UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 15, 2023 (
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Emerging growth company
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Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On September 12, 2023, the board of directors of Armada Acquisition Corp. I, a Delaware corporation (the “Company”), approved a draw of an aggregate of $70,900.47 (the “Extension Funds”) pursuant to the Promissory Note, dated as of August 2, 2023, between the Company and Armada Sponsor LLC (the “Note”), which Extension Funds were deposited into the Company’s trust account for its public stockholders on September 12, 2023. This deposit enables the Company to extend the date by which it must complete its initial business combination from September 17, 2023 to October 17, 2023 (the “Extension”). The Extension is the first of five one-month extensions permitted under the Company’s second amended and restated certificate of incorporation and provides the Company with additional time to complete its initial business combination. The Note does not bear interest and matures upon closing of the Company’s initial business combination. In the event that the Company does not consummate an initial business combination, the Note will be repaid only from funds remaining outside of the Company’s trust account, if any, or will be forfeited, eliminated, or otherwise forgiven. Up to $425,402.82 of the total principal amount of the Note may be converted, in whole or in part, at the option of the lender into common stock of the Company at a price of $10.00 per share, which shares will be identical to the private placement shares issued to Armada Sponsor LLC at the time of the initial public offering of the Company. As of September 15, 2023, there was $141,800.94 outstanding under the Note.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: September 15, 2023
By: | /s/ Stephen P. Herbert | |
Name: | Stephen P. Herbert | |
Title: | Chief Executive Officer and Chairman |