Mobiv Acquisition Corp Stockholders Approve Previously Announced Business Combination with SRIVARU Holding Limited

Transaction anticipated to close upon satisfaction of all closing conditions

Newark, DE, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV, MOBVW) (“Mobiv” or the “Company”), a special purpose acquisition company, today announced that Mobiv stockholders voted to approve the previously proposed business combination with SRIVARU Holding Limited, a Cayman Islands exempted company (“SRIVARU”), a commercial-stage provider of premium electric motorcycles, at Mobiv’s special meeting of stockholders held yesterday, September 28, 2023 (the “Special Meeting”). The business combination is being implemented pursuant to the Agreement and Plan of Merger dated March 13, 2023, by and among Mobiv, SRIVARU, and Pegasus Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of SRIVARU (“Merger Sub”), as amended by the First Amendment to Agreement and Plan of Merger dated August 4, 2023 (as so amended, the “Merger Agreement”).  

More than 96% of the votes cast at the Special Meeting voted to approve the business combination with SRIVARU. Holders of approximately 87% of Mobiv’s issued and outstanding shares cast votes at the Special Meeting. The formal results of the vote will be included in a Current Report on Form 8-K to be filed by Mobiv with the U.S. Securities and Exchange Commission, which will be available at www.sec.gov.

The business combination is expected to close upon satisfaction of all closing conditions required by the Merger Agreement, at which time Mobiv will merge with and into Merger Sub, with Mobiv being the surviving company and a subsidiary of SRIVARU. Pursuant to the Merger Agreement, 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.

As of close of business 5:00 pm ET on September 28, 2023, stockholders who did not redeem or reversed their redemptions, fully or partially, hold 195,992 shares of the Company’s Class A Comon Stock. These holders would be entitled to a pro-rata portion of the 2.5 million bonus shares pool (“Bonus Pool Shares”) granted to Mobiv’s public shareholders as additional merger consideration in accordance with the Merger Agreement.  If no additional redemptions are withdrawn prior to 3 pm ET on the day before closing, the Bonus Pool Shares would equate to approximately 12 additional shares per each unredeemed share, based on the redeemed shares as of close of business (5:00 pm ET on September 28, 2023). The Bonus Pool Shares will be freely tradable and registered after the closing of the business combination. If additional Mobiv shareholders withdraw their redemption election prior to 3 pm ET on the day before closing, the number of Bonus Pool Shares received by each Mobiv Shareholder at closing will be reduced pro-rata.