Armada Acquisition II, a blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI, raised $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.
Armada Acquisition II plans to list on the Nasdaq under the symbol AACIU. Cohen & Company Securities and Northland Securities acted as joint bookrunners on the deal.
