Achari Ventures Holdings I moved its deal deadline to May 19 and deposited $22,037.64 into the trust for the additional time. This is the fourth of six monthly extensions available. The trust currently holds approximately $6.2 million, The SPAC noted.
Achari also signed a working capital agreement for up to $350,000 from merger partner Vaso. The target is a diversified medical technology company with several specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for diagnostic imaging products; and design, manufacture and sale of proprietary medical devices.
The agree calls for Vaso to provide the SPAC up to $350,000 in interest-free cash to pay working capital expenses. Advanced funds would be forgiven by Vaso upon the closing of the merger, provided any funds in excess of $100,000 shall be added to the amount included in the definition of unpaid SPAC expenses.
To date, Achari Ventures I has drawn down $191,242 from Vaso.
The merger was announced in December at a pro forma equity value of approximately $176 million.
If approved, Vaso stock and warrants are expected to list on the Nasdaq under the ticker symbols VASO and VASOW. Read more.
