Armada Acquisition, a blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, raised $150 million by offering 15 million units at $10. Each unit contains one share of common stock and one-half of a warrant, exercisable at $11.50.
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.
Armada Acquisition plans to list on the Nasdaq under the symbol AACIU. Northland Securities acted as sole bookrunner on the deal.
