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

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  If no additional redemptions are withdrawn prior to 3 pm ET on the day before closing, the Bonus Pool Shares would equate to approximately 12 additional shares per each unredeemed share, based on the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.

Mobiv shareholders that have already elected to redeem their Mobiv shares can withdraw their redemption for a very limited time and still receive a pro rata portion of the Bonus Pool Shares as merger consideration if they hold the shares through closing. In order to effectively withdraw their redemption, public stockholders need to submit their redemption withdrawal by 3:00 pm Eastern Time on the day prior to the closing. The business combination closing is anticipated the week of October 2, 2023, subject to the various conditions and regulatory processes as described in Mobiv's filings.

Peter Bilitsch, CEO of Mobiv, stated, "We are delighted to receive overwhelming support from our stockholders for this business combination.  This approval is a testament to the confidence our stockholders have in SRIVARU's vision and strategy.  As a result of this transaction, we expect SRIVARU to become the first India-based, U.S.-listed electric motorcycle company, with India being one of the world's largest and fastest-growing markets for two-wheel vehicles."

Mohanraj Ramasamy, CEO of SRIVARU, stated, "The business combination between Mobiv and SRIVARU is a significant milestone for both our companies, as it will mark SRIVARU's formal launch within the U.S. capital markets. Our current model, the Prana Grand is already one of India's premium electric motorcycles, featuring state-of-the-art technology and patented innovations. Importantly, we plan for a highly scalable and capital-efficient business model, which we expect will result in low-cost manufacturing, assembly and distribution.  In turn, this should allow us to market our electric motorcycles at attractive sales price points, while maintaining high gross margins.  Moreover, we expect that our patented and patent-pending technology will provide increased safety, stability, and comfort.  We further expect that our integrated charger, which operates on home electric networks and does not require a specialized charging infrastructure, will be a key differentiator, both in India and around the world.  Feedback from the market has been generally positive, and we look forward to attempting to establish a leadership position within both the Indian and global premium electric two-wheel markets.  Overall, we are focused on creating value for our shareholders, while contributing to reduced carbon emissions worldwide."