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Completed · 15 Aug 2024AACIU · NasdaqCIK 1844817Sponsor at IPO: Armada Sponsor LLC

Armada Acquisition Corp. I

$150MTrust raised at IPO · 1% of public shares left after its last counted vote

Merged with Rezolve AI Limited (RZLV) · Technology and telecoms

  1. IPO12 Aug 2021
  2. Searching15 months
  3. Deal announcedAgreement signed
  4. Closed15 Aug 2024

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Smaller than 81% of 2021’s SPAC IPOs.

    $150M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    99% of public shares redeemed across 4 votes.

    3 extension votes and the merger vote, counted from the SPAC’s 8-Ks. 1% of the public shares remained after the last one.

  3. 03

    Closed its merger 36 months after its IPO.

    The combined company is Rezolve AI Limited (RZLV). Sector: Technology and telecoms.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
12 Aug 2021
IPO closed
17 Aug 2021
Raised
$150M1
Units sold
15,000,0002
Trust raised
$150M3
Trust per unit
$10.004
Unit
1 sh + ½ warrant5
Months to complete
156
Deadline before extensions
17 Nov 2022
Over-allotment
Not exercised

Each unit: “one share of common stock and one-half of one redeemable warrant”

How it compares

Armada Acquisition Corp. I against the 610 SPACs that priced in 2021.

Raised
$150M
80% of 2021 SPACs are above it
2021 median: $239M
Trust per unit
$10.00
63% of 2021 SPACs match it
2021 median: $10.00
Months to complete
15
75% of 2021 SPACs are above it
2021 median: 24
Redeemed across its votes
99%
80% of 2021 SPACs are below it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 2 Feb 202311,491,148 of 15,000,000 redeemed (77%)
  2. Extension vote · 2 Aug 20231,145,503 of 3,508,852 redeemed (33%)
  3. Extension vote · 15 Feb 2024945,662 of 2,363,349 redeemed (40%)
  4. Merger vote · 1 Aug 20241,300,391 of 1,417,687 redeemed (92%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Underwriters’ counsel

Auditor

Other SPACs from Armada

Armada’s track record →

Armada has brought 3 SPACs to market since 1 January 2019, $629M in all: 2 completed, 1 searching. 2 of the 2 that reached an end completed a merger.

SPACIPORaisedStatusOutcomeMonths
Armada Acquisition Corp. III17 Feb 2026$249MSearching——
Armada Acquisition Corp. II20 May 2025$230MCompletedEvernorth Holdings Inc. (XRPN)17
Armada Acquisition Corp. I This SPAC12 Aug 2021$150MCompletedRezolve AI Limited (RZLV)36

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Sources

  1. PFinal prospectus: 0000950159-21-000254
  2. 1Gross proceeds: 0000950159-21-000274The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $150,000,000.
  3. 2Units sold: 0000950159-21-000274On August 17, 2021 , the Company consummated its IPO of 15,000,000 Units, at a price of $10.00 per Unit.
  4. 3Trust raised: 0000950159-21-000274A total of $150,000,000 out of the proceeds from the IPO and the sales of Placement Shares was placed in a U.S.-based trust account
  5. 4Trust per unit: 0000950159-21-000254$150,000,000 (or $172,500,000 if the underwriters’ over-allotment option is exercised in full) or $10.00 per unit sold to the public in this offering will be deposited into a U.S.-based trust account
  6. 5Unit composition: 0000950159-21-000254Each unit that we are offering has a price of $10.00 and consists of one share of common stock and one-half of one redeemable warrant.
  7. 6Months to complete: 0000950159-21-000254If we are unable to consummate an initial business combination within 15 months from the closing of this offering (or 18 months from the closing of this offering if we extend the period

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.