Armada Acquisition Corp. I announced a private placement of convertible promissory note on October 11, 2023. The transaction will include participation from returning investor Armada Sponsor LLC.

The transaction has been approved by the board of directors of the company. 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 per share, which shares will be identical to the private placement shares issued to Armada Sponsor LLC. As of October 17, 2023, there was $212,701.41 outstanding under the note.