UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 8.01. Other Events
Monthly Extension Option Exercise
On April 15, 2024, Achari Ventures Holdings Corp. I, a Delaware company (the “Company”), notified Continental Stock Transfer & Trust Company, the trustee of the Company’s trust account (the “Trust Account”), that it was extending (an “Extension”) the time available to the Company to consummate its initial business combination, from April 19, 2024 to May 19, 2024 (the “Fourth Extension”), pursuant to and in accordance with the terms of the Company’s Fifth Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and the Company’s Third Amended and Restated Investment Management Trust Agreement (the “Trust Agreement”). The Fourth Extension is the fourth of up to six (6) one-month Extensions permitted under the Company’s Certificate of Incorporation and Trust Agreement.
Pursuant to the terms of the Company’s Certificate of Incorporation and Trust Agreement, on April 18, 2024, with respect to the exercise of the Fourth Extension, the Company deposited $22,037.64 into the Company’s Trust Account in connection with the exercise of the Fourth Extension. Such deposit with respect to the Fourth Extension was made using funds held outside of the Company’s Trust Account and available to the Company to fund working capital requirements. As of April 19, 2024 (and, for the avoidance of doubt, inclusive of the deposit of $22,037.64 into the Trust Account in connection with the exercise of the Fourth Extension as described above), the Trust Account held approximately $6,217,034.
Letter Agreement
On April 18, 2023, the Company and Vaso Corporation (“Vaso”) entered into a letter agreement (the “Vaso Working Capital Letter Agreement”) whereby, upon request from the Company, Vaso will provide on an interest free basis to the Company, within two (2) business days of Vaso’s receipt of such request, up to $350,000 in cash to pay the certain identified working capital expenses of the Company (any such funds, the “Advanced Funds”). Any such Advanced Funds shall be forgiven by Vaso upon the Closing of the Business Combination; provided however that the amount of any such Advanced Funds which is in excess of $100,000 shall be added to the amount included in the definition of Unpaid SPAC Expenses as such term is defined in the BCA. Capitalized terms used not defined herein shall have the meanings assigned to such terms in the Business Combination Agreement, dated as of December 6, 2023 among the Company, a subsidiary of the Company and Vaso (the “BCA”). As of the date hereof, the Company has incurred $191,242 under the Vaso Working Capital Letter Agreement.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ACHARI VENTURES HOLDINGS CORP. I | ||
| Dated: April 24, 2024 | ||
| By: | /s/ Vikas Desai | |
| Name: | Vikas Desai | |
| Title: | Chief Executive Officer | |
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