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.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...