Riverview Acquisition Corp. (NASDAQ:RVAC) announced this afternoon that its shareholders approved its combination with coffee and tea supplier Westrock Coffee at a special meeting earlier today.
At the special meeting, a total of 24,469,389 shares, or 78.3% of RVAC’s issued and outstanding shares of common stock were present. Holders of 23,428,049 shares of common stock, or 75.0% of the outstanding common stock of RVAC, voted in favor of the business combination.
The SPAC divulged in an 8-K yesterday that about 73.5% of its shares were redeemed in connection with its vote, marking August’s best redemption result thus far.
Riverview also disclosed yesterday that it will now be left with approximately $66 million in its trust account. Following the redemptions and prior to payment of transaction expenses, Westrock expects to receive approximately $295.9 million in gross proceeds, which includes $201.4 million in expected proceeds from the issuance of equity in the Riverview PIPE Financing, $66.0 million from the distribution of Riverview’s trust account and $28.5 million from the concurrent sale of an aggregate of 2,850,000 Westrock Common Shares, at a purchase price of $10.00 per share.
The parties expect the business combination to close tomorrow, August 26, and the combined company’s common stock is expected to begin trading on Nasdaq on Monday, August 29, under the new ticker symbol, “WEST”.
Riverview initially announced the $1.1 billion combination with Westrock Coffee 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.
Scott Ford, CEO and Co-Founder of Westrock Coffee recently joined SPACInsider’s podcast to discuss the deal in greater detail.
ADVISORS
- Stifel is serving as Lead Financial Advisor and Wells Fargo Securities, LLC is serving as Financial Advisor to Westrock Coffee.
- Stifel and Wells Fargo Securities, LLC are both serving as Capital Market Advisors to Westrock Coffee.
- Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Westrock Coffee.
- Stephens Inc. is serving as Financial and Capital Markets Advisor
- Cantor Fitzgerald & Co. is serving as Capital Markets Advisor to Riverview.
- King & Spalding LLP is acting as legal counsel to Riverview
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