Mobiv Acquisition Corp Announces Extension of Deadline to Complete Business Combination
05 June 2023 - 10:00PM
Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV, MOBVW) (the
“
Company”), a special purpose acquisition company, announced
today that, on June 1, 2023, it notified the trustee of the
Company’s trust account that it was extending the time available to
the Company to consummate its previously announced business
combination with SRIVARU Holding Ltd. (“
SRIVARU”), a
commercial-stage provider of premium electric motorcycles, from
June 8, 2023 to July 8, 2023 (the “
Extension”). The
Extension is the second of up to nine one-month extensions
permitted under the Company’s governing documents. In connection
with such Extension, Mobiv Pte. Ltd. (the “
Sponsor”) will
deposit an aggregate of $333,166.50 into the Company’s trust
account on or before June 8, 2023, on behalf of the Company.
Peter Bilitsch, CEO of Mobiv, stated, “We
continue to progress our planned business combination with SRIVARU,
one of the leading providers of premium electric motorcycles in
India, which is the world’s largest and fastest-growing market for
two-wheeled vehicles. Importantly, they continue to generate
momentum in the local market with plans to expand internationally.
In addition to their first-in-class technologies, they have built a
scalable and capital-efficient business model, with low-cost
manufacturing, assembly and distribution. In turn, they are
able to offer these high quality e-motorbikes at attractive sales
prices with high margins. We could not be more excited about the
outlook for the SRIVARU business and potential to generate
significant value for our shareholders.”
About Mobiv Acquisition Corp
Mobiv Acquisition Corp is a newly incorporated
blank check company organized for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with a target
business. Mobiv may pursue a business combination target in any
industry or geographic region and will invest using the lens of the
UN Sustainable Development Goals, which reflect social and
environmental mega-trends that are re-shaping our world.
https://mobiv.ac/.
About SRIVARU Holding Ltd.
SRIVARU is the parent company of SRIVARU Motor
Private Ltd., a leading commercial-stage provider of premium
e-motorbikes in India. SRIVARU was founded on the realization that
while the rider-motorcycle relationship is deep and complex, it is
in desperate need of innovation for the next generation of
riders. SRIVARU provides affordable premium electric
two-wheeled vehicles (“E2W”) that provide an exceptional riding
experience with redundant 3-channel automated braking, a low center
of gravity to improve stability, enhanced safety features, and easy
charging compatible with home charging outlets. The company
has a broad array of intellectual property, including a
patent-pending chassis and drive acceleration system. In
addition, SRIVARU offers customers a superior total cost of
ownership, compared to traditional internal combustion engine
motorcycles and E2W vehicle competitors. Additional
information about the company is available at:
http://www.srivarumotors.com/.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains statements that
constitute “forward-looking statements,” including with respect to
the Company’s search for an initial business combination. No
assurance can be given as to the consummation of any business
combination or the terms thereof. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company’s registration statement and
prospectus for the initial public offering filed with the SEC.
Copies are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Investor & Media Contact
Crescendo Communications, LLC Tel: (212) 671-1020Email:
MOBV@Crescendo-IR.com
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