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.
Berto Acquisition Corp. (NASDAQ:TACOU) has filed for a $250 million SPAC to continue a long-running series by a repeat sponsor under a new name and this will be its first go-around with underwriter Cohen & Company. This new SPAC is not overfunded and will have 24 months initially to complete a transaction with 1/2 warrants...
At the SPAC of Dawn March’s penultimate week is slated to be its busiest in terms of SPAC votes with four special meetings to approve business combinations on the docket as well as two extension votes. A pair of these votes has already been postponed once, so some events may be punted into the next...
Terms Tracker for the Week Ending March 21, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After two weeks of waiting, March finally saw two IPOs price this week, giving us some data to measure for IPO performance. SPACs also saw...
Perimeter Corp I (NASDAQ:PMTRU) has filed for a $150 million SPAC to hunt for a target among space and defense companies, aiming to repeat a de-SPAC play that has been the most resilient to this year’s market downturn. The new SPAC is the third to file an initial S-1 with Citigroup since the start of...
At the SPAC of Dawn Much of the theses around the stampede of SPAC deals with EV makers during the boom boiled down to, “Can any EV brand catch up to Tesla? And, if so, would you want to be able to hop in as an investor now?” Investors at the time answered that there...