SPAC Armada Acquisition to take Rezolve public in $2 bln deal

Evernorth Holdings

17/12/2021 13:56

** Shares of Betsy Cohen-backed blank-check firm Armada
Acquisition Corp I  AACI.O  up 2% at $9.95 premarket
    ** Co to take mobile commerce platform Rezolve public in a
deal valuing the combined company at about $2 billion
 urn:newsml:reuters.com:*:nL4N2T22PW
    ** The deal with Armada Acquisition will provide Rezolve
with up to $190 mln in gross proceeds, including $150 mln from
the special purpose acquisition company's trust account and $40
mln private investment from Cohen and German billionaire
investor Christian Angermayer
    ** A SPAC is a publicly listed shell company that raises
funds with the intention of merging with a private company to
take it public within two years of floating its shares
    ** Funds from the deal will be used to enter new markets and
invest in research and development among other things,
co-founder and CEO Dan Wagner told Reuters in an interview
    ** After the deal closes, Rezolve will list on the Nasdaq
under the ticker symbol "ZONE"

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))