Armada Acquisition III, the third blank check company led by the former CEO of Cantaloupe Inc. targeting fintech, SaaS, and AI, raised $225 million by offering 22.5 million units at $10. 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 and Director Douglas Lurio, formerGeneral Counsel of USA Technologies. The SPAC plans to target the fintech, SaaS, and AI industries.
Management's previous SPACs include Armada Acquisition II (XRPN; +2.7% from $10 offer price), which announced 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; -77.7%) in 2024.
The Philadelphia, PA-based company was founded in 2025 and plans to list on the Nasdaq under the symbol AACIU. Cohen & Company Securities and Northland Securities acted as joint bookrunners on the deal.
