FinTech-focused Armada Acquisition Corp. III (AACIU) 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. Armada Acquisition Corp. III (AACIU) slipped in its NASDAQ debut today – Wednesday, Feb. 18, 2026 – opening at $9.97 – down 3 cents from its SPAC IPO price – when it started trading at 10:55 a.m. EST. Volume was about 1.19 million. Each unit consists of one share of stock and one-half of one redeemable warrant.
Cohen & Company Capital Markets served as the lead book-running manager. Northland Capital acted 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. This SPAC, based in Philadelphia, is incorporated in the Cayman Islands.
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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