Armada Acquisition, a blank check company formed by former USA Technologies executives targeting fintech, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $150 million by offering 15 million units at $10 per unit. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, the company would command a market value of $200 million.
Armada Acquisition is led by CEO and Chairman Stephen Herbert, former CEO of USA Technologies (now called Cantaloupe (Nasdaq: CTLP)), and President, Treasurer, and Director Douglas Lurio, former General Counsel of USA Technologies. The company aims to leverage management's experience to target companies in the fintech industry with enterprise values between $500 million and $1 billion, with a particular focus on digital, online, or mobile payment solutions, processing and gateway services, point-of sale technology, or e-commerce solutions.
The company was founded in 2020 and plans to list on the Nasdaq under the symbol AACIU. Armada Acquisition filed confidentially on March 2, 2021. Northland Securities is the sole bookrunner on the deal.
