Armada Acquisition I(AACI) - 2022 Q2 - Quarterly Report

IPO Details - Armada Acquisition Corp. I completed its IPO on August 17, 2021, raising gross proceeds of $150 million by selling 15,000,000 units at $10.00 per unit[63]. - The company incurred IPO-related costs totaling $3,537,515, which included $1,500,000 in underwriting fees and $2,037,515 in other costs[78]. - The company engaged Cohen & Company Capital Markets for advisory services, paying an advisory fee of $1,500,000 upon closing of the IPO[95]. - Following the IPO, $150,000,000 from the net proceeds was held in a Trust Account, invested in U.S. government securities[105]. Financial Performance - For the six months ended March 31, 2022, Armada reported a net loss of $2,408,500, primarily due to operating costs and costs related to a prospective initial business combination[73]. - The net loss per common stock is calculated by dividing the net loss by the weighted average number of common stock outstanding for the period[86]. - As of March 31, 2022, diluted net loss per common stock is the same as basic net loss per common stock, with no dilutive securities outstanding[87]. Cash and Trust Account - As of March 31, 2022, Armada had cash outside its Trust Account amounting to $343,600, with the remaining cash of $150 million held in the Trust Account[76]. - The company expects to use substantially all funds in the Trust Account to complete its initial business combination, with interest earned potentially used for tax obligations[79]. - 15,000,000 shares of common stock subject to possible redemption are classified as temporary equity, presented at redemption value[84]. Business Combination - The company has 15 months (or 18 months if extended) from the IPO closing to complete its initial business combination[74]. - Armada entered into a business combination agreement with Rezolve Limited on December 17, 2021, which includes a series of transactions to reorganize and merge[67]. - The business combination will result in Rezolve shareholders receiving Cayman NewCo ordinary shares valued at $1,750,000,000, adjusted for outstanding warrants and acquisition shares[69]. - Armada has entered into subscription agreements for the purchase of 2,050,000 PIPE Shares at $10.00 per share, totaling $20.5 million, to be issued concurrently with the business combination[71]. Administrative Services - Armada has agreed to reimburse the Sponsor for administrative services up to $10,000 per month, totaling $60,000 for the six months ended March 31, 2022[75]. - The company has contractual obligations not exceeding $10,000 per month for administrative services, ceasing upon completion of a business combination[94]. - An aggregate of 2,050,000 ordinary shares of Cayman NewCo were purchased for $10.00 per share, totaling $20.5 million[103].