Mobiv Acquisition Corp Provides Business Update; Announces Increased Merger Consideration for Holders of Class A Common Stock That Do Not Redeem Their Shares Prior to Merger with SRIVARU Holding

DELAWARE, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV, MOBVW) (the “Company”), a special purpose acquisition company, today provided a business update and announced that it has entered into an amendment (the “Amendment”) to the agreement and plan of merger dated as of March 13, 2023 (the “Merger Agreement”), with SRIVARU Holding Limited, a Cayman Islands exempted company (“SRIVARU”), a commercial-stage provider of premium electric motorcycles.

Peter Bilitsch, CEO of Mobiv, stated, “We could not be more excited about the planned merger with SRIVARU, which would result in SRIVARU becoming the first U.S.-listed electric motorcycle company with manufacturing facilities based in India, one of the world’s largest and fastest-growing markets for two-wheeled vehicles.  Additionally, we plan to reward our loyal shareholders who choose not to redeem their MOBV shares in advance of the merger in connection with the special meeting to be held to approve the Merger Agreement by increasing the merger consideration with a pool of additional SRIVARU shares that would result in an increase in their pro rata ownership of SRIVARU after the closing of the merger.”

“Since announcing the planned merger, we believe SRIVARU, under the leadership of Mohanraj Ramasamy,  has continued to execute on all fronts. Most recently, they announced the launch of the Prana 2.0 intelligent battery system, which provides an enhanced rider experience, industry-leading safety features and extended battery life of more than 150,000 kilometers. SRIVARU expects to establish themselves as a leader, in terms of both safety and quality, within the Indian motorcycle market, which is forecast to exceed $36 billion by 2027, with the EV segment projected to reach 45-50% of the overall market by 2030. SRIVARU’s proprietary integrated charging solution allows for home charging, which is ideally suited for India and other global markets, most of which do not have an established electric charging infrastructure. Most notably, they expect to be able to sell these high quality e-motorbikes at attractive sales prices. Overall, we believe that SRIVARU has developed a lean, capital-efficient, high-margin business model poised to drive significant value for shareholders following the merger, as they seek to transform the Indian and global electric vehicle markets.”