Armada Acquisition III IPOs for $225 Million. Horizon Acquisition II SL Bio Deal and Extension Approved. Andretti Acquisition II Deal with StoreDot Terminated.
Boardroom Alpha SPAC Resources
– Full SPAC Listing
– SPAC SEC Filings
– Boardroom Alpha IPO & SPAC Intelligence Platform (7-Day Trial)
SPAC IPO UPDATE
SPAC IPO Count
SPAC IPO: Armada Acquisition Corp. III (AACI)
Ticker: AACI (Units: AACIU)
Size: $225 Million
Sponsor: Armada Sponsor III LLC
Armada Acquisition Corp. III priced its $225 million initial public offering on February 17, 2026, and begins trading on the Nasdaq today. This third vehicle from the Philadelphia-based team follows the successful August 2024 closing of Armada I’s merger with Rezolve and the ongoing progress of Armada II, which recently announced a business combination agreement with Evernorth Holdings. The sponsor’s rapid redeployment of capital highlights a “serial issuer” strategy designed to capitalize on the current valuation reset in high-growth tech sectors.
Strategy: The SPAC is targeting mid-market leaders within the Financial Services (FinTech), Software-as-a-Service (SaaS), and Generative Artificial Intelligence (AI) industries. The team is specifically hunting for “disruptive” platforms in mobile payments, digital wallets, and AI-driven enterprise automation that exhibit scalable recurring revenue models.
Leadership Team:
- Stephen P. Herbert (Chairman & CEO): Former Chairman and CEO of USA Technologies (now Cantaloupe, Inc.), where he scaled the integrated payments provider into a Nasdaq-listed leader. He successfully led Armada I through its de-SPAC with Rezolve.
- Douglas M. Lurio (President & CFO): A veteran corporate attorney and former General Counsel of USA Technologies with three decades of experience in securities law and SPAC execution.
- Mohammad A. Khan (Director): A pioneer in the mobile payment space and co-founder of Omnyway; previously part of the early industry team at VeriFone.
Structure: 22.5 million units at $10.00. Each unit consists of one Class A ordinary share and one-half (1/2) of one redeemable warrant. Each whole warrant is exercisable at $11.50 per share. The 1/2 warrant structure is more investor-friendly than the 1/3 or 1/4 splits seen in some recent “blue chip” launches, likely aimed at ensuring strong secondary market liquidity. Cohen & Company Capital Markets and Northland Capital Markets acted as joint book-runners for the deal.
DAILY SPAC UPDATE
SPAC VOTE RESULTS
HSPT – HORIZON SPACE ACQUISITION II CORP * Extend to Feb 18, 2027
RACY – RELATIVITY ACQUISITION CORP * Extend to Feb 15, 2027 * 6,587 redeemed * $84,116 removed * trust $12.77
HSPT – HORIZON SPACE ACQUISITION II CORP * Deal Approved with SL Bio Ltd.
SPAC DEAL TERMINATIONS (Last 10 Days)
2026-02-17: POLE + StoreDot
MERGER VOTES
TBMC – Trailblazer Merger Corp I + Cyabra Strategy Ltd.
Founded by veterans of elite Israeli intelligence units, Cyabra is a data intelligence company that is at the forefront of the fight against the online distribution of disinformation. Cyabra has developed a proprietary AI-powered system, trusted by large corporations, governments, and security agencies to uncover risks, attacks, and malicious activity on social media platforms. Using proprietary algorithmic solutions, Cyabra’s system collects publicly available information and extracts valuable information and real time alerts, providing analytical and actionable insights, that are then communicated effectively to clients. Cyabra’s investors include Founders Fund, OurCrowd, Summus VC, and TAU Ventures. For more information visit: www.cyabra.com
SPAC DEAL & EXTENSION VOTES SET
TLGYF – TLGY Acquisition Corp * DEAL VOTE SET: Mar 10, 2026 * trust $13.05
DMYY – DMY Squared Technology Group Inc * DEAL VOTE SET: Mar 17, 2026 * trust $11.78
OTHER SPAC NEWS
POLE – ANDRETTI ACQUISITION CORP II * Deal Termination
VCIC – VINE HILL CAPITAL INVESTMENT CORP * Investor Deck
CPTK – CROWN PROPTECH ACQUISITIONS * Merger Agreement Amendment
SPAC EXECUTIVE / DIRECTOR MOVES
| Company | Ticker | Moves |
|---|---|---|
| D BORAL ACQUISITION I CORP | DBCAU |
|
| PROEM ACQUISITION CORP I | PAACU |
|
| SPARTACUS ACQUISITION CORP II | TMTSU |
|
DeSPACs
Feb 17: CCCX DeSPAC to Infleqtion (INFQ)
About Infleqtion
Infleqtion is a global leader in neutral-atom quantum technology. We design and build quantum computers, precision sensors, and quantum software for governments, enterprises, and research institutions. Our commercial portfolio includes quantum computers as well as quantum RF systems, quantum clocks, and inertial navigation solutions. Infleqtion is the partner of choice for governments and commercial customers seeking cutting-edge quantum capabilities.
SPAC MOVERS
YESTERDAY’S TOP SPAC GAINERS
1.4% ~ $ 10.10 | SBXE – SILVERBOX CORP V (Pre-Deal)
1.4% ~ $ 14.10 | PCSC – PERCEPTIVE CAPITAL SOLUTIONS CORP (Pre-Deal)
1.0% ~ $ 10.54 | COLA – COLUMBUS ACQUISITION CORP (Announced)
.8% ~ $ 10.10 | AIIA – AI INFRASTRUCTURE ACQUISITION CORP (Pre-Deal)
.7% ~ $ 10.75 | SVAC – SPRING VALLEY ACQUISITION CORP III (Announced)
YESTERDAY’S TOP SPAC LOSERS
-13.6% ~ $ 9.71 | TBMC – TRAILBLAZER MERGER CORP I (Announced)
-5.6% ~ $ 12.00 | HSPT – HORIZON SPACE ACQUISITION II CORP (Announced)
-5.5% ~ $ 45.36 | AFJK – AIMEI HEALTH TECHNOLOGY CO LTD (Announced)
-1.7% ~ $ 10.89 | WLAC – WILLOW LANE ACQUISITION CORP (Announced)
-1.6% ~ $ 12.15 | ESHA – ESH ACQUISITION CORP (Announced)