Armada Acquisition I said its board approved an automatic deadline extension to close the proposed merger with Rezolve Limited, from Nov. 17 to Feb. 17, 2023.
The SPAC’s sponsor deposited an additional $1.5 million into the trust account, as mandated by the terms of Armada’s IPO that closed in November 2021.
Rezolve is a mobile commerce platform. At deal announcement in December 2021, the combined business was expected to receive $150 million from Armada’s trust, assuming no redemptions, together with approximately $40 million in additional investment proceeds. Read more.
