Armada Acquisition I in a press release said today's stockholders meeting has been postponed until tomorrow at 3 p.m. Eastern.
The estimated redemption price per share as of Jan. 31 will remain approximately $10.17. Shareholders have until 1 p.m. tomorrow to reverse redemption requests. Armada has not disclosed redemption figures to date.
Armada a week ago today disclosed it had signed an agreement “with one or more” shareholders, promising the investors 75,000 founder's shares in exchange for their committment to not redeem stock at the upcoming shareholders meeting. Some of the shareholders signing the agreement are affiliated with Armada's sponsor.
The SPAC has a merger agreement in hand with Rezolve, a mobile commerce platform. 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.
Armada merger deadline is Feb. 17. Shareholders at tmorrow's meeting are being asked to vote on an extension until Aug. 17. Read more.