Armada Acquisition Corp. I Unit - AACIU STOCK NEWS

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.

Armada Acquisition Corp. I (NASDAQ: AACIU) announced that starting November 16, 2021, investors can trade shares of its common stock (AACI) and warrants (AACIW) separately from the 15 million units sold in its IPO. This trading will occur on the Nasdaq Global Market. No fractional warrants will be issued, and only whole warrants will be available. The Company operates as a blank check company aiming for business combinations in technology and fintech sectors. A registration statement for these securities has been declared effective by the SEC.

Armada Acquisition Corp. I (NASDAQ GM: AACIU) has successfully closed its initial public offering, selling 15,000,000 units at $10.00 each, generating gross proceeds of $150 million. Trading commenced on August 13, 2021, with each unit comprising one share of common stock and one-half of a redeemable warrant. The funds raised will be placed in a trust account, with plans to pursue acquisitions primarily in the financial technology sector, targeting businesses valued between $500 million and $1 billion. Northland Securities, Inc. was the book-running manager for the offering.

Armada Acquisition Corp. I (AACI) has priced its initial public offering (IPO) of 15 million units at $10.00 each, set to begin trading on Nasdaq under the symbol 'AACIU' on August 13, 2021. Each unit includes one share of common stock and one-half of a redeemable warrant, with whole warrants priced at $11.50 per share. The company aims to merge or acquire businesses in financial technology with an enterprise value of $500 million to $1 billion. The offering is expected to close on August 17, 2021, pending customary conditions.