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.
ADVISORS
- 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.
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...