Mobiv Acquisition in a regulatory filing said 2.5 million shares would be available on a pro rata basis to stockholders who do not redeem their shares ahead of a vote on whether the SPAC will combine with SRIVARU Holding. 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 assumed no redemptions.
Mobiv has up to six monthly extensions available to complete the deal after the current Aug. 8 deadline expires.
Redemptions ahead of an extension vote last month removed nearly $46 million from the Mobiv trust, leaving approximately $60 million.
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.
