Armada I (NASDAQ:AACI) announced this morning that it has secured a $250 million equity subscription facility for its combination with adtech firm Rezolve.
Yorkville Advisors has agreed to fund the facility, under which Rezolve will have the option to issue up to $250 million in shares for Yorkville to purchase over the first three years following the close of the business combination.
The new funding could serve as a back-fill for capital lost when Armada I saw 76.6% of its shares redeemed at a February 2 extension vote, reducing its trust to about $35.7 million. The transaction also includes a $20.5 million PIPE and $20 million in convertible notes, and it is not being held to a minimum cash condition.
Nonetheless, all sides are likely eager to get the deal across the finish line at this point. Armada I initially announced the $1.8 billion deal back in December 2021 and only six of the 151 active announced SPAC deals have been pending for longer without close.
Although the two sides now have until August 17 to complete the deal under Armada I’s new deadline, Rezolve noted in this latest update that it expects to close the deal in “early H1 2023”. London-based Rezolve enables the transformation of interactions between consumers and merchants on mobile devices by converting media into an interactive experience.
Terms Tracker for the Week Ending June 27, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. June continued its late-month rally with another five SPAC IPOs pricing this week, bringing the monthly total to 10 and the 2025 year-to-date count to...
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...