Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU.
Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close.
Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down to 195,992 through the vote. But, on September 27, Mobiv provided an update exhorting redeemers to change their decisions, noting that its ex-redemptions count was 142,992.
As a result, the call worked for 53,000 shares. These holders too will now be beneficiaries of the deal’s bonus pool of 2,500,000 shares that will now be distributed at a 12-to-1 ratio for each non-redeemed share.
On November 7, the SPAC entered into a non-redemption agreement (NRA) with investors, whereby the investors agreed to withdraw redemptions on Class A common stock and purchase additional shares, ensuring they hold at least 500,000 shares, with a guarantee of receiving 20 ordinary shares.
In connection with the non-redemption agreement, SRIVARU entered into a securities purchase agreement (SPA) and a registration rights agreement. Under the SPA, SVH agreed to sell and issue 4,729,210 SVH shares to the investors to fulfill the SPAC’s obligations related to the NRA. The SPA also includes a provision for SVH to issue an additional 5,000,000 SVH Shares to the investors in certain circumstances.
In connection with the closing, shareholders will receive 3.572479901 shares of Class A common stock as incentive shares. Accordingly, in connection with the completion of the combination, upon exchange of the Class A common stock, shareholders will receive an aggregate of 4.572479901 ordinary shares of SRIVARU.
The combined company’s shares and warrants are now expected to begin trading on the Nasdaq under the symbols “SVMH” and “SVMHW”.
The two sides originally announced their $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. It predicts the market for two-wheeled vehicles in its home India market will top $36 billion by 2027.
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