEVELOPMENT 2 yrs SPECIFICATION & 2.5 yrs OPTIMISATION FACILITY BUILDOUT AND 1.5 yrs STAFF DATA PACKAGE GENERATION 1.5 yrs REGULA
Slide 18: Long-Standing Relationships with Leading Multinationals
Long-Standing Relationships with Leading Multinationals P H A R M A C E U T I C A L P A R T N E R · B R A Z I L S T R A T E G I C S H A R E H O L D E R * Leading Generic Global Nutrition, Drug Manufacturer Health & Beauty Company API supply relationship supporting cannabinoid portfolio including a S
Slide 19: High Quality APIs, including our CBD API
High Quality APIs, including our CBD API Brains Bio’s natural, hemp-derived CBD API – manufactured to EU-GMP standards with a unique suite of licenses and registrations, and used as the active ingredient in multiple third-party pre-clinical and clinical studies worldwide. High Purity and Quality Dem
Slide 20: API Manufacturing & Supply
API Manufacturing & Supply Supply of cannabinoid APIs and products to meet customer needs across clinical development and commercialization of authorized pharmaceutical products -- ensuring fl exibility, scalability, and global reach Provision of end-to-end solutions to unlock cannabinoid-based ther
Slide 21: Nutraceutical & Consumer Products Portfolio
Nutraceutical & Consumer Products Portfolio Pharma-grade nutraceutical ingredients and fi nished consumer products, monetizing the same EU-GMP platform Nutraceutical Finished Products Brands Ingredients Nutra CBD isolate solid CBD Oils, Capsules and Gummies Brains Pure CBD Ph. Eur. CBD isolate solid
Slide 22: Animal Health Business
Animal Health Business Growing bank of early-stage cannabinoid clinical research and real-world evidence supporting cannabinoid use in animals. Early-mover opportunity in the veterinary cannabinoid market, targeting co-development opportunities with accelerated routes to market. Leveraging human cli
Slide 23: Management Team
Management Team M A N A G E M E N T T E A M A N D A D V I S O R S Ricky Brar Jas Kalsi Dean Billington Bill Purves Founder, CEO and Chairperson Chief Financial Oc ffi er Chief Operating Officer Chief Commercial Oc ffi er A serial entrepreneur with a record of fi rsts in the Chartered Professional Ac
Slide 24: Financial Outlook, FY2022–FY2031
Financial Outlook, FY2022–FY2031 T O TA L R E V E N U E B Y D I V I S I O N · U S$ A C T U A L F O R E C A S T $471.6M F Y 2 0 3 1 E R E V E N U E $471.6M $284.8M API $333.6M $165.3M Pharma $124.7M Nutra $13.3M $75.5M $11.6M $6.0M $7.8M $7.6M $8.8M $8.4M FY22 FY23 FY24 FY25 FY26 FY27E FY28E FY29E FY
Slide 25: Revenue Bridge, FY2027E–FY2031E
8 Revenue Bridge, FY2027E–FY2031E M A N A G E M E N T F O R E C A S T · R I S K - A D J U S T E D Revenue grows from $8.4M in FY27E to $471.6M in FY31E. ~48% of the uplift is Brains’ development programs, probability-weighted; ~42% is partner programs. R E V E N U E B R I D G E F Y 2 7 E → F Y 3 1 E
Slide 26: Valuation Benchmarking: EV / Sales vs. Comparables
Brains Bio Manufacturing & Specialty Valuation Benchmarking: (calendarized) Ingredients Pharma EV / Sales vs. Comparables EV / 2028E sales (1)(2)(3) EV / 2029E sales (1)(2)(3)(5) Growth-adjusted EV / 2028E sales (1)–(4) Growth-adjusted EV / 2029E sales (1)–(5) Idorsia Idorsia IFF Indivior 8.3x 7.0x
Slide 27: Sources, Uses & Pro Forma Ownership
Sources, Uses & Pro Forma Ownership P R O P O S E D S P A C B U S I N E S S C O M B I N AT I O N 1 S O U R C E S ($ M ) T R A N S A C T I O N H I G H L I G H T S P R O F O R M A O W N E R S H I P Brains Bio Rollover $750.0 Valuation. Pre-money equity valuation of $750M for Brains Bioceutical, with 1
Slide 28: Summary Risk Factors (1 of 3)
Summary Risk Factors P R O P O S E D S PA C B U S I N E S S C O M B I N AT I O N · 1 O F 3 An investment in the securities of Brains Therapeutics Corp. (“PubCo”) involves a high degree of risk. The following is a summary of certain principal risks relating to Brains Bioceutical Corp. (“Brains”), Pub
Slide 29: Summary Risk Factors (2 of 3)
Summary Risk Factors P R O P O S E D S PA C B U S I N E S S C O M B I N AT I O N · 2 O F 3 R I S K S R E L AT E D T O I N T E L L E C T U A L P R O P E R T Y R I S K S R E L AT E D T O T H E B U S I N E S S C O M B I N AT I O N R I S K S R E L AT E D T O O W N E R S H I P O F P U B C O S E C U R I T
Slide 30: Summary Risk Factors (3 of 3)
Summary Risk Factors P R O P O S E D S PA C B U S I N E S S C O M B I N AT I O N · 3 O F 3 In these risk factors, “AACI” (also referred to in this presentation as “Armada”) means Armada Acquisition Corp. III; “PubCo” means Brains Therapeutics Corp.; “Brains” means Brains Bioceutical Corp.; the “Busi
Slide 31: Canadian Investor Rights (1 of 2)
Canadian Investor Rights S TAT U T O R Y R I G H T S O F A C T I O N · 1 O F 2 Investors’ Rights Alternatively, where the investor purchased securities from the Company, the investor may elect to exercise a Alternatively, the investor may elect to exercise a right of rescission against the Company,
Slide 32: Canadian Investor Rights (2 of 2)
Canadian Investor Rights S TAT U T O R Y R I G H T S O F A C T I O N · 2 O F 2 In no case will the amount recoverable by an investor exceed the price at which securities were off ered to the days after you fi rst had knowledge of the facts giving rise to the cause of action, and (ii) three years aft
Slide 33: Advancing Health. Transforming Lives.
Advancing Health. Transforming Lives. M A D E B E T T E R D O C U M E N T N O . B B - I P - 2 0 2 6 - 0 0 2 · V E R S I O N 4.6
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