Posted: October 15, 2021 at 7:00 a.m. EDT|Update: 12 minutes ago
NEW YORK, October 15, 2021 / PRNewswire / – Achari Ventures Holdings Corp. I (the âCompanyâ or âAchariâ), a newly incorporated blank check company, today announced the price of its initial public offering of 10,000,000 units at a price of $ 10.00 per unit. The Units are expected to be listed on the Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “AVHIU” from October 15, 2021.
The Company was incorporated for the purpose of effecting a merger, a capital stock exchange, an acquisition of assets, a purchase of shares, a reorganization or a similar business combination with one or more companies. While the Company may pursue an initial business combination with any company from any industry, sector or location, the Company’s initial objective will be to identify acquisition opportunities with an ancillary business ( not affecting plants) operating in the cannabis industry, including equipment, hardware, technology / software or hydroponics. The Company is sponsored by Achari Sponsor Holdings I LLC (the âSponsorâ), a subsidiary of Achari Ventures, and is managed by Vikas desai, Managing Director and Chairman of the Board of Directors; Mitch hara, Chief Operating Officer and Chief Financial Officer; and Merrick friedman, chief investment officer and administrator. Achari Ventures is a leading early-stage investment firm focused on the cannabis industry.
“Our team has been an active and early participant in the cannabis industry, having identified its significant potential for explosive growth early on,” said Vikas desai, Managing Director of Achari. “We believe there is a unique opportunity to partner with an established and successful company in the space, leveraging our capital, industry, and operational expertise to rapidly grow its business as the regulatory environment for cannabis is maturing. “
Each unit consists of one common share and one redeemable warrant. Each entire warrant entitles its holder to purchase three-quarters of a common share at the price of $ 11.50 per share. As the warrants can only be exercised for whole numbers of shares, only a multiple of four warrants may be exercised at any given time. Once the securities comprising the Units begin to trade separately, the Company expects the Common Shares and the redeemable warrants to be listed on the Nasdaq under the symbols âAVHIâ and âAVHIWâ, respectively.
Chardan is the sole accounting manager. Reed Smith LLP acted as legal counsel to the Company and White and Williams LLP acted as legal counsel to Chardan. The Company has granted the underwriters a 45-day option to purchase up to 1,500,000 additional units at the initial public offering price to cover over-allotments, if any.
The offer is being made only by means of a prospectus, copies of which can be obtained by contacting Chardan, 17 State Street, 21st Ground, New York, New York 10004.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (the âSECâ) on October 14, 2021. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements”, including with respect to the proposed initial public offering and the intended use of the net proceeds. No guarantee can be given that the offer discussed above will be carried out under the conditions described, or not at all, or that the net proceeds of the offer will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set out in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s filed offering. with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. The Company assumes no obligation to update these statements for revisions or changes after the date of this posting, except as required by law.
About Achari Ventures Holdings Corp. I
Achari Ventures Holdings Corp. I (the âCompanyâ) is a newly incorporated blank check company formed by Achari Sponsor Holdings I LLC, which is a subsidiary of Achari Ventures.
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