Achari Ventures Holdings Corp. I (the "Company"), a Delaware-based health services company, has received a termination notice from Vaso Corporation regarding their previously announced business combination. The notice, dated September 17, 2024, effectively cancels the agreement set on December 6, 2023.
Following the termination, Achari Ventures opted to extend the period to complete an initial business combination until October 19, 2024, which was the third such extension. However, due to the termination by Vaso and the lack of intention to pursue another business combination, the Company's board has decided to liquidate the trust account and wind up operations.
The liquidation process began with the redemption of approximately $3.4 million to stockholders, leaving 11,301 shares outstanding. On September 18, 2024, in line with the extension, Achari deposited $452.02 into the trust account using external funds.
The liquidation continued with the redemption payment to public shareholders at approximately $11.12 per share, totaling $174,372.56, less expenses and taxes. Founders who held shares before the initial public offering waived their rights to redemption, receiving no distribution.
Achari Ventures' securities will no longer be registered under the Securities Exchange Act of 1934, as the Company plans to file a Form 15 around November 4, 2024, to terminate their registration. This decision comes after the delisting of Achari's securities from Nasdaq on September 16, 2024.
The Company's warrants will also expire worthless, with no distributions to their holders. This news is based on a recent SEC filing by Achari Ventures Holdings Corp. I.
In other recent news, Achari Ventures Holdings Corp. I has secured stockholder approval for a business combination with Vaso Corporation. This decision, backed by a 92.6% voting power of Achari's common stock, allows for amendments to the company's charter and the adoption of the 2024 Equity Incentive Plan. The business combination is expected to bolster Achari Ventures' industry position.
However, despite these developments, Achari Ventures is set to be delisted from Nasdaq due to non-compliance with minimum market value and shareholder requirements. In response to this, the company is proceeding with its planned merger with Vaso Corporation and has provided unaudited pro forma financial information reflecting this potential union. In addition, Achari Ventures has rescheduled its Special Meeting of stockholders and extended its merger deadline multiple times, depositing $12,360.40 into a trust account to support these extensions.
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