At the special meeting, a total of 24,469,389 shares, or 78.3% of RVAC’s issued and outstanding shares of common stock were present. Holders of 23,428,049 shares of common stock, or 75.0% of the outstanding common stock of RVAC, voted in favor of the business combination.
The SPAC divulged in an 8-K yesterday that about 73.5% of its shares were redeemed in connection with its vote, marking August’s best redemption result thus far.
Riverview also disclosed yesterday that it will now be left with approximately $66 million in its trust account. Following the redemptions and prior to payment of transaction expenses, Westrock expects to receive approximately $295.9 million in gross proceeds, which includes $201.4 million in expected proceeds from the issuance of equity in the Riverview PIPE Financing, $66.0 million from the distribution of Riverview’s trust account and $28.5 million from the concurrent sale of an aggregate of 2,850,000 Westrock Common Shares, at a purchase price of $10.00 per share.
The parties expect the business combination to close tomorrow, August 26, and the combined company’s common stock is expected to begin trading on Nasdaq on Monday, August 29, under the new ticker symbol, “WEST”.
Riverview initially announced the $1.1 billion combination with Westrock Coffee on April 4. Little Rock, Arkansas-based Westrock Coffee supplies innovative coffee, tea, flavors, extracts, and ingredients products to retail, food service and restaurant, convenience store, and hospitality industries around the world.
Scott Ford, CEO and Co-Founder of Westrock Coffee recently joined SPACInsider’s podcast to discuss the deal in greater detail.
- Stifel is serving as Lead Financial Advisor and Wells Fargo Securities, LLC is serving as Financial Advisor to Westrock Coffee.
- Stifel and Wells Fargo Securities, LLC are both serving as Capital Market Advisors to Westrock Coffee.
- Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Westrock Coffee.
- Stephens Inc. is serving as Financial and Capital Markets Advisor
- Cantor Fitzgerald & Co. is serving as Capital Markets Advisor to Riverview.
- King & Spalding LLP is acting as legal counsel to Riverview
Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...