FinTech-focused Armada Acquisition Corp. III (AACOI) priced its SPAC IPO on Tuesday night, Feb. 17, 2026, and raised $225 million – as expected. Armada Acquisition III’s SPAC IPO consisted of 22.5 million units at $10.00 each. On Wednesday, Feb. 18, 2026, Armada Acquisition Corp. III’s units are expected to start trading on the NASDAQ. Each unit consists of one share of stock and one-half of one redeemable warrant. This SPAC, based in Philadelphia, is incorporated in the Cayman Islands.
Cohen & Company Capital Markets served as the lead book-running manager with Northland Capital acting as a joint book-runner.
In addition to the FinTech sector, Armada Acquisition Corp. III expects to focus its search for an acquisition target on the Software-as-a-Service (“SaaS”) sector and on companies involved in AI (artificial intelligence), according to the prospectus.
CEO Stephen P. Herbert and President Douglas M. Lurio have worked together in the FinTech space for over 25 years. From 1996 to 2019, Herbert and Lurio worked together at USA Technologies, Inc., which changed its name to Cantaloupe Inc., on April 15, 2021. Cantaloupe’s stock trades on NASDAQ under the symbol CTLP.
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