Mobiv Acquisition said today that 5,530,395 Class A shares, representing 97.5% of shares outstanding, were redeemed ahead of Friday’s stockholder meeting. Redemptions ahead of an extension vote in July removed nearly $46 million from the Mobiv trust.
The SPAC said those who reverse their redemptions prior to the closing of a merger will be able to participate in the pool of 2.5 million bonus shares that will be distributed if a deal with EV motorcycle maker SRIVARU is approved and ultimately closes. That equates to approximately 17 shares per unredeemed share, as may be reduced by redemption recissions.
The target is a commercial-stage provider of premium electric motorcycles. The deal was announced in March at a pro forma implied enterprise value of $195 million, which at that time assumed no redemptions.
The transaction was expected to provide SRIVARU with access to additional capital and position the company to accelerate the commercial rollout-out of its electric two-wheeled vehicles in the Indian market.
Mobiv originally raised $87 million in an August 2022 IPO. Read more.
