Armada Acquisition I entered into a subscription agreement with Polar Multi-Strategy Master Fund, which agreed to deliver up to $440,000 to the SPAC’s sponsor. In return, Polar will receive 880,000 shares of Armada stock currently held by the sponsor.
Upon repayment of working capital loans from Armada I to the sponsor, the sponsor would then repay Polar for the investor capital contribution within five business days. If the SPAC completes a business combination, Polar may elect at the closing to receive repayments either in cash or in the form of stock at a rate of one share for each $10 of the investor capital contribution.
Armada two years ago announced a deal with mobile commerce platform Rezolve at a $2 billion pro forma market capitalization.
At deal announcement in December 2021, the combined business was expected to receive $150 million from Armada’s trust, which assumed no redemptions, together with approximately $40 million in additional investment proceeds. However, by February 2023 redemptions had reduced the SPAC’s trust to about $36 million. Read more.
