Vahanna Tech Edge Acquisition I in an 8-K said shareholders voted in favor of combining with Roadzen. The SPAC also disclosed that its sponsor deposited 225,000 ($5.38 per share) into trust to cover an extension until Sept. 26 for closing the deal. If necessary, the SPAC can move that deadline out to May 2024, following shareholder approval for a longer extension
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.
Redemptions of $87.4 million to date have 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, 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. Read more.
