Armada Acquisition I said it postponed today’s shareholder meeting to vote on an extension. The meeting will now be held Feb. 15. The SPAC seeks monthly extensions up to August as works on a deal with Rezolve, a mobile commerce and angagement company.
If the extension is approved, Amada has agreed to deposit the lesser of $47,266 or 2 cents a share for each month required.
Armada originally raised $150 million in an August 2021 IPO. However, since last year redemptions have whittled the SPAC’s trust down to about $36 million.
At the Armada-Rezolve 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. Read more.
