NEW YORK, Oct. 15, 2021 /PRNewswire/ - Achari Ventures
Holdings Corp. I (the "Company" or "Achari"), a newly incorporated
blank check company, today announced the pricing 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" beginning October 15,
2021.
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. While the Company may pursue an initial business
combination with any business in any industry, sector or location,
the Company's initial focus will be on identifying acquisition
opportunities with an ancillary (non-plant touching) company
operating in the cannabis industry, including equipment, hardware,
technology/software, or hydroponics. The Company is sponsored by
Achari Sponsor Holdings I LLC (the "Sponsor"), an affiliate of
Achari Ventures, and is led by Vikas
Desai, Chief Executive Officer and Chairman of the Board of
Directors; Mitch Hara, Chief
Operating Officer and Chief Financial Officer; and Merrick Friedman, Chief Investment Officer and
Director. Achari Ventures is a leading early investment firm
focused on the cannabis industry.
"Our team has been an active and early participant in the
cannabis industry, having identified, early on, its significant
potential for explosive growth," said Vikas
Desai, Chief Executive Officer of Achari. "We believe a
unique opportunity exists to partner with an established and
successful company in the space, leveraging our capital, industry
and operating expertise to rapidly scale its business as the
cannabis regulatory environment matures."
Each unit consists of one share of common stock and one
redeemable warrant. Each whole warrant entitles the holder thereof
to purchase three quarters of one share of common stock at a price
of $11.50 per share. Because the
warrants may only be exercised for whole numbers of shares, only a
number in multiples of four warrants may be exercised at any given
time. Once the securities comprising the units begin trading
separately, the Company expects that the common stock and
redeemable warrants will be listed on the Nasdaq under the symbols
"AVHI" and "AVHIW," respectively.
Chardan is serving as sole book-running manager. Reed
Smith LLP acted as counsel to the Company, and White and Williams
LLP acted as counsel to Chardan. The Company has granted the
underwriters a 45-day option to purchase up to an additional
1,500,000 units at the initial public offering price to cover
over-allotments, if any.
The offering is being made only by means of a prospectus,
copies of which may be obtained by contacting Chardan, 17 State
Street, 21st Floor, New York,
New York 10004.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission (the
"SEC") on October 14, 2021. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
proposed initial public offering and the anticipated use of the net
proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the net proceeds of the offering 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
forth in the Risk Factors section of the Company's registration
statement and preliminary prospectus for the Company's offering
filed with the SEC. Copies of these documents are available on the
SEC's website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
About Achari Ventures Holdings Corp. I
Achari Ventures Holdings Corp. I (the "Company") is a newly
organized blank check company formed by Achari Sponsor Holdings I
LLC, which is an affiliate of Achari Ventures.
View original
content:https://www.prnewswire.com/news-releases/achari-ventures-holdings-corp-i-announces-pricing-of-100-million-initial-public-offering-301401031.html
SOURCE Achari Ventures Holdings Corp. I