Achari Ventures Holdings Corp. I (NASDAQ:AVHI), a Delaware-incorporated health services company, has provided unaudited pro forma financial information in a new SEC filing today, reflecting a significant business combination with Vaso Corporation. The merger, which is currently in the solicitation phase, is expected to bring together Achari Ventures and Vaso Corporation, with the pro forma financials assuming the transaction had taken place at the start of 2023.
The filing, dated Wednesday, includes pro forma condensed financial information for the six months ending June 30, 2024, and the fiscal year ending December 31, 2023. These pro forma statements are intended to give shareholders and potential investors information on what the combined company's financials might have looked like had the merger been completed at the beginning of last year.
The documents suggest that the merger is moving forward as planned, with the definitive proxy statement filed on August 1, 2024, and the subsequent mailing to stockholders beginning on August 8, 2024. The special meeting to vote on the business combination is set for stockholders of record as of the August 8, 2024, record date.
The financial information presented is for informational purposes and does not necessarily represent what the actual results would have been for the periods presented, nor is it indicative of future results of the combined entity.
The merger is a strategic move for Achari Ventures as it seeks to expand its footprint in the health services industry. The combined company's financial data, as presented in the filing, is based on the assumption that the merger and related transactions were completed at the beginning of the previous fiscal year.
In other recent news, Achari Ventures Holdings Corp. I has been making several significant announcements. The health services company has rescheduled its Special Meeting of stockholders to vote on key proposals, including a Business Combination Agreement with Vaso Corporation. To accommodate this, Achari Ventures has extended its merger deadline multiple times, with the most recent extension pushing the deadline to September 19, 2024.
The company has also deposited funds into a trust account, with the latest deposit being $12,360.40, to support this extension. However, Achari Ventures is currently facing potential delisting from the Nasdaq Stock Market due to non-compliance with listing requirements. Despite an appeal supported by its advisor, Donohoe Advisory Associates LLC, the Nasdaq staff upheld their decision.
In response to this, Achari Ventures' securities have moved to the OTC Markets system. Lastly, the company made changes in its transfer agent, appointing Equiniti Trust Company to manage the transfer of its common stock from June 2024. These are the recent developments concerning Achari Ventures Holdings Corp. I.
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