Mobiv Acquisition in a press release stated that, as of Sept. 30, its trust value was $61,120,249.39.
The SPAC raised about $87 million in an IPO a year ago and its shareholders on Sept. 28 approved a merger with SRIVARU, which makes electric motorcycles.
The day before the merger vote, Mobiv said that 5,530,395 Class A shares, representing 97.5% of shares outstanding, were redeemed. Redemptions ahead of an extension vote in July removed nearly $46 million from the Mobiv trust. Those redemptions alone would have lowered the trust to about $41 million.
The SPAC said those who reverse their redemptions prior to the closing of the 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.
Based on the SPAC’s latest update on its trust amount, it remains unclear how many shareholders reversed their redemption decisions, as more than half the trust would have been erased three months ago. And the SPAC did not disclose redemption reversals.
Following the merger vote, the SPAC extended its completion date to Nov. 8. Read more.
