Armada I (NASDAQ:AACI) announced this morning that it has postponed its extension vote from 1 pm ET January 20 to the same time January 30, while noting that a recent proposed accounting change would not affect its redemption rate.
The SPAC caused a stir this week when it filed a supplement to its extension proxy 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.
Armada may have thought it was getting out ahead of this by stating in the proxy that this 1% would come from earned interest in its trust. But, coming so soon on the eve of a vote, investors are sure to have preferred the tax was not paid from the trust.
It has now clarified that it “will not adjust the estimated redemption price per share for the Company’s estimated tax liabilities relating to the interpretation and operation of the Inflation Reduction Act of 2022.” As such, its redemption price is to remain $10.17 per share for now.
Armada I still has time to make further clarifications or revisions if need be as its transaction deadline is not until February 17. But, it is also likely eager to get on with it as it works to close its combination with adtech firm Rezolve, which is now the 7th-oldest pending deal in circulation having been announced in December 2021.


Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
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....