Vahanna Tech Edge Acquisition I Corp. (NASDAQ:VHNA) announced this afternoon that shareholders have approved its combination with insuretech firm Roadzen at a special meeting held earlier today.
The deal was overwhelmingly approved as holders of 13,803,373 shares voted in favor of the transaction while holders of 2,821,787 shares voted against it.
Vahanna stated that based on the results of the meeting, and subject to the satisfaction or waiver of certain other closing conditions, the deal is expected to be completed in the third quarter.
As a result, the SPAC’s sponsor deposited an aggregate of $225,000 into its trust, representing approximately $5.38 per public share, to extend its deadline by one month from August 26, 2023, to September 26, 2023. But, it still has more breathing room as its final completion deadline is May 25, 2024.
Although today’s 8-K did not provide specific details regarding redemption figures, the SPAC previously noted that as of its redemption deadline, August 23, “at least” 12,000,000 Class A ordinary shares were elected to redeem their shares. Additionally, Vahanna saw 8,145,699 shares, or 40.71% of its trust, redeemed during its previous extension vote earlier this week.
Earlier this week, Vahanna 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.
Following the completion of the merger, Vahanna intends to change its name to Roadzen Inc., with its ordinary shares and warrants expected to begin trading on the Nasdaq under the symbol “RDZN” and “RDZNW”, respectively.
The parties 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.
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