Armada Acquisition Corp. II (AACIU) priced its SPAC IPO in sync with the terms in the prospectus – 20.0 million units at $10.00 each – to raise $200.0 million on Tuesday night, May 20, 2025. Each unit consists of one share of stock and one-half of a warrant, according to the prospectus. Armada Acquisition II started trading today – Wednesday, May 21, 2025 – at $10.02 on NASDAQ. This SPAC is incorporated in the Cayman Islands.
Cohen & Company Capital Markets and Northland Securities served as joint book-runners.
“We intend to focus our search for an acquisition or an initial business combination target on companies involved in FinTech (financial technology), SaaS (Software as a Service) and AI (artificial intelligence),” Armada Acquisition II said in the prospectus.
CEO Stephen Herbert is also the CEO of Cantaloupe, formerly known as USA Technologies, the prospectus said.
