Vahanna Tech Edge Acquisition I Corp. (VHNA) Closes Roadzen Deal
by Nicholas Alan Clayton on 2023-09-20 at 2:34pm

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.
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