Vahanna Tech Edge Acquisition I Corp. (NASDAQ: VHNAU, VHNA,
VHNAW) (“Vahanna” or the “Company”), a special purpose acquisition
company, announced today that, on July 24, 2023, its sponsor,
Vahanna LLC, timely deposited an aggregate of $660,330 (the
“Extension Payment”), representing $0.033 per public share, into
Vahanna’s trust account in order to extend the date by which
Vahanna has to consummate a business combination from July 26, 2023
to August 26, 2023 (the “Extension”). The Extension provides
Vahanna with additional time to complete its proposed business
combination (the “Business Combination”) with Roadzen, Inc.
(“Roadzen”), a leading insurance technology company powered by
advanced artificial intelligence. In connection with the
consummation of the Business Combination, Vahanna will be renamed
“Roadzen Inc.” (“New Roadzen”).
The Sponsor loaned the Extension Payment to Vahanna in order to
support the Extension and caused the Extension Payment to be
deposited in Vahanna’s trust account for its public shareholders.
This Extension Payment was evidenced by the unsecured promissory
note previously issued by Vahanna to the Sponsor on May 24, 2023
(as amended, the “Note”). The principal amount of the Note was
updated to $2,179,089 to reflect the Extension Payment. The Note
bears interest at a rate of twenty percent (20.0%) per annum with
an original issue discount of ten percent (10.0%) and will be due
and payable (subject to the waiver against trust provisions) on the
earlier of (i) the date on which the Business Combination is
consummated and (ii) the date of the liquidation of the Company.
The business combination is expected to be consummated in the third
quarter of 2023, subject to, among other things, the approval of
the transaction by Vahanna’s shareholders, satisfaction of the
conditions stated in the definitive business combination agreement
and other customary closing conditions, including that the U.S.
Securities and Exchange Commission completes its review of the
proxy statement/prospectus relating to the transaction, the receipt
of certain regulatory approvals, and the approval by The Nasdaq
Stock Market to list the securities of the combined company.
About Vahanna Tech Edge Acquisition I Corp.
Vahanna Tech Edge Acquisition I Corp. is a blank check company
incorporated on April 22, 2021 as a British Virgin Islands business
company and formed for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses.
About Roadzen
Roadzen is a leading insurance technology company on a mission
to transform global auto insurance powered by advanced AI. At the
heart of Roadzen’s mission is its commitment to create
transparency, efficiency, and a seamless experience for the
millions of end customers who use its products through insurer,
OEM, and fleet (such as trucking, delivery, and commercial fleets)
partners. Roadzen seeks to accomplish this by combining computer
vision, telematics and AI with continually updated data sources to
provide a more efficient, effective and informed way of building
auto insurance products, processing claims and improving driver
safety. Roadzen has been recognized as a top innovator in the
insurtech space by Forbes and Financial Express (India).
For materials and information, visit
https://www.vahannatech.com/ for Vahanna and
https://www.roadzen.io/ for Roadzen.
Additional Information and Where to Find It
In connection with the Business Combination, on February 14,
2023, Vahanna filed a Registration Statement on Form S-4 (File No.
333-269747) (as amended, the “Registration Statement”) with the
Securities and Exchange Commission (the “SEC”) which includes a
preliminary proxy statement/prospectus, that will be both the proxy
statement to be distributed to Vahanna’s shareholders in connection
with its solicitation of proxies for the vote by Vahanna’s
shareholders with respect to the Business Combination and other
matters as may be described in the Registration Statement, as well
as the prospectus, and relating to the offer and sale of the
securities to be issued in the Business Combination.. After the
Registration Statement is declared effective, Vahanna will mail a
definitive proxy statement/prospectus and other relevant documents
to its shareholders. This press release does not contain all the
information that should be considered concerning the Business
Combination and is not intended to form the basis of any investment
decision or any other decision in respect of the Business
Combination. Vahanna’s shareholders and other interested persons
are advised to read, when available, the preliminary proxy
statement/prospectus included in the Registration Statement and the
amendments thereto and the definitive proxy statement/prospectus,
when available, and other documents incorporated by reference
therein filed in connection with the Business Combination, as these
materials will contain important information about Roadzen, Vahanna
and the Business Combination.
When available, the definitive proxy statement/prospectus and
other relevant materials for the Business Combination will be
mailed to shareholders of Vahanna as of a record date to be
established for voting on the Business Combination. Shareholders
will also be able to obtain copies of the preliminary proxy
statement/prospectus, the definitive proxy statement/prospectus and
other documents filed with the SEC that will be incorporated by
reference therein, without charge, once available, at the SEC’s
website at www.sec.gov, or by directing a request to Vahanna’s
chief financial officer at 1230 Avenue of the Americas, 16th Floor,
New York, NY 10020.
Participants in Solicitation
Vahanna and its directors, executive officers, other members of
management and employees, under SEC rules, may be deemed to be
participants in the solicitation of proxies of Vahanna’s
shareholders in connection with the Business Combination. Investors
and security holders may obtain more detailed information regarding
the names and interests in the Business Combination with Roadzen of
Vahanna’s directors and officers in Vahanna’s filings with the SEC,
including Vahanna’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2022, which was filed with the SEC on April 14,
2023 (as originally filed and amended by Amendment No. 1 thereto
filed on April 27, 2023), and such information and names of
Roadzen’s directors and executive officers in the Registration
Statement. Shareholders can obtain copies of Vahanna’s filings with
the SEC, without charge, at the SEC’s website at www.sec.gov.
Roadzen and its directors and executive officers may also be deemed
to be participants in the solicitation of proxies from the
shareholders of Vahanna in connection with the Business
Combination. A list of the names of such directors and executive
officers and information regarding their interests in the Business
Combination are included in the Registration Statement.
Cautionary Statement Regarding Forward-Looking
Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or Vahanna’s or
Roadzen’s future financial or operating performance. For example,
statements regarding anticipated growth in the industry in which
Roadzen operates and anticipated growth in demand for Roadzen’s
services, projections of Roadzen’s future financial results and
other metrics, the satisfaction of closing conditions to the
Business Combination and the timing of the completion of the
Business Combination are forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as
“pro forma”, “may”, “should”, “could”, “might”, “plan”, “possible”,
“project”, “strive”, “budget”, “forecast”, “expect”, “intend”,
“will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”
or “continue”, or the negatives of these terms or variations of
them or similar terminology. Such forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Vahanna and its
management, and Roadzen and its management, as the case may be, are
inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: (i) the occurrence of any event, change or other
circumstances that could give rise to the termination of subsequent
definitive agreements with respect to the Business Combination;
(ii) the outcome of any legal proceedings that may be instituted
against Vahanna, Roadzen, New Roadzen or others following the
announcement of the Business Combination and any definitive
agreements with respect thereto; (iii) the inability to complete
the Business Combination due to the failure to obtain approval of
the shareholders of Vahanna or Roadzen; (iv) the inability of
Roadzen to satisfy other conditions to closing; (v) changes to the
proposed structure of the Business Combination that may be required
or appropriate as a result of applicable laws or regulations or as
a condition to obtaining regulatory approval of the Business
Combination; (vi) the ability to meet stock exchange listing
standards in connection with and following the consummation of the
Business Combination; (vii) the risk that the proposed Business
Combination disrupts current plans and operations of Roadzen as a
result of the announcement and consummation of the Business
Combination; (viii) the ability to recognize the anticipated
benefits of the Business Combination, which may be affected by,
among other things, competition, the ability of New Roadzen to grow
and manage growth profitably, the ability of New Roadzen to
maintain relationships with customers, suppliers, labor unions and
other organizations that have a role in the business of Roadzen and
the ability of New Roadzen to retain its management and key
employees; (ix) costs related to the Business Combination; (x)
changes in applicable laws or regulations, including those
affecting the industries in which New Roadzen will operate; (xi)
the possibility that Roadzen or New Roadzen may be adversely
affected by other economic, business, regulatory, and/or
competitive factors; (xii) Roadzen’s estimates of expenses and
profitability; (xiii) the evolution of the markets in which Roadzen
competes; (xiv) the ability of Roadzen to implement its strategic
initiatives and continue to innovate its existing offerings; (xv)
the ability of Roadzen to satisfy regulatory requirements; (xvi)
the impact of the COVID-19 pandemic on Roadzen’s and New Roadzen’s
business; and (xvii) other risks and uncertainties set forth in the
section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Vahanna’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2022, which was filed with
the SEC on April 14, 2023 (as originally filed and amended by
Amendment No. 1 thereto filed on April 27, 2023), and other risks
and uncertainties indicated from time to time in the definitive
proxy statement to be delivered to Vahanna’s shareholders and
related registration statement on Form S-4, including those set
forth under “Risk Factors” therein, and other documents to be filed
with the SEC by Vahanna. Nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements set forth herein will be achieved or that any of the
contemplated results of such forward-looking statements will be
achieved. Readers should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. Neither Vahanna nor Roadzen undertakes any duty to update
these forward-looking statements.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and does not constitute an
offer to sell or a solicitation of an offer to buy any securities
of Vahanna or Roadzen, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of the Securities Act of
1933, as amended, or an exemption therefrom.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230725116342/en/
Media: Sanya Soni sanya@roadzen.io Investors
Roadzen: Raghav Kansal raghav@roadzen.io Vahanna: Raahim Don
raahim@vahanna.com
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