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 not yet released final redemption figures. However, it noted at the time that it had also deposited $225,000 in its trust to fund a one-month extension to its deadline, which represented a whopping $5.38 per public share.
That would mean the SPAC has about 41,821 public shares remaining, and its stock has picked up some notable momentum hitting a high of $17 today.
Last month, 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, which is also to factor in.
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.
- Winston & Strawn LLP is acting as legal counsel to Roadzen.
- Mizuho Securities USA LLC is acting as financial advisors to Vahanna.
- Pi Capital LLC is acting as financial advisors to Vahanna.
- Gibson, Dunn & Crutcher LLP is acting as legal counsel to Vahanna.
- DMD Advocates is acting as legal counsel to Vahanna.
- Sidley Austin LLP is acting as legal counsel to Mizuho
- Sheumack GMA is acting as Fairness Opinion advisor to Vahanna’s board of directors.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...