Blank-cheque vehicle Armada III agrees $750m reverse-merger with EU-GMP cannabinoid ingredient producer

A special purpose acquisition company, Armada Acquisition Corp. III, has agreed to combine with Brains Bioceutical, a producer of cannabinoid active pharmaceutical ingredients made to EU-GMP standards. The definitive agreement is dated 5 November 2026 and values Brains at roughly $750m in pre-money equity.

If the transaction completes, the merged business would trade as Brains Therapeutics Corp. on Nasdaq under the ticker "BAPI". Armada currently trades on the same exchange under "AACI". The name and ticker are the intended ones at this stage, and the deal remains subject to closing conditions.

Beyond its ingredient manufacturing, Brains has development programmes in glaucoma, epilepsy, opioid use disorder and sleep. The information available does not say how far along any of these programmes are, nor how much revenue the manufacturing side generates, so the $750m figure cannot be tied to either business line.

Details that would let readers judge the transaction are not yet public. The available information does not set out the specific closing conditions, the expected timetable or the financing terms, including any capital that would come with the merger. Until those emerge, the name, ticker and valuation should be treated as provisional.