Mobiv and SRIVARU Complete Strategic Merger, Uniting US-Listed SPAC with Indian Premium E-Bike Manufacturer

Transaction Closes on December 8, 2023, Creating Combined Entity Focused on Electric Two-Wheel Mobility

Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV, MOBVW) has successfully finalized its business combination with SRIVARU Holding Limited, a Cayman Islands-based holding company, marking a significant milestone in the convergence of capital markets and electric mobility innovation. The merger was executed pursuant to the definitive agreement originally signed on March 13, 2023, with subsequent amendments including the August 4, 2023 update to the merger terms.

Transaction Structure and Shareholder Consideration

Under the terms of the consummation, Mobiv shareholders will receive 3.572479901 Class A common shares as incentive consideration within the restructured capital framework. Upon the completion of the stock exchange mechanism, shareholders will hold an aggregate of 4.572479901 ordinary shares in the newly merged entity. No fractional share securities will be distributed to shareholders as part of this distribution process.

SRIVARU Holding Limited now serves as the parent holding company of Mobiv following the business combination, with Pegasus Merger Sub Inc., a Delaware-registered subsidiary of SRIVARU, facilitating the transaction structure.

Strategic Rationale and Combined Entity Direction

The business combination reflects Mobiv’s stated strategic mandate to identify and acquire targets within the electric vehicle and smart urban mobility sectors. The acquisition of SRIVARU Motor Private Ltd., a commercial-stage manufacturer of premium electric two-wheelers, aligns with this mobility-focused investment thesis.

SRIVARU has developed a proprietary product line of affordable premium E2W (electric two-wheeled) vehicles designed for the Indian market. The company’s engineering emphasizes redundant 3-channel automated braking systems, optimized center-of-gravity design for enhanced stability, advanced safety architectures, and charging compatibility with standard household electrical outlets. The organization maintains a substantial patent portfolio, including pending protection for its proprietary chassis and drive acceleration technologies.

Advisory Structure

The transaction benefited from comprehensive advisory support across multiple jurisdictions:

For SRIVARU: ACP Capital Markets LLC provided financial advisory services, while Norton Rose Fulbright US LLP served as US legal counsel. SRI Solutions delivered Indian legal guidance throughout the process.

For Mobiv: EF Hutton (operating as a division of Benchmark Investments, LLC) functioned as capital markets adviser, supported by Winston & Strawn LLP for US legal matters. JSA Advocates & Solicitors provided Indian legal counsel to the Mobiv team.

Regulatory and Forward-Looking Considerations

The business combination is subject to regulatory requirements and stock exchange listing standards applicable following the transaction’s consummation. Management anticipates challenges common to post-merger integration, including operational continuity, competitive market dynamics, and the execution of stated business strategies.

Forward-looking projections regarding profitability, market penetration, customer retention, and competitive positioning are based on current management expectations and contain inherent uncertainties. Actual results may differ materially from projections due to regulatory changes, market competition, financing availability, and other factors detailed in Mobiv’s SEC filings, particularly within risk factor disclosures.

Contact Information

Mobiv Acquisition Corp
850 Library Avenue, Suite 204
Newark, Delaware 19711
Chief Executive Officer: Peter Bilitsch
Email: peter.bilitsch@mobiv.ac
Telephone: +1 302 738 6680

Investor Relations & Media Inquiries
Crescendo Communications, LLC
Telephone: (212) 671-1020
Email: MOBV@Crescendo-IR.com