Armada Acquisition I has again delayed a shareholder vote on an extension proposal. The orginal meeting date of Jan. 20 was pushed back to Jan. 30, then Jan. 31 and has now been rescheduled for tomorrow at noon Eastern.
The estimated redemption price per share will remain approximately $10.17.
Armada last week 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's merger deadline is Feb. 17. Shareholders at tomorrow's rescheduled meeting are being asked to vote on an extension until Aug. 17. Read more.
Source: Armada I Postpones Extension Vote for 3rd Time