Armada Corp I (AACI) has released an update.
Armada Acquisition Corp. I has informed its stockholders of an increase in the proposed deposit into its Trust Account, contingent on the approval of the Extension Amendment Proposal. The deposit amount has been raised to either $82,717.22 or $0.035 per outstanding public share. Furthermore, the company may extend the deadline to complete a Business Combination by up to six additional months, with the Lender committing to further fund the Trust Account for each extension. In the event of a successful Business Combination, the loan may be repaid or converted into common stock, but if the Business Combination is not achieved by the Termination Date, the note will be settled with non-Trust Account funds or forgiven.
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