Mobiv Acquisition Corp Announces Redemption Results in Connection with Planned Merger with SRIVARU Holding Limited

Shareholders electing to redeem have until approximately 3:00 pm Eastern Time on the day prior to closing to reverse their redemptions and participate in a pro rata distribution of the additional 2.5 million shares

DELAWARE, USA, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV, MOBVW) (“Mobiv” or the “Company”), a special purpose acquisition company, today provided a business update regarding the planned merger with SRIVARU Holding Limited, a Cayman Islands exempted company (“SRIVARU”), a commercial-stage provider of premium electric motorcycles.  The Company announces that holders of approximately 5,530,395 of the Company’s Class A Common Stock exercised their right to redeem their shares for a pro-rata portion of the available funds in the Company’s trust account, reflecting redemptions of approximately 97.5% of the total Class A Common Stock outstanding as of the Company’s contractual redemption expiration deadline of 5:00 pm Eastern Time on September 26, 2023 (the “Redemption Expiration Date”).

Following the Redemption Expiration Date, no additional shareholders will have the right to redeem; however, shareholders that have elected to redeem will have the opportunity to reverse their redemption election and participate in the 2.5 million bonus shares pool until approximately 3:00 pm Eastern Time on the day prior to closing.  Shareholders that reverse their redemption will be entitled to receive a pro-rata share of the additional 2,500,000 ordinary shares of the Company, granted in accordance with the amendment to the agreement and plan of merger with SRIVARU, as previously announced on August 9, 2023. In order for public stockholders to receive a pro rata portion of the 2.5 million share pool, public stockholders need to be stockholders as of 3:00 pm Eastern Time, on the day prior to the closing. As of the Redemption Expiration Date, stockholders holding the remaining 142,992 shares of the Company’s Class A Comon Stock would be entitled to a pro rata portion of the 2.5 million shares, equating to approximately 17 shares per 1 unredeemed share, as may be reduced by redemption recissions.

Peter Bilitsch, CEO of Mobiv, stated, “We truly appreciate the support of our shareholders that elected to remain invested in our Company.  We believe this is a testament to their confidence and conviction in the potential of SRIVARU following the planned merger.  Moreover, shareholders that elected to redeem will still have the opportunity until approximately 3:00 pm Eastern Time on the day prior to closing to participate in a pro-rata share of the additional 2.5 million share distribution, by electing to reverse their redemptions.”