Global insurance technology company Roadzen today announced completion of its business combination with Vahanna Tech Edge Acquisition I. The SPAC’s shareholders approved the deal Aug. 25.
Roadzen shares and warrants are expected to commence trading on the Nasdaq tomorrow under the symbols RDZN and RDZNW.
Estimated proceeds from the transaction are expected to consist of Vahanna’s remaining cash in trust, net of expenses. The deal was contingent on a $50 million minimum cash condition.
Prior redemptions of $87.4 million left $127.4 million in the Vahanna trust account.
The $965 million Roadzen deal was announced in February.
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.
