Welcome to our dedicated page for Armada Acquisition I news (Ticker: AACI), a resource for investors and traders seeking the latest updates and insights on Armada Acquisition I stock.
Armada Acquisition Corp. I (NASDAQ: AACI) is a blank check company established with the primary objective of merging with or acquiring one or more businesses. The company's strategic focus is on identifying and effecting a business combination within the financial technology sector. This includes companies that provide digital, online, or mobile payment solutions, processing and gateway services, point-of-sale technology, consumer engagement platforms, and ecommerce or loyalty solutions.
Founded on November 5, 2020, and headquartered in Philadelphia, PA, Armada has made significant strides in its business endeavors. Notably, the company went public on August 13, 2021, with an offering of 15,000,000 units at $10.00 per unit, which led to a robust gross proceeds of $150 million. Each unit consists of one share of common stock and one-half of one redeemable warrant. Upon the commencement of separate trading, the shares of common stock and warrants were listed on Nasdaq under the symbols “AACI” and “AACIW,” respectively.
Armada's leadership team includes Chairman and CEO Stephen P. Herbert, President and Director Douglas M. Lurio, Director Mohammad A. Khan, Director Thomas (Tad) A. Decker, and Director Celso L. White. This experienced team is dedicated to steering the company towards successful business combinations that align with its strategic vision.
Recently, Armada has made headlines with its efforts to merge with Rezolve, a leader in mobile commerce and engagement. On December 17, 2021, a definitive agreement was signed for this business combination, which is expected to close in the latter part of 2023, subject to shareholder and regulatory approvals. The combined entity's shares are expected to trade under the ticker symbol “ZONE” on Nasdaq.
Rezolve, founded in 2016 and headquartered in London, UK, offers a proprietary mobile engagement platform that transforms customer engagement in retailing. This SaaS platform serves over 150,000 merchants globally and provides significant commercial opportunities for mobile application vendors. Rezolve's strategic partnerships extend its reach across Europe, Asia, and North America.
Armada's journey has been marked by strategic financial maneuvers, including granting underwriters a 45-day option to purchase additional units to cover over-allotments and entering amendments to business combination agreements to ensure alignment with its goals. The company continues to demonstrate a proactive approach in its business dealings, aiming to maximize shareholder value and drive growth in the fintech sector.
Armada Acquisition Corp. I (Nasdaq: AACI) has closed its business combination with Rezolve AI , a leading provider of AI-driven engagement platforms for retail and commerce. The combined company will operate as Rezolve AI , with its common shares and warrants set to begin trading on the Nasdaq on August 16, 2024, under the ticker symbols RZLV and RZLVW, respectively.
Rezolve plans to expand its position as a global provider of a SAAS-based, generative AI-powered sales engine designed to help retailers improve search, advice, and revenue generation. The company's management team, led by Chairman and CEO Daniel Wagner, will continue to lead the public company following the business combination.
Armada Acquisition Corp. I (NASDAQ: AACI) stockholders have approved the proposed business combination with Rezolve AI at a special meeting held on August 1, 2024. The merger's closing is pending the listing of Rezolve's ordinary shares on Nasdaq and other conditions. Post-merger, Armada will become a wholly owned subsidiary of Rezolve, with the combined entity operating as Rezolve AI . The company's ordinary shares and warrants are expected to trade on Nasdaq under the symbols RZLV and RZLVW, respectively. Armada plans to file the meeting results on Form 8-K with the SEC within four business days.
Armada Acquisition Corp. I (Nasdaq: AACI) announced the SEC's approval of Rezolve AI 's registration statement, paving the way for their business combination. The registration statement includes a proxy statement from Armada and a prospectus from Rezolve. Upon completion, Rezolve will be publicly listed on Nasdaq under the ticker symbol 'RZLV'. Armada's special stockholder meeting is set for July 30, 2024, to approve this combination. Rezolve's AI-driven platform aims to enhance retailer-consumer interactions. The meeting will be held virtually, and shareholders can vote and ask questions during the webcast.
Armada Acquisition Corp. I (NASDAQ: AACI) has received Board approval for a 3-month extension to finalize its business combination with Rezolve Limited, now due by February 17, 2023. An additional $1.5 million has been deposited into Armada’s Trust Account as part of this extension. The amendment to their agreement allows Rezolve to be the listed entity post-combination and adjusts certain equity provisions. Rezolve has made significant strides in 2022, including new partnerships and product launches, enhancing its market presence substantially.
Rezolve Limited updated its 2022 outlook, predicting a significant reduction in Adjusted EBITDA loss, now estimated at $34 million, down from $172 million, while maintaining a revenue target of $219 million, reflecting over 190% growth year-over-year. The company aims to onboard over 300,000 merchants by year-end. Rezolve credits a capital-efficient merchant acquisition strategy for this improvement and expects to achieve profitability by Q3 2023, earlier than previously projected. The outlook is based on existing funding commitments from its merger with Armada Acquisition Corp. I.
Rezolve has appointed Sunder Madakshira as the new CEO for its Indian operations, effective February 16, 2022. Madakshira has over 26 years of experience in sales and marketing, previously serving as head of marketing at Adobe. He is recognized for his expertise in Data Driven Operating Models and has held senior roles in firms like SAP and Wipro. Rezolve aims to enhance its growth in India, leveraging Madakshira's extensive network and marketing acumen. The company is positioned to capitalize on India's high mobile penetration and intends to transform mobile commerce.
Rezolve has expanded its board by adding Dr. Stephen Perry and Dr. Derek Smith, enhancing expertise in payments and e-commerce. This follows a definitive business combination agreement with Armada Acquisition Corp. I (NASDAQ: AACI) announced on December 17, 2021. The merged entity will trade as 'ZONE' on NASDAQ. Both new board members bring extensive experience, with Perry having a significant background at Visa Europe and Smith's prior leadership roles at The Economist. Rezolve aims to improve retail engagement through its innovative mobile platform.
Rezolve has signed a definitive business combination agreement with Armada Acquisition Corp. I (NASDAQ: AACI), aiming to lead mobile commerce transformation globally. The deal is projected to yield $190 million in gross proceeds, including $150 million from trust and $40 million from investors. The pro forma market capitalization of the combined entity is estimated at $2 billion, reflecting a valuation discount relative to peers. Rezolve's technology platform is designed for mobile commerce, with partnerships covering over 20 million merchants and 1 billion consumers globally.
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