Vahanna Tech I (NASDAQ:VHNA) announced in an 8-K this morning that it has signed a forward purchase agreement with Meteora Capital Partners and affiliates covering up to 5,000,000 shares or 9.9% of Vahanna’s total public float at close.
The agreement is designed to cover a minimum of 3,500,000 shares and Meteora may waive the 9.9% cap. Meteora is to be paid up front for 0.5% of the total value of these purchases and also a payment equal to the shares’ value according to the redemption rate.
It may begin selling these shares 180 days out from close, transferring proceeds to the combined company as they are gradually terminated from the agreement. Meteora will remit payment for any remaining shares still covered by the agreement 10 days after the agreement hits its valuation date, 18 months out from close.
Vahanna Tech I shareholders are to vote at 10 am ET this morning to complete its combination with insurance technology company Roadzen. The two initially announced the $965 million deal in February. New Delhi-based Roadzen provides B2B AI solutions to the auto insurance market primarily to automakers and fleet operators.
The SPAC nonetheless got some more breathing room should it choose to use it by securing an extension to its transaction deadline earlier this week. It now has until May 25, 2024 to complete a deal and came out of the vote with about 40.7% redemptions and $127 million left in the trust.
It reiterated in today’s filing that the SPAC’s current redemption sits at $10.73 per share and it last closed at $10.15.
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Vahanna Tech Edge Acquisition I Corp. (NASDAQ:VHNA) has closed its combination with insuretech firm Roadzen and its shares and warrants will begin trading on the Nasdaq tomorrow, September 21, under the symbols “RDZN” and “RDZNW”. The SPAC secured shareholder approval for the deal about a month ago in an August 25 vote and it has...
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