Armada Acquisition Corp. I (NASDAQ GM: AACIU) has closed its initial public offering of 15,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of $150 million.
The company’s units commenced trading on the Nasdaq Global Market under the ticker symbol “AACIU.” Each unit consists of one share of the company’s common stock and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be listed on Nasdaq under the symbols “AACI” and “AACIW,” respectively.
The company is a special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the company may pursue an acquisition or business combination target in any business or industry, it intends to focus its search on a business in the financial technology industry, with an enterprise value of approximately $500 million to $1.0 billion, with particular emphasis on businesses that are providing digital, on-line, or mobile payment solutions, processing and gateway services, point-of-sale technology, consumer engagement platforms, and ecommerce or loyalty solutions. The company is sponsored by Armada Sponsor LLC.
The company is led by Stephen Herbert, chairman and chief executive officer, Douglas Lurio, president and director, Mohammad Khan, director, Thomas Decker, director, and Celso White, director.
Northland Securities Inc. acted as sole book-running manager of the offering. The company has granted the underwriters a 45-day option to purchase up to an additional 2,250,000 units at the initial public offering price to cover over-allotments, if any. Cohen & Co. Capital Markets, a division of JVB Financial Group LLC, acted as an advisor to the company.