Riverview Acquisition Corp Stock Price, News & Analysis

Riverview Acquisition Corp. (RVAC) has announced that its stockholders approved the business combination with Westrock Coffee Holdings, LLC. This vote occurred at a special meeting where 78.3% of shares were represented, with 75% in favor of the merger. The transaction is expected to conclude on August 26, 2022, with the newly combined company's stock trading under the ticker 'WEST' starting August 29, 2022. Westrock Coffee is a leading provider of coffee and tea solutions in the U.S., boasting a global presence and a diverse sourcing network.

Westrock Coffee reported its Q2 2022 financial results, highlighting consolidated net sales of $223.4 million, a 31% increase from Q2 2021. The company achieved a net loss of $5.8 million, which is a 4% improvement from the previous year. Adjusted EBITDA grew 19% to $13.3 million. Strong performance in the Beverage Solutions segment contributed $170.9 million in net sales, primarily driven by a 57% increase in single-serve cup volumes. The merger with Riverview Acquisition Corp. is scheduled for completion on or about August 26, 2022.

Riverview Acquisition Corporation (Nasdaq: RVAC) has announced a special meeting for stockholders on August 25, 2022, to vote on the business combination with Westrock Coffee Holdings, LLC. The meeting will be virtual, and stockholders of record as of August 3, 2022, are eligible to vote. Riverview’s board unanimously supports the merger, recommending a "FOR" vote. Upon completion, the combined entity will be named Westrock Coffee Company and trade under the ticker symbol WEST.

Westrock Coffee Holdings has announced a Virtual Investor Day scheduled for June 29, 2022, at 10 a.m. EDT. Scott Ford, CEO, and Chris Pledger, CFO, will present alongside Riverview Acquisition Corp. CEO Brad Martin. The event registration can be accessed here. The merger between Westrock Coffee and Riverview Acquisition Corp. is expected to close in Q3 2022, with Westrock retaining its name and listing on Nasdaq under the symbol 'WEST'.

Westrock Coffee reported a strong Q1 2022, with consolidated net sales increasing by 20% to $186.4 million compared to Q1 2021. Net loss narrowed to $4.7 million from $6.1 million a year earlier. Adjusted EBITDA rose 37% to $11.4 million. The company confirmed its 2022 Adjusted EBITDA guidance of $75 million and announced an upsized credit facility from $300 million to $350 million due to high lender demand. Additionally, the new plant in Malaysia began production in April and will ship its first products in June 2022.

Westrock Coffee Holdings announced participation in two investor conferences in June 2022. Scott Ford and Chris Pledger will present at the William Blair’s 42nd Annual Growth Stock Conference on June 8, starting at 10:20 a.m. EST, and at Stifel's 2022 Cross Sector Insight Conference on June 9, beginning at 11:30 a.m. EST. Westrock Coffee will retain its name and list on Nasdaq under 'WEST' post its business combination with Riverview Acquisition Corp (RVAC), expected to close in Q3 2022. Additional details are available at Westrock's investor page.

Westrock Coffee Holdings announced the successful completion of its goal to responsibly source 100% of its tea globally by the end of 2021. This initiative aligns with its commitment to sustainability, ensuring social equality and environmental responsibility throughout its supply chains. The company, a major buyer of Argentine tea, emphasizes ethical trade practices and transparency via its Farmer Direct Verified® platform. Additionally, Westrock recently entered into a business combination with Riverview Acquisition Corp, expected to close in Q3 2022, and will list under the ticker symbol 'WEST' on Nasdaq.

Westrock Coffee Holdings has filed a Form S-4 registration statement with the SEC in connection with its business combination with Riverview Acquisition Corp (NASDAQ: RVAC). The combination aims to close by Q3 2022, subject to SEC approval and stockholder vote. After the merger, the new entity will be named Westrock Coffee Company, trading under the ticker 'WEST'. Investors are encouraged to review the preliminary proxy statement and prospectus for detailed insights into the transaction.

Westrock Coffee plans to go public via a merger with Riverview Acquisition Corp. (RVAC), valuing the company at approximately $1.086 billion. This merger aims to expand Westrock's operations, including building the largest roasting-to-ready-to-drink facility in the U.S. The transaction will provide around $500 million in cash proceeds. Westrock anticipates 2022 revenues of about $960 million with projected adjusted EBITDA of $75 million. The deal is expected to close by Q3 2022, subject to shareholder approval.