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.