By Adam L. Cataldo
Shares of Vahanna Tech Edge Acquisition I rallied following the market’s close after the company said it had more time to complete its business combination with Roadzen.
The stock rose 24% to $11.99 in after-hours trading on Friday. The shares ended the regular trading session down 4.9% at $9.65. Vahanna’s stock is down 6.13% this year.
The New York-based blank-check company was given a one-month extension to Sept. 26 to consummate a merger with Roadzen, a technology infrastructure company. Vahanna said its sponsor deposited an aggregate amount of $225,000 into its account, representing approximately $5.38 per public share, to extend the deadline.
This is the fourth extension Vahanna has received since the proposed merger was announced in February.
Write to Adam Cataldo at [email protected]
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