Item 1.01 |
Entry into a Material Definitive Agreement. |
On January 20, 2023, Armada Acquisition Corp. I (the Company), and Armada Sponsor LLC (the Sponsor), the Companys sponsor,
entered into one or more agreements (the Non-Redemption Agreements) with one or more third parties in exchange for them agreeing not to redeem shares of the Companys common stock sold in its
initial public offering (the public shares) at the 2023 annual meeting of stockholders called by the Company (the Meeting) at which a proposal to approve an extension of time for the Company to consummate an initial business
combination (the Extension Proposal) from February 17, 2023 to August 17, 2023 (the Extension) has also been submitted to the stockholders. The Non-Redemption Agreements
provide for the allocation of up to 75,000 shares of common stock of the Company (Founder Shares) held by the Sponsor in exchange for such investor and/or investors agreeing to hold and not redeem certain public shares at the Meeting.
Certain of the parties to the Non-Redemption Agreements are also members of the Sponsor.
The Non-Redemption Agreements shall terminate on the earlier of (a) the failure of the Companys stockholders to approve the Extension at the Meeting, or the determination of the Company not to proceed to
effect the Extension, (b) the fulfillment of all obligations of parties to the Non-Redemption Agreements, (c) the liquidation or dissolution of the Company, or (d) the mutual written agreement
of the parties.
Additionally, pursuant to the Non-Redemption Agreements, the Company has agreed that until the
earlier of (a) the consummation of the Companys initial business combination; (b) the liquidation of the trust account; and (c) 24 months from consummation of the Companys initial public offering, the Company will maintain the
investment of funds held in the trust account in interest-bearing United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money
market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government
treasury obligations. The Company has also agreed that it will not use any amounts in the trust account, or the interest earned thereon, to pay any excise tax that may be imposed on the Company pursuant to the Inflation Reduction Act (IRA) of 2022
(H.R. 5376) due to any redemptions of public shares at the Meeting, including in connection with a liquidation of the Company if it does not effect a business combination prior to its termination date by the Company. The Non-Redemption Agreements are not expected to increase the likelihood that the Extension Proposal is approved by stockholders but will increase the amount of funds that remain in the Companys trust account
following the Meeting.
The foregoing summary of the Non-Redemption Agreements does not purport to be complete and
is qualified in its entirety by reference to the form of Non-Redemption Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.
Participants in the Solicitation
The Company and its
directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Companys shareholders in respect of the Meeting and the Extension and related matters. Information regarding the
Companys directors and executive officers is available in Companys proxy statement for the 2023 annual meeting filed with the U.S. Securities and Exchange Commission on January 5, 2023. Additional information regarding the
participants in the proxy solicitation and a description of their direct and indirect interests are contained in the Proxy Statement (defined below).
No Offer or Solicitation
This communication shall not
constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification
under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information
The Company has filed with the
Securities and Exchange Commission (the SEC) a definitive proxy statement (the Proxy Statement) in connection with the Meeting to consider and vote upon the Extension Proposal and other matters and, beginning on or about
January 6, 2023, mailed the Proxy Statement and other relevant documents to its stockholders as of the December 15, 2022 record date for the Annual Meeting. The Companys stockholders and other interested persons are advised to read
the Proxy Statement and any other relevant documents that have been or will be filed with the SEC in