Armada Acquisition III, the third blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI, filed on Wednesday with the SEC to raise up to $225 million in an initial public offering.
The company plans to raise $225 million by offering 22.5 million units at $10.00. Each unit consists of one share of common stock and one-half of one warrant, exercisable at $11.50.
Armada Acquisition III is led by CEO and Chairman Stephen Herbert, former CEO of fintech USA Technologies (now 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 III’s IPO filing comes fresh on the heels of management's previous SPAC, Armada Acquisition II (AACI; +2.5% from $10 offer price), announcing that it would merge with XRP treasury developer Evernorth Holdings, after raising $200 million in a May 2025 IPO (also offered 1/2 warrants). Their first SPAC, Armada Acquisition, went public in 2021 and merged with UK-based customer engagement platform Rezolve AI (RZLV; -53.4%) in 2024.
The Philadelphia, PA-based company was founded in 2025. It plans to list on the Nasdaq but has not yet chosen a ticker (RC ticker: ARMDU.RC). Cohen & Company Securities and Northland Securities are the joint bookrunners on the deal.
