Armada Data Corp Shareholders Approve Going Private Transaction

On October 28, 2024, Armada Data Corporation announced that its shareholders have approved an acquisition agreement with 1498798 B.C. Ltd. This agreement involves an amalgamation with James Matthews, CEO of Armada, and Eli Oszlak, CTO, through a newly-incorporated entity. Shareholders voted in favor of this going private transaction, which offers $0.04 per share for all outstanding common shares not owned by Matthews and Oszlak.

The transaction will proceed via an amalgamation under the Business Corporations Act of British Columbia. Upon completion, common shares will convert into redeemable preferred shares, which are immediately redeemable for cash. This decision reflects a 90.57% approval from voting shareholders and 80.58% support from minority shareholders.

Final approvals are pending, and the transaction is expected to close by October 29, 2024. Post-transaction, Armada's shares will be delisted from the TSX Venture Exchange, thus removing them from public trading.