Mobiv Acquisition announced that it intends to enter into a lock-up waiver, effective Nov. 7, with the underwriter of the SPAC’s IPO.
The underwriter would agree to waive certain lock-up restrictions on up to 2,441,250 shares of Class B stock and 543,300 shares of Class A stock held by Mobiv Pte. Ltd. The goal is to incentivize certain investors to acquire Class A shares currently subject to the exercise of the SPAC’s shareholder redemption rights, with a view toward withdrawing the redemptions.
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. Following the vote, Mobiv extended its completion date to Nov. 8.
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. Read more.
