Mobiv Acquisition Corp. (MOBV) Shareholders Approve SRIVARU Deal
by Nicholas Alan Clayton on 2023-09-29 at 8:34am

Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this morning that its shareholders approved its combination with EV motorcycle-maker SRIVARU at a special meeting September 28.

Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down to 195,992 through the vote. But, on September 27, Mobiv provided an update exhorting redeemers to change their decisions, noting that its ex-redemptions count was 142,992.

So, the call worked for 53,000 shares. These holders too will now be beneficiaries of the deal’s bonus pool of 2,500,000 shares that will now be distributed at a 12-to-1 ratio for each non-redeemed share.

This should help the combined company to avoid a low-float situation and the two sides further increased potential liquidity this week by releasing 100,000 of Mobiv’s promote shares from lock-up restrictions.

The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “SVMH” and “SVMHW” after the deal closes next week. The two sides originally announced their $195 million combination in March.

Coimbatore, India-based SRIVARU makes a line of electric motorcycles with designed for South Asian markets with features like the ability to charge with existing home electricity outlets. It predicts the market for two-wheeled vehicles in its home India market will top $36 billion by 2027.

 

Recent Posts
by Kristi Marvin on 2024-06-22 at 11:30am

Terms Tracker for the Week Ending June 21, 2024 Programming Note: An abbreviated version of the Terms Tracker will be posted next week.  In light of the end of the quarter, we will be busy putting together our Half-Year report which should be posted the first week of July.  Welcome to our weekly column where...

by Nicholas Alan Clayton on 2024-06-21 at 11:46am

Future Vision II (NASDAQ:FVNNU) has filed for a $50 million IPO to hunt for a TMT target in Asia including intelligent chips, 5G and other emerging technologies there. Given the heightened competition and trade protectionism around these technologies lately, it is interesting that Future Vision II hasn’t ruled out combining with a Chinese target. In...

by Nicholas Alan Clayton on 2024-06-21 at 8:12am

At the SPAC of Dawn Every public company wants retail investor engagement, but once brought along, those investors require a bit of educating as well. Nuclear fission firm Oklo (NYSE:OKLO) is discovering that this week as it made a point to put out a press release explaining that its most recent S-1 filing was a...

by Nicholas Alan Clayton on 2024-06-20 at 3:41pm

Voyager (NASDAQ:VASHU) has filed for a SPAC IPO featuring many of the now increasingly familiar terms pushed by underwriter Cantor Fitzgerald over the past month, but does include a novel dollar figure for its raise at $261 million, before any over-allotments. Outside of this, Voyager’s trust is funded to 100.00% with $10.00 per unit to...

by Kristi Marvin on 2024-06-20 at 12:29pm

Eleven new SPACs have filed since the beginning of June, and the number is 12 if we count the May 31st filing of Graf Global Corp.  Seven of those 12 are being underwritten by Cantor, which has always been a very active SPAC underwriter. But you know who else used to be very active? Credit...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved