Vahanna Tech Edge Acquisition I in a regulatory filing said shareholders approved extending the SPAC’s merger deadline until May 26, 2024. The vote was 20,874,572 shares in favor with 2 shares opposed.
However, 8,145,699 Class A shares were redeemed for approximately $87.4 million, leaving $127.4 million in the trust account.
Following the aforementioned redemptions, Vahanna will have 16,866,801 ordinary shares outstanding, which includes 11,864,301 Class A and 5,002,500 Class B shares.
The SPAC has a deal in hand with AI tech company Roadzen. Estimated proceeds from the transaction are expected to consist of Vahanna’s cash in trust, with a $50 million minimum to close.
India-based Roadzen utilizes what it calls “advanced AI” to create transparency, efficiency, and a seamless experience for end customers who use its products through its insurer, original equipment manufacturer and fleet partners. Read more.
