QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-half of one Redeemable Warrant |
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Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Item 1. |
1 |
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1 |
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2 |
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3 |
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4 |
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5 |
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Item 2. |
12 |
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Item 3. |
17 |
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Item 4. |
17 |
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Item 1. |
18 |
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Item 1A. |
18 |
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Item 2. |
18 |
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Item 3. |
18 |
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Item 4. |
18 |
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Item 5. |
18 |
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Item 6. |
18 |
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19 |
June 30, 2022 |
September 30, 2021 |
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(Unaudited) |
(Audited) |
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Assets |
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Cash |
$ | $ | ||||||
Prepaid expenses |
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Total current assets |
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Prepaid expenses |
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Investment held in Trust Account |
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Total Assets |
$ | $ | ||||||
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Liabilities, Common Stock Subject to Possible Redemption and Stockholders’ (Deficit) Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
$ | $ | ||||||
Taxes payable |
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Promissory Notes—Related Party |
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Accrued offering costs |
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Total current liabilities |
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Commitments and Contingencies (Note 4) |
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Common stock subject to possible redemption, |
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Stockholders’ (Deficit) Equity: |
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Preferred stock, $ |
— | |||||||
Common stock, $ , |
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Additional paid-in capital |
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Accumulated deficit |
( |
) | ( |
) | ||||
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Total Stockholders’ (Deficit) Equity |
( |
) | ||||||
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Total Liabilities, Common Stock Subject to Possible Redemption and Stockholders’ (Deficit) Equity |
$ | $ | ||||||
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|
Three months ended |
Nine months ended |
For the period from November 5, 2020 (inception) through |
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June 30, 2022 |
June 30, 2021 |
June 30, 2022 |
June 30, 2021 |
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Formation and operating costs |
$ | $ | $ | $ | ||||||||||||
Stock-based compensation |
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Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income |
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Trust interest income |
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Total other income |
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Net loss |
$ | ( |
) | ( |
) | $ | ( |
) | $ | ( |
) | |||||
Basic and diluted weighted average shares outstanding |
(1) |
(1) | ||||||||||||||
Basic and diluted net loss per share |
$ | ( |
) | ( |
) | $ | ( |
) | $ | ( |
) | |||||
(1) | Excludes |
Common Stock |
Additional |
Accumulated |
Total Stockholders’ |
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Shares |
Amount |
Paid-in Capital |
Deficit |
Equity (Deficit) |
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Balance as of September 30, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
Forfeiture of founder shares |
( |
) | ( |
) | ||||||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||
Balance as of December, 2021 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
Stock-based compensation |
— | |||||||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance as of March 31, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
Stock-based compensation |
— | — | ||||||||||||||||||
Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||
Balance as of June 30, 2022 |
$ | $ | $ | ( |
) | $ | ( |
) | ||||||||||||
Common Stock |
Additional |
Accumulated |
Total Stockholders’ |
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Shares (1) |
Amount |
Paid-in Capital |
Deficit |
Equity |
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Balance as of November 5, 2020 (inception) |
$ | $ | $ | $ | ||||||||||||||||
Common Stock issued to Sponsor |
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Issuance of Representative Shares |
( |
) | ||||||||||||||||||
Net loss |
— | ( |
) | ( |
) | |||||||||||||||
Balance as of March 31, 2021 |
$ | $ | ( |
) | $ | |||||||||||||||
( |
) | ( |
) | |||||||||||||||||
Additional |
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Net loss |
— | — | ( |
) | ( |
) | ||||||||||||||
Balance as of June 30, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||||||
(1) | Includes |
Nine months ended June 30, 2022 |
For the period from November 5, 2020 (inception) through June 30, 2021 |
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Cash Flows from Operating Activities: |
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Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
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Interest earned on cash and marketable securities held in Trust Account |
( |
) | ||||||
Stock-based compensation |
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Changes in current assets and liabilities: |
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Prepaid expenses |
( |
) | ||||||
Accounts payable and accrued expenses |
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Franchise tax payable |
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Net cash used in operating activities |
( |
) | ( |
) | ||||
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Cash Flows from Investing Activities: |
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Interest withdrawn from Trust Account |
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Net cash provided by investing activities |
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Cash Flows from Financing Activities: |
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Proceeds from issuance of promissory notes to related party |
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Advances from related parties |
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Payment of deferred offering costs |
( |
) | ||||||
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Net cash provided by financing activities |
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Net change in cash |
( |
) | ||||||
Cash, beginning of the period |
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Cash, end of the period |
$ | $ | ||||||
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Supplemental disclosure of noncash investing and financing activities |
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Due from Sponsor from sale of common stock to initial stockholders |
$ | $ | ||||||
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Deferred offering costs paid by Sponsor in exchange for common stock |
$ | $ | ||||||
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Accrued deferred offering costs |
$ | $ | ||||||
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• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Three months ended |
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June 30, 2022 |
June 30, 2021 |
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Common stock subject to redemption |
Common stock |
Common stock subject to redemption |
Common stock |
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Basic and diluted net loss per share |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Denominator |
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Weighted-average shares outstanding |
(1) | |||||||||||||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Nine months ended |
For the period from November 5, 2020 (inception) |
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June 30, 2022 |
through June 30, 2021 |
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Common stock subject to redemption |
Common stock |
Common stock subject to redemption |
Common stock |
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Basic and diluted net loss per share |
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Numerator: |
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Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
Denominator |
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Weighted-average shares outstanding |
(1) | |||||||||||||||
Basic and diluted net loss per share |
$ | ( |
) | $ | ( |
) | $ | $ | ( |
) | ||||||
(1) |
Excludes |
• |
a company reorganization pursuant to which Cayman NewCo will enter into a transfer and exchange agreement (the “Transfer and Exchange Agreement”), pursuant to which, each Key Company Shareholder (as defined in the Business Combination Agreement) will transfer to Cayman NewCo his, her or its respective shares of Rezolve in exchange for ordinary shares in Cayman NewCo, such that following the effectiveness of such transfers, the Key Company Shareholders will own the same proportionate equity interests of Cayman NewCo that such Key Company Shareholders owned immediately before such transfers (with the balance of the other shares of Rezolve to be transferred to Cayman NewCo in exchange for an equivalent number and class of shares in Cayman NewCo) and, immediately thereafter, each Key Company Shareholder will transfer to Cayman NewCo all of his, her or its respective shares of Cayman NewCo so received in exchange for his, her or its applicable pro rata portion of the aggregate stock consideration in accordance with the terms and conditions set forth in the Business Combination Agreement and in such Transfer and Exchange Agreement (with all other shareholders of Rezolve to transfer to Cayman NewCo all of his, her or its respective shares of Cayman NewCo received in exchange for his, her or its applicable pro rata portion of the aggregate stock consideration); and |
• | following the Company Reorganization, but in no event earlier than ten (10) days following the effectiveness of each of the transactions contemplated by the Company Reorganization: (a) Rezolve Merger Sub shall be merged with and into Armada whereupon Rezolve Merger Sub will cease to exist and with Armada surviving the Merger as a subsidiary of Cayman NewCo; and (b) Armada shall loan all of its remaining cash in the Trust Account to Cayman NewCo in exchange for a promissory note, to enable Cayman NewCo to fund working capital and transaction expenses. Pursuant to the Merger, all of the outstanding securities of Armada will be converted into the right to receive an equivalent number of securities of Cayman NewCo of the same type and with the same terms. |
* | Filed herewith. |
** | Furnished |
ARMADA ACQUISITION CORP. I | ||||||
Date: August 12, 2022 | By: | /s/ Stephen P. Herbert | ||||
Name: | Stephen P. Herbert | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: August 12, 2022 | By: | /s/ Douglas M. Lurio | ||||
Name: | Douglas M. Lurio | |||||
Title: | President | |||||
(Principal Accounting and Financial Officer) |