Mobiv Acquisition Corp Provides Update On Planned Business Combination With SRIVARU

Author: Benzinga Newsdesk | September 27, 2023 04:42pm

Mobiv Acquisition Corp (NASDAQ:MOBVU, MOBV, MOBVW))))) (the "Company"), a special purpose acquisition company, announces that it has filed its Definitive Proxy Statement in connection with the planned business combination with SRIVARU Holding Limited ("SRIVARU"), a commercial-stage provider of premium electric motorcycles.  The Company also reports it has entered into a Lock-Up Waiver, effective September 29, 2023, whereby the underwriter of the Company's initial public offering agreed to waive certain lock-up restrictions applicable to up to 100,000 shares of Class B common stock held by the Mobiv Pte. Ltd., in connection with compensation to be paid in connection with the closing of the planned business combination.  

Peter Bilitsch, CEO of Mobiv, stated, "We are making steady progress towards completing the planned business combination with SRIVARU.  We believe SRIVARU is taking all the right steps to establish themselves as a leader within the electric motorcycle market, in terms of both quality and safety. Their initial focus is in India, one of the world's largest and fastest-growing markets for two-wheeled vehicles, which is forecast to exceed $36 billion by 2027.  On behalf of the Mobiv board, I would like to thank our shareholders for your support and we look forward to a successful completion of the business combination."

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