Srivaru Motors Private Limited completed the acquisition of Mobiv Acquisition Corp from Mobiv Pte. Ltd., Space Summit Capital and Others in a reverse merger transaction.
The transaction is subject to the approval of Mobiv stockholders, regulatory approvals, the Registration Statement / Proxy Statement shall have become effective in accordance with the provisions of the Securities Act, SVH stockholders, Mobiv shall have at least $5,000,001 of net tangible assets, SVH?s initial listing application with Nasdaq in connection with the transactions shall have been approved, Mobiv and SVH shall have obtained the consents from certain third parties, each ancillary document shall have been executed and delivered by the parties thereto, lock-up agreement and other customary closing conditions. The transaction has been unanimously approved by the boards of directors of both SRIVARU and Mobiv. The transaction is expected to close in the first half of 2023. As of June 5, 2023, Mobiv Acquisition extended the time available to consummate the transaction from June 8, 2023 to July 8, 2023. As of August 3, 2023, the Business Combination is anticipated to close on or about August, 2023. As of August 7, 2023, Mobiv Acquisition announced that it was extending the time available to the Company to consummate an initial business combination from August 8, 2023 to September 8, 2023. The Extension is the fourth of up to nine one-month extensions permitted under the Company?s governing documents. As of September 5, 2023, Mobiv extended the business combination date from September 8, 2023 to October 8, 2023. The transaction is anticipated to generate gross proceeds of up to approximately $104 million of cash, assuming no redemptions by Mobiv?s public stockholders, which will be used to fund operations and growth. As of September 27, 2023, 5,530,395 of Mobiv's Class A Common Stock holders exercised their right to redeem their shares reflecting redemptions of approximately 97.5% of the total Class A Common Stock outstanding. As of September 28, 2023, Mobiv shareholders voted to approve the transaction. The transaction is expected to close in the week of October 2, 2023. As of October 5, 2023, Mobiv Acquisition Corp, notified Continental Stock Transfer & Trust Company, the trustee of the Company?s trust account (the ? Trust Account ?), that it was extending the time available to the Company to consummate its initial business combination from October 8, 2023, to November 8, 2023. Pursuant to the terms of the Company?s Amended and Restated Certificate of Incorporation, on October 5, 2023, in connection with the Extension, the Company?s sponsor, Mobiv Pte. Ltd., deposited an aggregate of $100,000.00 into the Trust Account, on behalf of the Company. As on November 3, 2023, Mobiv intends to enter into a Lock-Up Waiver, to be effective November 7, 2023, with the Underwriter of Mobiv's IPO, EF Hutton, division of Benchmark Investments, LLC, whereby the EF Hutton will agree to waive certain lock-up restrictions applicable to up to 2,441,250 shares of Class B common stock and 543,300 shares of Class A common stock held by Mobiv Pte. Ltd., in connection with incentivizing certain investors to acquire shares of the Mobiv's Class A common stock currently subject to the exercise of the Mobiv shareholders? redemption rights, with a view toward withdrawing the exercise of such redemption. As per filling on November 8, 2023, Mobiv Acquisition Corp announces extension of deadline to complete business combination from November 8, 2023 to December 8, 2023.
ACP Capital Markets LLC acted as financial advisor to SRIVARU and Rajiv Khanna of Norton Rose Fulbright US LLP acted as US legal counsel to SRIVARU. SRI Solutions is providing Indian legal advice to SRIVARU. EF Hutton, a division of Benchmark Investments, LLC is serving as capital markets adviser to Mobiv and Mike Blankenship and Dean Hinderliter and Ivy Liu of Winston & Strawn LLP acted as US legal counsels to Mobiv. Rupinder Malik, Rajul Bohra, and Kumarmanglam Vijay of JSA Advocates & Solicitors is serving as Indian legal counsel to Mobiv. Continental Stock Transfer & Trust Company acted as transfer agent to Mobiv. Marshall & Stevens Incorporated provided fairness opinion provider to Mobiv Acquisition Corp. Andrew Barker and James Murrie of Walkers acted as legal advisors for SRIVARU.
Srivaru Motors Private Limited completed the acquisition of Mobiv Acquisition Corp (NasdaqGM:MOBV) from Mobiv Pte. Ltd., Space Summit Capital and Others in a reverse merger transaction on December 8, 2023.