Vahanna Tech Edge Acquisition I in an 8-K today said it has entered into a forward purchase agreement with several Meteroa funds that collectively agred to buy up to 5 million Class A shares. Of the total, at leasst 3.5 million shares must be purchased on the open market through a broker.
The SPAC’s shareholders earlier this week approved a nine-month extension to close a merger with Roadzen, an AI tech company.
Redemptions of $87.4 million left $127.4 million in the Vahanna trust account.
The $965 million Roadzen deal was announced in February.
Estimated proceeds from the transaction are expected to consist of Vahanna’s remaining cash in trust (assuming no redemptions), net of expenses. The deal is also contingent on a $50 million minimum cash condition.
All existing Roadzen shareholders are rolling 100% of their equity into the combined company.
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.
