Armada Acquisition I priced its IPO of 15 million units at $10 each.
Units begin trading today on the Nasdaq under AACIU. Each consists of one share of common stock and one-half of one redeemable warrant. Whole warrants will be exercisable at $11.50 per share. Once the securities begin separate trading, shares and warrants are expected to list under AACI and AACIW.
The new SPAC intends to focus on a business in the financial technology industry, with an enterprise value of approximately $500 million to $1 billion, with emphasis on businesses that are providing digital, on-line, or mobile payment solutions, processing and gateway services, point-of-sale technology, consumer engagement platforms, and ecommerce or loyalty solutions.
Northland Securities is sole book-running manager for the offering. The underwriters have an option to purchase up to an additional 2.25 million units at the IPO price to cover over-allotments, if any.
The offering is expected to close Aug. 17. Read more.
