Riverview Acquisition Corp. (NASDAQ:RVAC) announced in an 8-K filing this afternoon that about 73.5% of its shares were redeemed ahead of its vote to complete its combination with coffee and tea supplier Westrock Coffee.
This marks August’s best redemption result followed by Software Acquisition Group III’s combination with Nogin which saw 82.7% redeemed earlier this week. Both of these votes fall below the average redemption rate of 88.1% for the third quarter.
Riverview originally brought about $250 million into the deal from its trust, along with $250 million in common stock PIPE commitments at $10 per share. The PIPE is funded by $60 million from R. Brad Martin, NFC Investments, LLC, and the other Riverview founders, $25 million from Westrock Coffee founders, and $78 million each from HF Capital, the Haslam family investment office, and funds managed by Southeastern Asset Management.
Westrock Coffee was also able to secure financing from Wells Fargo for a $300 million senior secured credit facility to be entered into at closing, which will be used to re-finance existing debt and fund the company’s expansion plans.
Westrock Coffee is expected to trade on the Nasdaq under the symbol “WEST” following the deal’s close.
The parties initially announced the $1.1 billion combination on April 4. Little Rock, Arkansas-based Westrock Coffee supplies innovative coffee, tea, flavors, extracts, and ingredients products to retail, food service and restaurant, convenience store, and hospitality industries around the world.
Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...
Oyster Enterprises II (NASDAQ:OYSEU) has filed for a $200 million SPAC to pursue a broad investment thesis, but one informed by the way that AI is shaking up industries. The new SPAC has units each containing one right to a 1/10 share and it will have 24 months to initially complete a business combination without...
StoneBridge II (NASDAQ:APACU) has filed for a $50 million SPAC underwritten by Maxim Group to hunt down a non-US target with a particular eye on India. The new SPAC is coming to market with one right to a 1/10 share in each unit and its trust will not be overfunded. Maxim has now underwritten two...
At the SPAC of Dawn Three new SPACs have gotten in line for IPOs even as the market’s rally appears set to soften in today’s trading. Many eyes will be on the reading of the US’ March trade deficit for signs where the country’s trade policy might shift next. But, policy shifts have also unlocked...
At the SPAC of Dawn Last week’s hot streak continues this week in the form of a high volume of votes for SPACs. Two are seeking approvals for their business combinations while six more aim to get the stamp on their extension votes. Investors will also have an eye on upcoming Fed comments on Wednesday...