Capitalworks Emerging Markets Acquisition in a regulatory filing said its sponsor economics have been sold to Vikasati Partners, which acquired one Class B share, 3,925,000 Class A shares and 7,605,000 private placement warrants.
The previous officers and directors have resigned.
New Chairman and CEO Suresh Guduru has been in the technology, hospitality, production, distribution, wholesale, and retail of specialty foods industries for over 25 years, according to the filing, and currently owns and operates several retail stores, restaurants, wholesale centers, and production facilities across the United States.
Capitalworks last month mutually agreed to terminate a merger agreement with reinsurance and digital insurance provider Lexasure Financial Group. The deal was announced a year ago at a pre-money equity value of $250 million.
The SPAC held approximately $46.77 million in trust as of Jan. 24. Capitalworks had raised $230 million in a December 2021 IPO. Read more.
