Armada Acquisition II, a blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
Armada Acquisition II is led by CEO and Director Stephen Herbert, former CEO of USA Technologies (now called Cantaloupe; Nasdaq: CTLP), and CFO, President, and Director Douglas Lurio, former General Counsel of USA Technologies. The SPAC plans to target the fintech, SaaS, and AI industries.
Management's previous SPAC, Armada Acquisition, completed its combination with AI-enabled support platform Rezolve AI (RZLV; -86% from $10 offer price) in August 2024.
Armada Acquisition II was founded in 2024 and plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: ARMAU.RC). Cohen & Company Securities and Northland Securities are the joint bookrunners on the deal.
