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Former Tesla Executive, Mohanraj Ramasamy, assumes role as CEO of the combined companies
Poised to capture a significant share of the multi-billion-dollar Indian and global EV markets based on surging demand, state-of-the-art technologies and capital-efficient business model
Expected to commence trading on Nasdaq under new ticker symbol "SVMH" effective today, December 11, 2023.
Delaware, USA and Coimbatore, India, Dec. 11, 2023 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (NASDAQ:SVMH, SVMHW, MOBVU, MOBV, MOBVW))))) ("SRIVARU" or the "Company"), a commercial-stage provider of premium electric motorcycles, today provided a business update following the consummation of its recent business combination with Mobiv Acquisition Corp ("Mobiv"). In connection with the business combination, former Tesla executive and founder of SRIVARU, Mohanraj Ramasamy, has assumed the role as CEO of the Company.
In connection with the transaction, SRIVARU's ordinary shares and warrants are expected to begin trading on Nasdaq under the new ticker symbols "SVMH" and "SVMHW" as of today, December 11, 2023.
Mohanraj Ramasamy, CEO of SRIVARU, stated, "We look forward to the next phase of our journey within the U.S. capital markets. We believe our unique business model will drive significant value for our shareholders in the years ahead, given the sheer size of the Indian market, coupled with our global expansion plans. The Indian market alone is forecast to exceed $36 billion by 2027. Moreover, the EV segment is projected to reach 45-50% of the overall market by 2030. Having developed India's fastest mass production electric motorcycle on the road, featuring state-of-the-art technologies, we are well positioned to capture a significant share of the overall EV market. Moreover, we have developed a lean and capital-efficient business model, including highly scalable, low-cost manufacturing, assembly and distribution, to support high product margins. We plan to provide more detailed business updates in the weeks ahead, including an investor webinar, in which we plan to discuss our plans for accelerated commercialization."
Peter Bilitsch, former CEO of Mobiv and new director of the Company, stated, "We are honored to complete the merger, with SRIVARU, having received overwhelming support from the shareholders of both companies. I could not imagine anyone more qualified and capable to assume the helm of the combined companies than Mohan Ramasamy, given his proven industry leadership and technical prowess. This transaction marks a major milestone within the EV industry, as SRIVARU becomes the first India-based, U.S.-listed electric motorcycle company."
SRIVARU provides affordable premium electric two-wheeled vehicles that provide an exceptional riding experience
SRIVARU becomes the first India-based, U.S.-listed electric motorcycle company
