Armada Acquisition Corp. I (AACI) Adds $250M Equity Facility to Rezolve Deal

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.