BHAV Partners LLC and Giri Devanur filed an amended beneficial ownership report for BHAV Acquisition Corp, disclosing beneficial ownership of 2,818,333 ordinary shares, representing 20.08% of the issuer’s 14,033,333 ordinary shares outstanding.
The position consists of 2,683,333 Founder Shares, which are automatically convertible into Class A ordinary shares on a one-for-one basis, and 135,000 Class A shares underlying Private Placement Units. Earlier, the sponsor acquired 3,833,333 Founder Shares for $25,000 and later forfeited a total of 1,150,000 Founder Shares.
The sponsor also purchased 135,000 Private Placement Units for $1,350,000, partially funded via reduction of a promissory note. Through a Letter Agreement, the sponsor has waived certain redemption and liquidating distribution rights, agreed to voting commitments in favor of a Business Combination, and accepted transfer restrictions and registration rights tied to its securities.
BHAV Acquisition Corp insider BHAV Partners LLC reported an internal restructuring involving its founder shares. The Sponsor forfeited 500,000 Class B ordinary shares after the expiration of the underwriters' over-allotment option from the initial public offering. Following this change, the Sponsor holds 2,683,333 Class B ordinary shares, which automatically convert into Class A ordinary shares on a one-for-one basis at the time of BHAV Acquisition Corp's initial business combination, or earlier at the holder's option, and have no expiration date. Giri Devanur, the Issuer's Chief Executive Officer and director, manages the Sponsor and has voting and investment discretion over these securities, and may be deemed a beneficial owner subject to his pecuniary interest.