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.
Trailblazer Merger Corporation I priced its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TBMCU” Wednesday, March 29, 2023. The SPAC intends to focus its search on companies operating in the technology industry in the following segments: cloud as a service, supply chain technologies, servicing the hybrid workforce...
Alpine (NYSE:REVE) announced this afternoon that it has again adjourned its special meeting to complete its transaction with experiential entertainment company Two Bit Circus. The SPAC originally intended to hold its special meeting on February 24, but has adjourned it four times since then. Alpine now expects to reconvene the meeting on March 30 at 12:00 p.m....
Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned its extension vote today and will reconvene the special meeting at 10:30 am ET on March 30. At the upcoming meeting, the SPAC hopes to gain shareholder approval to extend its completion deadline from April 4, 2023, to October 4, 2023. Home Plate announced a $214 million business combination with...
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DiamondHead Holding Corps. (NASDAQ:DHHC) announced in an 8-K this morning that it has entered into subscription agreements with lock-up investors and PIPE investors in connection to its business combination with Great Southern Homes. Although the deal was approved by shareholders during a meeting last Thursday, the parties are still working to raise funds to meet...