Led by Stephen Herbert, former leader of Malvern-based Cantaloupe, Armada Acquisition Corp. III is looking for a merger target after raising $248.5 million in an initial public offering, writes Jeff Blumenthal for the Philadelphia Business Journal.
The special purpose acquisition company, also known as SPAC, is the third Armada vehicle led by CEO Herbert and President Doug Lurio.
Herbert spent 23 years at Cantaloupe, formerly USA Technologies, which specializes in cashless and mobile transactions for self-serve retail markets, including eight years as CEO before resigning in 2019 amid a proxy battle.
Lurio is also a Cantaloupe alum, having served as the company’s general counsel.
The pair have since teamed up with the Cohen family of Philadelphia, recognized SPAC investors, to launch three Armada vehicles over a five-year period. They are currently searching for a merger partner for the third vehicle, balancing speed with the need to ensure a proper fit.
“We have certain metrics that we’re looking at,” said Lurio. “Like everything else, it’s competitive. But we have a lot to offer, given our backgrounds and our track record as well as our underwriters.”
Read more about former leaders at Cantaloupe searching for merger partners for Armada Acquisition Corp. III in the Philadelphia Business Journal.
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