Westrock Closes SPAC Deal, Begins Trading on Nasdaq


Westrock Closes SPAC Deal, Begins Trading on Nasdaq
Nasdaq headquarters in New York City (Shutterstock)

Westrock Coffee Co. of Little Rock on Monday was set to begin trading on the Nasdaq under the ticker symbols "WEST" and "WESTW" after closing its merger with Riverview Acquisition Corp. of Memphis.

Westrock CEO and co-founder Scott Ford will continue leading the company. Riverview Chairman and CEO R. Brad Martin will join the board of directors.

The company formerly known as Westrock Coffee Holdings LLC also announced a new $350 million credit agreement that will be used to pay down debt and fund expansion plans, which include a new ready-to-drink packaging facility in Conway.

Ford called it a "momentous day in the history of our company."

"Accessing the public markets is not only validation of the efforts of our incredible team but will also enable us to expedite our growth in the U.S. and internationally, while capitalizing on the generational shifts in consumer preferences," he said in a news release. "I am confident in Westrock Coffee’s future and proud of the team that has led us to this important moment."

Riverview, a special purpose acquisition company, gave the deal final approval at a special shareholders meeting Thursday. The transaction values Westrock at $1.086 billion and prices shares of the company at $10.

"Westrock Coffee is exactly the type of enterprise which should be in the public markets, and I’m delighted that Riverview could help accomplish that objective," Martin said. "I look forward to working with the Westrock Coffee team in the months ahead."

Westrock executives are scheduled to ring the opening bell at the Nasdaq on Wednesday.

The company reported revenue of $223.4 million in the second quarter, up more than 30% from the same period a year ago. Losses in the quarter narrowed to $5.8 million, down about 4% year-over-year.


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