Riverview Acquisition Corp. (RVAC) Shareholders Approve Westrock Coffee Deal
by Marlena Haddad on 2022-08-25 at 5:01pm

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
Recent Posts
by Kristi Marvin on 2024-05-18 at 11:45am

Terms Tracker for the Week Ending May 17, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. SPACs managed to price their third IPO in the month of May this week with RF Acquisition Corp. II‘s $100 million offering. RF II’s IPO...

by Nicholas Alan Clayton on 2024-05-17 at 8:08am

At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...

by Kristi Marvin on 2024-05-17 at 6:30am

RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...

by Nicholas Alan Clayton on 2024-05-16 at 4:05pm

AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...

by Nicholas Alan Clayton on 2024-05-16 at 8:24am

At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved