Armada I (NASDAQ:AACI) announced this morning that it has agreed to distribute up to 75,000 promote shares (1.5%) to “one or more third parties” in exchange for them not redeeming shares at the SPAC’s upcoming extension vote.
The 8-K filing did not specify how many common shares would be covered by these agreements, but the language also suggests this final number may still be pending. The agreements also stipulated that Armada I will maintain trust funds in an interest-bearing US government securities until either completion or liquidation.
Investors may have a heightened interest in the state of Armada I’s trust since it filed a supplement to its extension proxy last week stating that it intended to seek the ability to remove earned interest from the trust account to pay for any excise tax due to redemptions. There continues to be some uncertainty as to whether SPACs will be forced to pay the Inflation Reduction Act’s 1% excise tax on share buybacks for shares redeemed outside of a total liquidation.
It has since clarified that it its redemption rate will be unchanged for at least the next vote, rescheduled to January 30. However, Anzu Special Acquisition Corp I (Nasdaq: ANZU) filed its definitive proxy on Friday, keeping the reduced redemption value feature to pay for the tax. Anzu I’s vote is scheduled for February 9, so it will be interesting to see if any changes to reverse this occurs before that time.
Armada I’s transaction deadline comes up on February 17 and it is seeking to extend this six months to August 17. It is working to close its combination with adtech firm Rezolve, which it announced in December 2021.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...