India, July 19, 2024 – Roadzen Inc. (Nasdaq: RDZN) (“Roadzen” or the “Company”), a global leader in AI at the intersection of insurance and mobility, today announced that its Special Committee of Independent Directors has unanimously approved a plan for certain related parties to convert $3.5 million of short-term debt into ordinary shares of RDZN. The parties involved in this agreement include Roadzen’s CEO, Rohan Malhotra, and Pi Capital International Inc. along with its affiliate Marco Polo Securities, Inc., which is primarily owned by Roadzen’s Chairman of the Board.
The conversion will be based on the amount of debt released, divided by a share price equal to the greater of $2.80 per share or the 30-trading day volume-weighted average price starting 3 days after the Company files its Form 10-Q with the Securities and Exchange Commission for the first quarter ended June 30, 2024.
Steven Carlson, Chairman of the Board at Roadzen, remarked, “I am confident that Roadzen’s AI platform is well-positioned for substantial commercial success. Our technology is already being adopted by participants in the large, recession-resistant global auto insurance industry. We believe that integrating computer vision with telematics powered by proprietary AI algorithms will accelerate the transformation of motor vehicles into mobile, intelligent operating systems, in both new and existing vehicles.”
Rohan Malhotra, founder and CEO of Roadzen, added, “I am pleased to participate in this exchange to further support Roadzen’s long-term vision and potential. This action simplifies the Company’s balance sheet and enhances our ability to execute our mission of transforming the auto insurance industry with AI.”
