Armada Acquisition Corp. I (AACI) Further Postpones Extension Vote
by Marlena Haddad on 2023-01-30 at 1:22pm

Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote.

The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public shares for redemption until 5 pm tonight.

In its previous postponement, Armada also clarified that a recently proposed accounting change would not impact its redemption rate. Earlier this month, the company filed a supplement to its extension proxy noting that it intended to remove earned interest from its trust to pay for any excise tax due to redemptions. Armada then clarified the statement stating 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, the redemption price is to remain at $10.17 per share at the time of the newly scheduled meeting.

Days after this announcement, the SPAC 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 its upcoming extension vote.

The company’s transaction deadline comes up on February 17 and it is seeking to extend this by six months to August 17. Armada is hoping to close its $1.8 billion combination with adtech firm Rezolve, which it announced in December 2021. London-based Rezolve enables the transformation of interactions between consumers and merchants on mobile devices by converting media into an interactive experience.

 

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