Armada Acquisition I registered with the SEC to offer 15 million units at $10 each. A unit consists of one share of common stock and one-half of one warrant, with whole warrants redeemable for a share at $11.50.
The new SPAC intends to focus on targets that provide technological services to the fintech industry with an enterprise value of approximately $500 million to $1 billion. Particular emphasis is on businesses that provide digital, on-line or mobile payment solutions, processing and gateway services, point-of-sale technology, consumer engagement platforms, and ecommerce and loyalty solutions.
Armada Acquisition I is led by CEO Stephen Herbert, who was affiliated with USAT in various positions from April 1996 to October 2019, most recently as CEO from November 2011.
Northland Capital Markets is sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to an additional 2.25 million units to cover over-allotments, if any.
Armada Acquisition I has applied to list on the Nasdaq under AACIU. Read more.