Mobiv Acquisition Corp. (MOBV) Adds Bonus Pool to SRIVARU Deal
by Nicholas Alan Clayton on 2023-08-10 at 8:11am

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced that it has added a pool of 2,500,000 bonus shares that would be distributed to its non-redeeming shareholders at the close of its combination with SRIVARU.

It has not yet specified whether these shares are to be newly issued or come out of Mobiv’s sponsor holdings. But, if the latter is the case, the pool would absorb nearly all of Mobiv’s 2,501,250-share promote.

Mobiv also announced that its underwriter EF Hutton has agreed to accept $1 million in cash and a 12-month right of participation at close instead of its full underwriting commission of $3.5 million in cash.

Alongside these tweaks, the parties provided an update SRIVARU’s operations since they announced the $195 million combination in March. Coimbatore, India-based SRIVARU makes a line of electric motorcycles with designed for South Asian markets with features like the ability to charge with existing home electricity outlets.

SRIVARU recently launched its improved Prana 2.0 smart battery that can provide a battery life of up to 150,000 kilometers (93,205 miles). India’s motorcycle market is expected to grow to $36 billion by 2027, with EVs making up about half of that by 2030.

Recent Posts
by Nicholas Alan Clayton on 2023-09-29 at 7:03am

Hennessy Capital Investment Corp VI (NASDAQ:HCVI) announced overnight that it plans to adjourn today’s 9 am ET extension vote and reopen it at 3 pm ET this afternoon. This does not technically change the redemption deadline for investors, but those wishing to withdraw their redemption requests may still do so by 2 pm ET today....

by Kristi Marvin on 2023-09-28 at 5:32pm

Latest SPAC Liquidations: Schultze Special Purpose Acquisition Corp. II Schultze Special Purpose Acquisition Corp. II (SAMA) to Liquidate on October 11, 2023 Schultze Special Purpose Acquisition Corp. II (Nasdaq: SAMA), announced that it will redeem all of the outstanding shares of its Class A common stock effective as of October 11, 2023. The Company expects...

by Kristi Marvin on 2023-09-28 at 4:40pm

Mercato Partners Acquisition Corporation (NASDAQ:MPRA) announced this afternoon via 8-K that its shareholders have approved its combination with Nuvini at a special meeting held earlier today. With 79.74% of the voting power of the Common Stock participating in the vote, the combination was overwhelmingly approved.  7,975,698 shares were recorded voting for the transaction, while only 38,008...

by Nicholas Alan Clayton on 2023-09-28 at 11:45am

Home Plate Acquisition Corporation (NASDAQ:HPLT) announced that it adjourned this morning’s extension vote without conducting any business and it will pick things up again at 11 am ET October 2. Shareholders at the meeting are to consider giving Home Plate an extra two and half months to complete a deal, moving its deadline from October...

by Nicholas Alan Clayton on 2023-09-28 at 11:29am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Law firm Schulte sues SPAC over fees from failed Philippine casino merger U.S. law firm Schulte Roth & Zabel is suing its former client 26 Capital Acquisition Corp to recover more than $1.9 million in legal fees...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved