Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV, MOBVW) (“Mobiv” or the
“Company”), a special purpose acquisition company, today provided a
business update regarding the planned merger with SRIVARU Holding
Limited, a Cayman Islands exempted company (“SRIVARU”), a
commercial-stage provider of premium electric motorcycles.
Pursuant to the Merger Agreement, Mobiv plans to merge with and
into Merger Sub, with Mobiv being the surviving company and a
subsidiary of SRIVARU. Upon closing of business combination,
Mobiv’s common stock and warrants will convert into ordinary shares
and warrants of SRIVARU. SRIVARU’s ordinary shares and warrants are
expected to begin trading on Nasdaq under the new ticker symbols
"SVMH" and “SVMHW,” respectively.
The deadline for shareholders that have elected
to redeem their Mobiv shares to reverse their redemption election
is 3:00 pm Eastern Time on the day before closing.
Shareholders that reverse their redemption by that deadline will be
entitled to receive a pro-rata share of the additional 2,500,000
SRIVARU ordinary shares, to be issued as merger consideration in
accordance with the amendment to the agreement and plan of merger
with SRIVARU, as previously announced on August 9, 2023 (“Bonus
Pool Shares”). In order for Mobiv public stockholders to receive a
pro rata portion of the Bonus Pool Shares, they will need to be
stockholders as of the closing of the merger and either not have
elected to redeem their Mobiv shares or withdrawn their election to
redeem by 3:00 pm Eastern Time on the day before closing.
As of close of business (5:00 pm ET) on
September 29, 2023, Mobiv stockholders who either did not redeem or
reversed their redemptions, fully or partially, held 195,992 shares
of the Company’s Class A Comon Stock. These holders would be
entitled to a pro-rata portion of the Bonus Pool Shares. If
no additional redemptions are withdrawn prior to 3 pm ET on the day
before closing, the pro rata Bonus Pool Shares would equal
approximately 12 additional SRIVARU shares per each unredeemed
Mobiv share, based on the number of redeemed shares as of close of
business (5:00 pm ET) on September 29, 2023. The Bonus Pool Shares
will be freely tradable and registered after the closing of the
business combination. If additional Mobiv stockholders withdraw
their redemption election prior to 3 pm ET on the day before
closing, the number of Bonus Pool Shares received by each Mobiv
stockholder at closing will be reduced pro-rata.
About SRIVARU Holding Ltd.
SRIVARU is the parent company of SRIVARU Motor
Private Ltd., a commercial-stage provider of premium e-motorbikes
in India. SRIVARU was founded on the realization that while the
rider-motorcycle relationship is deep and complex, it is in
desperate need of innovation for the next generation of
riders. SRIVARU provides affordable premium electric
two-wheeled vehicles (“E2W”) that provide an exceptional riding
experience with redundant 3-channel automated braking, a low center
of gravity to improve stability, enhanced safety features, and easy
charging compatible with home charging outlets. The company
has a broad array of intellectual property, including a
patent-pending chassis and drive acceleration system. In
addition, SRIVARU offers customers a superior total cost of
ownership, compared to traditional internal combustion engine
motorcycles and E2W vehicle competitors. Additional
information about the company is available at:
http://www.srivarumotors.com/.
About Mobiv Acquisition Corp
The Company is a newly incorporated blank check
company organized for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with a target business. The Company
may pursue a business combination target in any industry or
geographic region and will invest using the lens of the UN
Sustainable Development Goals, which reflect social and
environmental mega-trends that are re-shaping our world.
https://mobiv.ac/.
Forward Looking Statements
This communication may contain a number of
"forward-looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
information concerning Mobiv's or SRIVARU's possible or assumed
future results of operations, business strategies, debt levels,
competitive position, industry environment, potential growth
opportunities and the effects of regulation, including whether the
Business Combination will generate returns for stockholders or
shareholders, respectively. These forward-looking statements are
based on Mobiv's or SRIVARU’s management's current expectations,
estimates, projections and beliefs, as well as a number of
assumptions concerning future events. When used in this
communication, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," "future," "propose" and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements.
These forward-looking statements are not
guarantees of future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
SRIVARU's or Mobiv's management's control, that could cause actual
results to differ materially from the results discussed in the
forward-looking statements. These risks, uncertainties, assumptions
and other important factors include, but are not limited to: (a)
the occurrence of any event, change or other circumstances that
could give rise to the termination of negotiations and any
subsequent definitive agreements with respect to the Business
Combination; (b) the outcome of any legal proceedings that may be
instituted against Mobiv, SRIVARU or others following the
announcement of the Business Combination and any definitive
agreements with respect thereto; (c) the inability to complete the
Business Combination due to the failure to obtain approval of the
stockholders of Mobiv, to obtain financing to complete the Business
Combination or to satisfy other conditions to closing; (d) changes
to the proposed structure of the Business Combination that may be
required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the Business Combination; (e) the ability to meet the applicable
stock exchange listing standards following the consummation of the
Business Combination; (f) the inability to complete the private
placement or backstop transactions contemplated by the Business
Combination Agreement and related agreements, as applicable; (g)
the risk that the Business Combination disrupts current plans and
operations of SRIVARU or its subsidiaries as a result of the
announcement and consummation of the transactions described herein;
(h) the ability to recognize the anticipated benefits of the
Business Combination, which may be affected by, among other things,
competition, the ability of SRIVARU to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (i) costs related to the
Business Combination; (j) changes in applicable laws or
regulations, including legal or regulatory developments (including,
without limitation, accounting considerations) which could result
in the need for Mobiv to restate its historical financial
statements and cause unforeseen delays in the timing of the
Business Combination and negatively impact the trading price of
Mobiv's securities and the attractiveness of the Business
Combination to investors; (k) the possibility that SRIVARU and
Mobiv may be adversely affected by other economic, business, and/or
competitive factors; (l) SRIVARU’s ability to execute its business
plans and strategies, (m) SRIVARU's estimates of expenses and
profitability and (n) other risks and uncertainties indicated from
time to time in the final prospectus of Mobiv, including those
under "Risk Factors" therein, and other documents filed or to be
filed with the SEC by Mobiv. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made.
Forward-looking statements speak only as of the
date they are made. Readers are cautioned not to put undue reliance
on forward-looking statements, and SRIVARU and Mobiv assume no
obligation and, except as required by law, do not intend to update
or revise these forward-looking statements, whether as a result of
new information, future events, or otherwise. Neither SRIVARU nor
Mobiv gives any assurance that either SRIVARU or Mobiv will achieve
its expectations.
Additional Information about the Transactions
and Where to Find It
In connection with the proposed business
combination between SRIVARU and Mobiv (the "Business Combination")
SRIVARU has filed a registration statement on Form F-4 (as may be
amended from time to time, the "Registration Statement") that
includes a preliminary proxy statement of Mobiv and a registration
statement/preliminary prospectus of SRIVARU, and after the
Registration Statement is declared effective, Mobiv will mail a
definitive proxy statement/prospectus relating to the Business
Combination to Mobiv's stockholders. The Registration Statement,
including the proxy statement/prospectus contained therein, when
declared effective by the Securities and Exchange Commission
("SEC"), will contain important information about the Business
Combination and the other matters to be voted upon at a meeting of
Mobiv's stockholders to be held to approve the Business Combination
and related matters. This communication does not contain all the
information that should be considered concerning the Business
Combination and other matters and is not intended to provide the
basis for any investment decision or any other decision in respect
of such matters. SRIVARU and Mobiv may also file other documents
with the SEC regarding the Business Combination. Mobiv stockholders
and other interested persons are advised to read, when available,
the preliminary proxy statement/prospectus and the amendments
thereto and the definitive proxy statement/prospectus and other
documents filed in connection with the Business Combination, as
these materials will contain important information about Mobiv,
SRIVARU and the Business Combination.
When available, the definitive proxy
statement/prospectus and other relevant materials for the Business
Combination will be mailed to Mobiv stockholders as of a record
date to be established for voting on the Business Combination.
Stockholders will also be able to obtain copies of the preliminary
proxy statement/prospectus, the definitive proxy
statement/prospectus and other documents filed or that will be
filed with the SEC by Mobiv through the website maintained by the
SEC at www.sec.gov, or by directing a request to the contacts
mentioned below.
Participants in the Solicitation
Mobiv, SRIVARU and their respective directors
and officers may be deemed participants in the solicitation of
proxies of Mobiv stockholders in connection with the Business
Combination. Mobiv stockholders and other interested persons may
obtain, without charge, more detailed information regarding the
directors and officers of Mobiv and a description of their
interests in Mobiv is contained in Mobiv's final prospectus related
to its initial public offering, dated August 3, 2022, and in
Mobiv's subsequent filings with the SEC. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of proxies to Mobiv stockholders in connection with
the Business Combination and other matters to be voted upon at the
Mobiv stockholder meeting are set forth in the Registration
Statement. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
Business Combination is included in the Registration Statement that
SRIVARU has filed with the SEC. You may obtain free copies of these
documents as described in the preceding paragraph.
Disclaimer
This communication relates to a proposed
business combination between SRIVARU and Mobiv. This document does
not constitute an offer to sell or exchange, or the solicitation of
an offer to buy or exchange, any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
Company Contact:
Mobiv Acquisition Corp 850 Library Avenue, Suite 204 Newark,
Delaware 19711 Attn.: Mr. Peter Bilitsch Chief Executive Officer
Email: peter.bilitsch@mobiv.acTel.: +1 (302) 738-6680
Investor & Media Contact:
Crescendo Communications, LLCTel: (212) 671-1020Email:
MOBV@Crescendo-IR.com
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