Armada Acquisition I in an 8-K said it amended a standby equity purchase agreement with merger partner Rezolve Limited and with YA II PN to incorporate a prepaid advance arrangement. Under the new agreement, YA committed to provide Rezolve Limited with a prepaid advance in an original principal amount of $2.5 million. Upon execution of the amended agreement, $2 million of the prepaid advance was funded to Rezolve.
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. However, since last year redemptions have whittled the SPAC's trust down to about $36 million.
Rezolve is a mobile commerce and angagement company.