Mobiv Acquisition Corp. (MOBV) Shareholders Approve SRIVARU Deal
by Nicholas Alan Clayton on 2023-09-29 at 8:34am

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this morning that its shareholders approved its combination with EV motorcycle-maker SRIVARU at a special meeting September 28.

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.

So, 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.

This should help the combined company to avoid a low-float situation and the two sides further increased potential liquidity this week by releasing 100,000 of Mobiv’s promote shares from lock-up restrictions.

The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “SVMH” and “SVMHW” after the deal closes next week. 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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