Roadzen Inc. (RDZN): debt financing — Vahanna Tech Edge extends business combination deadline to June 2023 with $660K trust deposit

Roadzen Inc.

Sponsor deposited $660,330 ($0.033/share) into trust to extend deadline by one month to June 26, 2023.
Vahanna issued unsecured promissory note to sponsor: principal $726,363, 10% OID, 20% interest p.a.
Extension provides additional time to complete merger with Roadzen, Inc., a insurtech firm.
Note due at earlier of business combination closing or company liquidation.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Roadzen Inc. incurred loan of $726,363 with Vahanna LLC (Sponsor) at 20.0% per annum maturing the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: $726,363
Counterparty: Vahanna LLC (Sponsor)
Rate: 20.0% per annum
Maturity: the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

Vahanna issued to Sponsor an unsecured promissory note (the “Note”) with an original issue discount of ten percent (10.0%) and a principal amount of $726,363. The Note bears interest at a rate of twenty percent (20.0%) per annum 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.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Roadzen Inc. entered into Business Combination Agreement with Vahanna, Roadzen, Inc., Vahanna Merger Sub Corp. (effective 2023-02-10).

Action: entry
Agreement: merger
Counterparty: Vahanna, Roadzen, Inc., Vahanna Merger Sub Corp.
Effective: 2023-02-10

Exact text from the filing

business combination agreement, dated February 10, 2023 (the “Business Combination Agreement”), by and among (i) Vahanna, (ii) Roadzen, Inc., a Delaware Corporation (“Roadzen”), and (iii) Vahanna Merger Sub Corp.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Roadzen Inc. entered into Note with Vahanna LLC valued at principal amount of $726,363.

Action: entry
Agreement: notes offering
Counterparty: Vahanna LLC
Value: principal amount of $726,363

Exact text from the filing

Vahanna issued to Sponsor an unsecured promissory note (the “Note”) with an original issue discount of ten percent (10.0%) and a principal amount of $726,363.

View on SEC.gov

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Roadzen Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-154361

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