On November 25, 2022, Achari Ventures Holding Corp. I (the “Company”) filed a definitive proxy statement (the “Definitive Proxy Statement”) for the solicitation of proxies in connection with a special meeting of the Company’s stockholders to be held on December 19, 2022 (the “Special Meeting”) to consider and vote on, among other proposals (the “Proposals”), the Company’s ability to extend the time period the Company has to complete an initial business combination (the “Business Combination”).
In order to mitigate the current uncertainty surrounding the implementation of the Inflation Reduction Act of 2022, the Company has decided that in the event that the Proposals are approved and implemented as described in the Definitive Proxy Statement, funds in trust, including any interest thereon, will not be used to pay for any excise tax liabilities with respect to any future redemptions that occur after December 31, 2022, and prior to or in connection with a Business Combination or liquidation of the Company and which result from the implementation of the Inflation Reduction Act of 2022.
As further described in the Definitive Proxy Statement, stockholders who have already submitted a proxy to vote their shares and who wish to change their vote, may do so by delivering a later-dated, signed proxy card to Morrow Sodali LLC, the Company’s proxy solicitor, prior to the date of the special meeting or by voting virtually at the special meeting. Stockholders may also revoke their proxy by sending a notice of revocation to: Achari Ventures Holdings Corp. I, 60 Walnut Avenue, Suite 400, Clark, NJ 07066, Attention: Merrick Friedman, Secretary. The Company further announced that it intends to continue to accept reversals of votes until the date and time indicated above, but it will not, in any event, accept reversals that would result in more than 2 million shares of common stock of the Company remaining outstanding following the adoption of the Proposals (such 2 million shares excluding any shares of common stock held by the sponsor of the Company).
Additionally, the Company announced that as of December 15, 2022, in connection with the Special Meeting, the Company has received requests to redeem 9,315,127 shares from its public stockholders. As of December 15, 2022, the per-share pro rata portion of the trust account was approximately $10.21, and there were 684,873 which remained non-redeemed.
Accordingly, the Company has determined to amend and supplement the Definitive Proxy Statement as follows:
Supplement to the Definitive Proxy Statement
The Company is providing additional information to its stockholders, as described in this supplement to the definitive proxy statement filed with the Securities and Exchange Commission on November 25, 2022, in connection with the special meeting of the Company’s stockholders to be held on December 19, 2022. These disclosures should be read in connection with the definitive proxy statement, which should be read in its entirety. To the extent that the information set forth herein differs from or updates information contained in the definitive proxy statement, the information set forth herein shall supersede or supplement the information in the definitive proxy statement. Defined terms used but not defined herein have the meanings set forth in the definitive proxy statement. The Company makes the following amended and supplemental disclosures:
On December 16, 2022, we announced that in order to mitigate the current uncertainty surrounding the implementation of the IR Act, in the event that the Proposals are approved and implemented as described in this proxy statement, funds in trust, including any interest earned thereon, will not be used to pay for any excise tax liabilities with respect to any future redemptions that occur after December 31, 2022 and prior to or in connection with a Business Combination or liquidation of the Company and which result from the implementation of the IR Act.
As further described in the definitive proxy statement, stockholders who have already submitted a proxy to vote their shares and who wish to change their vote, may do so by delivering a later-dated, signed proxy card to Morrow Sodali LLC, the Company’s proxy solicitor, prior to the date of the special meeting or by voting virtually at the special meeting. Stockholders may also revoke their proxy by sending a notice of revocation to: Achari Ventures Holdings Corp. I, 60 Walnut Avenue, Suite 400, Clark, NJ 07066, Attention: Merrick Friedman, Secretary. On December 16, 2022, we announced that we intend to continue to accept reversals of votes until the date and time indicated above, but we will not, in any event, accept reversals that would result in more than 2 million shares of common stock of the Company remaining outstanding following the adoption of the Proposals (such 2 million shares excluding any shares of common stock held by the sponsor of the Company).
Participants in the Solicitation
The Company and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in respect of the Proposals. Information regarding the Company’s directors and executive officers is available in its annual report on Form 10-K filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the Definitive Proxy Statement.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.