Armada Acquisition Corp. III and Brains Bioceutical Corp. announced a definitive business combination agreement. Brains is valued at an implied pre-money equity value of approximately US$750 million. The combined company plans to list on Nasdaq under the ticker BAPI.
Transaction structure
Existing Brains shareholders are expected to roll 100% of their equity into the combined company. Armada III is a publicly traded special purpose acquisition company. The boards of both companies have approved the proposed deal.
Company platform
Brains runs an integrated pharmaceutical platform focused on pharmaceutical-grade cannabinoids. Its subsidiary BSPG Laboratories operates an EU-GMP API manufacturing facility in Kent, England. The company manufactures or develops APIs including CBD, D9-THC, and CBN for regulated healthcare markets.
Development pipeline
Brains is advancing programs in glaucoma and epilepsy. It also supplies clinical trial material for an NIH-funded opioid use disorder study. The company holds an option to negotiate a license to that program.
The transaction is expected to close in the second quarter of 2027. Completion depends on shareholder approvals, regulatory approvals, and Nasdaq listing approval. The combined company will operate as Brains Therapeutics Corp.