Armada Data Corp Announces Acquisition Agreement for Going Private Transaction

Armada Data Corporation ("Armada") has signed an acquisition agreement with 1498798 B.C. Ltd., James Matthews, Eli Oszlak, and 2190960 Ontario Ltd. The agreement aims to acquire all outstanding common shares of Armada at $0.04 per share, excluding shares already held by Matthews, Oszlak, and Matthews Holdco. These parties collectively hold approximately 30.9% of Armada's shares.

The $0.04 per share price offers a 52.4% premium over the 20-day average closing price on the TSXV as of September 3, 2024. The transaction will be conducted via an amalgamation under the Business Corporations Act (British Columbia), where all shares, except those held by Matthews, Oszlak, and Matthews Holdco, will be converted into redeemable preferred shares. These will then be redeemed for cash at $0.04 per share.

Armada plans a shareholder meeting in October 2024 to seek approval for the amalgamation. The transaction requires a 66 2/3% affirmative vote from represented common shareholders and a majority vote excluding certain insiders. Completion is subject to regulatory approvals and customary conditions, with expected closure by the end of October 2024.