Vahanna Tech Edge Acquisition I Corp. (VHNA) Adds FPA to Roadzen Deal
by Nicholas Alan Clayton on 2023-08-25 at 9:54am

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.

 

Recent Posts
by Kristi Marvin on 2023-09-20 at 5:51pm

Murphy Canyon Acquisition Corp. (NASDAQ:MURF) announced this afternoon that its stockholders voted in favor of the proposed business combination with Conduit Pharmaceuticals Limited (“Conduit”). Details on the vote, along with redemption numbers, have not been filed yet, but the Company expects the closing to occur as soon as practicable, subject to the satisfaction or waiver...

by Kristi Marvin on 2023-09-20 at 5:31pm

Latest SPAC Liquidations: Juniper II Corp. Juniper II Corp. (JUN) to Liquidate on October 10, 2023 Juniper II Corp. (NYSE: JUN), today announced that its board of directors has determined to redeem all of its outstanding shares of Class A common stock with such redemption anticipated to be effective as of October 10, 2023. The...

by Kristi Marvin on 2023-09-20 at 4:39pm

TradeUP (NASDAQ:UPTD) announced in an 8-K this afternoon that has entered into additional subscription agreements in connection with its combination with Estrella Biopharma. Under these subscription agreements, Plentiful Limited and Lianhe World Limited, collectively known as the “Investors”, agreed to each buy $5,000,000 worth of UPTD’s common stock, priced at $10.00 per share.  However, if,...

by Nicholas Alan Clayton on 2023-09-20 at 2:34pm

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...

by Nicholas Alan Clayton on 2023-09-20 at 11:35am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Abu Dhabi royal-backed firms to merge in region’s first SPAC deal ADC Acquisition Corporation (ADC.AD), a blank-cheque company backed by a prominent Abu Dhabi royal, has agreed to acquire state investment fund ADQ’s United Printing & Publishing,...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved