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Hudson Acquisition I Corp. *

Hudson Acquisition I Corp. *

Apr 29, 2022 by Anthony Sozzi

PROPOSED BUSINESS COMBINATION: Aiways Automobile

ENTERPRISE VALUE: TBD
ANTICIPATED SYMBOL: TBD

Hudson Acquisition I Corp entered into a business combination agreement with Aiways Automobile Europe GmbH

  • Headquartered in Munich Germany, Aiways Europe is a company focusing on battery electrical vehicles (BEV) and solutions for the European market. Aiways Europe commenced selling Aiways U5 vehicles in Europe in 2020.
  • Aiways Europe has maintained a distribution network and serviced its BEV customers in Europe. Additionally, it has expanded to developing BEVs based on the full portfolio of intellectual properties licensed from its previous parent company and recently from the new partners in light vehicles, light commercial vehicles, passenger cars and vehicle software partners . It has also secured production capability in Europe.

TRANSACTION

  • EUROEV Holdings Limited, will acquire the outstanding shares of each of HUDA and Aiways Europe in exchange for newly issued shares of EuroEV, and become listed on the Nasdaq Stock Market.
  • The boards of directors or similar governing bodies of Aiways Europe and HUDA have approved the proposed Business Combination.
  • The transaction represents a pre-combination equity valuation of $410 million for Aiways Europe, subject to adjustment.

SPAC FUNDING

  • The SPAC and company will use reasonable efforts to enter into financing agreements for an aggregate of at least $100 million in proceeds.

LOCK-UP

  • Sponsor and Company:
    • The Lock-up shares will be released as follows:
      • 50% on the six month anniversary of the Closing, and
      • 50% on the earlier of the six month anniversary of the Closing or the share price reaching $12.50 for 20/30 trading days.

NOTABLE CONDITIONS TO CLOSING

  • HUDA and Aiways Europe shareholder approvals
  • There is no minimum cash condition.

NOTABLE CONDITIONS TO TERMINATION

  • The Business Combination Agreement may be terminated if the Closing does not occur by April 18, 2025 (the “Outside Date”).

ADVISORS

  • Company Advisors:
    • Ellenoff Grossman & Schole LLP is serving as U.S. legal advisor
  • SPAC Advisors:
    • Feinstein Law is serving as U.S. legal advisor

EXTENSION – 7/11/24 – LINK

  • The SPAC approved the extension from July 18, 2024 to October 18, 2025.
    • Redemptions were not disclosed.
    • No contribution will be deposited into the trust account.

EXTENSION – 4/17/24 – LINK

  • The SPAC approved the extension from April 18, 2024 to January 18, 2025.
    • Redemptions were not disclosed.
    • $25K per month will be deposited into the trust account.

EXTENSION – 7/21/23 – LINK

  • The SPAC approved the extension from July 18, 2023 up to nine (9) times for an additional (1) month each time to April 18, 2024.
    • 4,427,969  shares were redeemed for $10.46 per share.
    • $80K per month will be deposited into the trust account.

SUBSEQUENT EVENT – 3/31/23 – LINK

  • Hudson Acquisition I Corp. (Nasdaq: HUDA), today announced that it has entered into a letter of intent with a target company for a potential business combination.
  • The Target Company is a pre-clinical-stage biotechnology company focused on developing intranasal preventives for major disease-causing respiratory viruses.
  • The completion of the Acquisition is subject to the completion of due diligence to each of the Hudson and the Target Company’s satisfaction, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and stockholders of both Hudson and the Target Company.
  • As a condition to the Target Company closing the Acquisition, the then Board of Directors and executive officers of the Company will appoint new members of the Board of Directors and new executive officers to replace them, as designated in writing by the Target Company, and resign simultaneously.

MANAGEMENT & BOARD

Executive Officers

Warren Wang [Appointed 3/12/24]
Chief Executive Officer and Chairman

Mr. Wang brings over 20 years of experience in financing, listing, and capital operations. He currently serves as a board member and chief executive officer of PX SPAC Capital INC since February 2022, and as a board member and chief executive officer of PX Capital USA INC since March 2019. From March 2019 to January 2022, Mr. Wang served as the chairman and chief executive officer of Hudson Capital Inc, a NASDAQ-listed company. Prior to that role, from July 2018 to March 2019, Mr. Wang held the positions of chairman and chief executive officer at SSLJ.com INC., also a NASDAQ-listed company. Mr. Wang obtained an Executive Master of Business Administration degree from Peking University in 2006.

Jiang Hui, 33 [Resigned 3/12/24]
Chief Executive Officer and Chairman

He is the Chairman and Chief Executive Officer of Wave Sync Corp. (OTCQB “WAYS”) since 2021. Prior to that, Mr. Hui held various positions at the New York and London offices of Industrial and Commercial Bank of China (ICBC), China’s largest financial institution; including Vice President of ICBC’s New York Branch, Vice President of ICBC (London) PLC, and Chief Compliance Officer of the Investment Advisory business at ICBC Financial Services, LLC, a SEC-registered Broker-Dealer. Mr. Hui received his Bachelor of Law and Master of Finance from Tsinghua University and Peking University in China, and received his second Master’s degree in Securities and Financial Regulation from Georgetown University Law Center.

Hon Man Yun, 52
Chief Financial Officer

Mr. Yun has extensive experiences as an auditor, independent director, and member of the audit committees of public companies. Mr. Yun has worked as the Chief Financial Officer of Kiwa Bio-tech Products Group Corporate since April 2018 and served as the CFO and a director at Hudson Capital Inc. since August 2020 until February 2022. Mr. Yun served as joint company secretary, as a group vice president, the chief accountant and compliance and internal audit officer for Kaisun Energy Group Limited, from May 2017 to August 2020. Mr. Yun earned a higher diploma in Business Studies from the City University of Hong Kong, formerly City Polytechnic of Hong Kong, and a Master of Business Administration from the University of Western Sydney.

Pengfei Xie, 52
Senior Advisor

He serves as a member of the MIT Sloan School Executive Board (Americas) and a Board member for the Peking University Education Foundation (USA). Mr. Xie, over the past twenty years, has gained extensive experience in financial market analysis and investment advisory services. Mr. Xie started his career as a Fixed Income Analyst at a New York based hedge fund in 1997. Later in 1999, he joined General Motors Asset Management Corp. as an Analyst and was later promoted to the Fund Manager position with the responsibility of overseeing and managing the company’s Global Portable Alpha Fund and the Multi-Sector Bond Fund. From 2006 to 2009, Mr. Xie served as Senior Analyst focusing on Credit and Fixed Income strategies and later as the Head of Relative Value and a member of the Investment Committee of EIM Management (USA). In April 2009, Mr. Xie became the Managing Director of Investments of EIM and later in 2012 joined the Advisory Board of EIM. Since August 2012 till now, Mr. Xie has been serving as the Managing Member and Chief Investment Officer of PX Global Advisors, LLC, an investment advisory firm founded by him. Mr. Xie’s representative investment portfolio includes Elroy Air Inc., Peloton Interactive, Inc., and Afterpay Limited. Mr. Xie holds a Master of Business Administration degree from the Massachusetts Institute of Technology and a Bachelor of Science from Peking University.

Board of Directors

Rodobaldo Duartes, 53
Independent Director

Mr. Duartes is a Registered Professional Engineer (P.E.), with over 25 years of experience in construction, development, forensics engineering and management. Prior to founding DoubleDay, Mr. Duartes was an Executive Vice President of Sales for Univision Communications, a leading Hispanic media company in the U.S., where he oversaw 65 sales executives and over $600 million in Madison Avenue agency business. He was an M&A investment banker at Bear Stearns from 1999 to 2002. Mr. Duartes earned a B.S. in Electrical Engineering from the University of Florida, an M.B.A. from Columbia Business School, and an M.P.A. from the Kennedy School of Government at Harvard University.

Chiang Hsien, 60
Independent Director

Since 2020, Mr. Hsien has been working as an independent consultant for various corporations on a part-time basis. From 2016 to 2019, he was an advisor to the Chairman of the Pacific Millennium Group, a leading packaging supplier in China. From 2013 to 2016, Mr. Hsien was a Partner and Chief Representative in Asia for Lingohr & Partner Asset Management, a German asset management company. From 2008 to 2012, Mr. Hsien was Chief Representative and Director of Allianz Global Investors Hong Kong Ltd., and CEO of the Shanghai Representative Office. Allianz Global Investors is a global asset management company and a subsidiary of Allianz SE. From 2003 to 2008, Mr. Hsien was Chief Executive Officer and Director of Guotai Junan-Allianz Asset Management, which is one of the first joint-venture mutual fund management companies established in China. From 2000 to 2003, Mr. Hsien was Chief Executive Officer and Managing Director of Dresdner Securities Investment Trust Enterprise Taiwan (now Allianz Asset Management Taiwan). Mr. Hsien has a Bachelor of Arts Degree from University of International Relations Beijing (China), an MBA degree from the Christian Albrecht University of Kiel in Germany and attended Executive Programs at INSEAD and at Harvard University.

Lixin Wu, 57
Independent Director

He is the President of Bauing Group USA Ltd., the U.S. subsidiary of Bauing Group (SZ.2047) since 2016, a Chinese leading integrated design enterprise. Mr. Wu is also the Managing Director of CASB Ventures LLC since 2000. CASB LLC is an angel investment fund focusing on high tech companies. Mr. Wu earned a Bachelor of Science in Physics from Peking University in China and a Master of Science in Physics from Worcester Polytechnic Institute in Massachusetts, U.S.

Hong Chen, — [Appointed]
Independent Director

Mr. Chen was a member of the first graduating class of Guanghua School of Management’s MBA program, Peking University. He has been the chairman at Grand Cartel Securities Co., Ltd since 2014. Prior to that, Mr. Chen served as the chairman of China Internet Education Group from 2008 to 2014. He held the position of Chief Executive Officer at Peking University Business Network from 2002 to 2008 and at Shenzhen Chenrun Investment Company from 1998 to 2002.

 

ByAnthony Sozzi