BHAV Acquisition Corp completed its IPO of 10,000,000 units at $10.00 per unit, generating $100 million in gross proceeds deposited into trust along with $2 million from 200,000 private placement units. The company appointed three independent directors effective March 19, 2026, adopted an amended charter, and entered multiple IPO-related agreements.
Key takeaways
IPO closed March 20, 2026: 10M units at $10.00, $100M gross proceeds.
Private placement: 200,000 units at $10.00 ($2M proceeds) to Sponsor (135,000) and at-risk investors (65,000).
Sponsor holds 3,183,333 founder shares post-forfeiture and sales.
Issued 500,000 Representative Shares to Maxim Group designee.
New directors effective March 19, 2026: Piyush Sadana (independent, compensation chair), John Patrick O’Connell (independent, nominating chair), Balaji Swaminathan (independent, audit chair and financial expert).
$102M (net of expenses) placed in trust account with Continental Stock Transfer & Trust Company.