Armada Acquisition I in an 8-K said it has 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, according to the 8-K.
Shareholders on Jan. 30 are being asked to vote on a deadline extension from Feb. 17 to Aug. 17.
Armada last week backtracked on a plan to tap the accrued interest in its trust to pay for any excise tax on redeemed shares. That would have lowered the per-share redemption price.
Two days after saying it would use trust funds tho pay the excise tax, the SPAC reversed course and said in a supplemental proxy filing that the estimated redemption price per share will be approximately $10.17 at the time of the shareholders meeting, as originally reported.
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, assuming no redemptions, together with approximately $40 million in additional investment proceeds. Read more.