Mobiv Acquisition Contributes 2.5M Shares to Stave Off Potential Redemptions | SPAC Feed

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.

Source: Mobiv Acquisition Contributes 2.5M Shares to Stave Off Potential Redemptions

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• Source: https://spacfeed.com/mobiv-acquisition-contributes-2-5m-shares-to-stave-off-potential-redemptions