Armada Corp I (AACI) has released an update.
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On February 15, 2024, Armada successfully passed an amendment allowing it to extend the timeframe to complete a business combination by up to six months from the original deadline. At the Extension Meeting, an overwhelming majority of stockholder votes supported the extension, negating the need for an Adjournment Proposal. Additionally, shareholders exercised their right to redeem nearly a million shares for approximately $10.98 each, totaling over $10 million in redemptions. This strategic move provides Armada with more flexibility in finalizing a business combination, reflecting strong stockholder backing and active shareholder participation.
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