Mobiv Acquisition Corp Provides Further Update on Planned Business Combination

Newark, DE, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Mobiv Acquisition Corp (the “Company” or “Mobiv”) announced that it intends to enter into a Lock-Up Waiver, to be effective November 7, 2023, with the underwriter of the Company’s initial public offering (the “Underwriter”) whereby the Underwriter will agree to waive certain lock-up restrictions applicable to up to 2,441,250 shares of Class B common stock and 543,300 shares of Class A common stock held by Mobiv Pte. Ltd., in connection with incentivizing certain investors to acquire shares of the Company’s Class A common stock currently subject to the exercise of the Company shareholders’ redemption rights, with a view toward withdrawing the exercise of such redemption.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Mobiv Acquisition Corp.
Mobiv Acquisition Corp is a newly incorporated blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities, which we refer to as our initial business combination. The Company intends to focus its search for a target business in the electric vehicle and urban “smart” mobility industry that may include businesses adjacent thereto in the sustainable transportation and related ecosystem, which complement the Company’s management team’s backgrounds. The Company has not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

About SRIVARU Holding Ltd.
SRIVARU Holding Limited, a Cayman Islands exempted company (“SRIVARU”), is the parent company of SRIVARU Motor Private Ltd., a 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/.