Giri Devanur, through BHAV Partners LLC, disclosed a 22.83% stake in BHAV Acquisition Corp. The filing was made on Mar. 25, 2026, following founder share adjustments and a private placement on Mar. 18, 2026. The position includes founder shares and private placement units that can convert into Class A shares, giving Devanur significant influence over the SPAC’s deal process.
Investor Intent
Devanur and BHAV Partners agreed to "vote in favor of the Business Combination" and to "waive [their] redemption rights" on founder shares and private placement units. They also waived liquidating distributions on those securities if BHAV Acquisition Corp fails to complete a deal within the stated timeframe.
The sponsor accepted lock-ups: founder shares cannot be sold until six months after the merger or earlier if the stock trades at or above $12 for 20 days within a 30-day period, and private placement securities are locked for 30 days post-merger. The group may still buy or sell more shares and could explore transactions such as mergers, asset deals, or changes to the board or capital structure.
Investor's Background
BHAV Partners LLC is a Delaware entity formed to sponsor BHAV Acquisition Corp, provide capital through founder shares and private placement units, and complete a merger. Giri Devanur manages BHAV Partners, serves as CEO of BHAV Acquisition Corp, and is Executive Chairman of reAlpha Tech Corp, a real estate technology company. As a SPAC sponsor, Devanur focuses on sourcing and closing a business combination while holding a significant, locked-up stake.
Original SEC Filing:
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