Vahanna Tech Edge Acquisition I (NASDAQ:VHNA) stock is rocketing higher on Monday after the company announced a new deposit to its trust account.
According to a press release, sponsor Vahanna LLC added another $225,000 to the company’s trust account. Doing so extends the company’s deadline for merging with Roadzen from Aug. 26, 2023, to Sept. 26, 2023.
Vahanna Tech Edge Acquisition I is a special purpose acquisition company (SPAC) seeking to combine with Roadzen. This will take Roadzen, an insurance technology company utilizing artificial intelligence (AI), public with the need for an initial public offering (IPO).
Vahanna Tech Edge Acquisition I and Roadzen are seeking to complete the SPAC merger in the third quarter of the year. Doing so requires approval from VHNA stockholders, regulatory approval, as well as permission from the Nasdaq Stock Market to list the combined company’s securities.
How This Affects VHNA Stock
With news of this trust deposit, shareholders in VHNA are holding out hope for the deal with Roadzen to be completed. That’s put an extra focus on the stock, which is drawing in traders buying shares ahead of the SPAC merger.
As a result of this, more than 188,000 shares of VHNA stock have changed hands this morning. That’s quickly closing in on its daily average trading volume of about 212,000 shares. It also has shares of VHNA stock rising 24.7% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
