Roadzen Inc. (RDZN): debt financing — Vahanna Tech Edge extends business combination deadline to July 26 with $660K trust deposit

Roadzen Inc.

Sponsor deposited $660,330 ($0.033/share) into trust to extend deadline one month to July 26, 2023.
The extension is the second of three permitted one-month extensions under the SPAC's governing documents.
Promissory note principal updated to $1,452,726; bears 20% interest with 10% OID.
Business combination with Roadzen Inc. expected to close in Q3 2023, subject to approvals.
Extension supports the proposed merger with Roadzen, an AI-powered insurance technology company.

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 debt of $1,452,726 with Vahanna LLC (Sponsor) at twenty percent (20.0%) per annum with an original issue discount of ten percent maturing the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company.

Principal: $1,452,726
Counterparty: Vahanna LLC (Sponsor)
Rate: twenty percent (20.0%) per annum with an original issue discount of ten percent
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

the principal amount of the Note was updated to $1,452,726 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

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Roadzen Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-173854

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