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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need to be stockholders as of the closing of the merger and either not have elected to redeem their Mobiv shares or withdrawn their election to redeem by 3:00 pm Eastern Time on the day before closing.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 If no additional redemptions are withdrawn prior to 3 pm ET on the day before closing, the pro rata Bonus Pool Shares would equal approximately 12 additional SRIVARU shares per each unredeemed Mobiv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.
