Mobiv Acquisition today announced it has closed its business combination with SRIVARU, more than two months after the SPAC’s shareholders approved the deal.
The acquisition is a commercial-stage provider of premium electric motorcycles.
In connection with the closing, stockholders will receive 3.572479901 shares of Class A stock as incentive shares. This will result in stockholders receiving an aggregate of 4.572479901 ordinary shares of the combined company.
More than 96% of the votes cast at the SPAC’s shareholder meeting in September voted to approve the business combination.
Mobiv Acquisition said ahead of the vote 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.
As of the SEptember deal vote, there were 195,992 shares outstanding. Holders of those shares would be entitled to a pro-rata portion of the 2.5 million bonus shares pool the SPAC set in reserve.
ACP Capital Markets served as financial adviser to SRIVARU and Norton Rose Fulbright US was legal counsel to SRIVARU. SRI Solutions provided Indian legal advice to SRIVARU. EF Hutton served as capital markets adviser to Mobiv and Winston & Strawn was US legal counsel to Mobiv. JSA Advocates & Solicitors is serving as Indian legal counsel to Mobiv. Read more.
