Riverview Acquisition Corp. (NASDAQ:RVAC) announced this afternoon that its shareholders approved its combination with coffee and tea supplier Westrock Coffee at a special meeting earlier today.
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.
ADVISORS
- 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
ChampionsGate Acquisition Corporation (NASDAQ:CHPGU) has filed for a $200 million SPAC and is underwriter Clear Street’s fifth SPAC to file so far this year. This puts Clear Street above recent SPAC mainstays like EF Hutton, Maxim Group and Alliance Global partners and it appears to have carved out a portion of the market for itself,...
At the SPAC of Dawn Tuesday brings a big day of US retail sales readings, which generally get outsized attention in the thick of the holiday season. A pair of US retail sales indicators are set to report at 8:30 am ET, while industrial production figures and capacity utilization are set for a 9:15 am...
Jackson Acquisition Company II (NYSE:JACS.U) announced the pricing of its $200 million IPO and its units are expected to begin trading on the NYSE under the symbol “JACS.U”, Tuesday, December 10 2024. The new SPAC intends to search for a healthcare target that can benefit from its team’s relationships within the healthcare services space nationally....
SPAC deal flow has hit a slump in the second half of 2024 as the SPAC ecosystem transitions from one generation of SPACs to another. This year started with 128 SPACs still searching for a target and 102 SPACs are still in that state today. So, one might expect a more vigorous pace of announced...
At the SPAC of Dawn The second week of December kicks off with plenty of business on the schedule. Eight SPACs are holding votes of some kind while both Swiftmerge (NASDAQ:IVCP) and Mars (NASDAQ:MARX) ask their shareholders for approval of their deals. Swiftmerge has been working to take natural gas producer AleAnna public since June...