Mobiv Acquisition Corp. (NASDAQ:MOBV) announced that it has added a pool of 2,500,000 bonus shares that would be distributed to its non-redeeming shareholders at the close of its combination with SRIVARU.
It has not yet specified whether these shares are to be newly issued or come out of Mobiv’s sponsor holdings. But, if the latter is the case, the pool would absorb nearly all of Mobiv’s 2,501,250-share promote.
Mobiv also announced that its underwriter EF Hutton has agreed to accept $1 million in cash and a 12-month right of participation at close instead of its full underwriting commission of $3.5 million in cash.
Alongside these tweaks, the parties provided an update SRIVARU’s operations since they announced the $195 million combination in March. Coimbatore, India-based SRIVARU makes a line of electric motorcycles with designed for South Asian markets with features like the ability to charge with existing home electricity outlets.
SRIVARU recently launched its improved Prana 2.0 smart battery that can provide a battery life of up to 150,000 kilometers (93,205 miles). India’s motorcycle market is expected to grow to $36 billion by 2027, with EVs making up about half of that by 2030.