Exhibit 99.1
Mobiv Acquisition Corp Provides Business Update; Announces Increased Merger Consideration for Holders of Class A Common Stock That Do
Not Redeem Their Shares Prior to Merger with SRIVARU Holding
DELAWARE, USA, August 9, 2023 — Mobiv Acquisition Corp (Nasdaq: MOBVU, MOBV,
MOBVW) (the “Company”), a special purpose acquisition company, today provided a business update and announced that it has entered into an amendment (the “Amendment”) to the agreement and plan of merger dated as of March 13,
2023 (the “Merger Agreement”), with SRIVARU Holding Limited, a Cayman Islands exempted company (“SRIVARU”), a commercial-stage provider of premium electric motorcycles.
Peter Bilitsch, CEO of Mobiv, stated, “We could not be more excited about the planned merger with SRIVARU, which would result in SRIVARU becoming the
first U.S.-listed electric motorcycle company with manufacturing facilities based in India, one of the world’s largest and fastest-growing markets for two-wheeled vehicles. Additionally, we plan to reward
our loyal shareholders who choose not to redeem their MOBV shares in advance of the merger in connection with the special meeting to be held to approve the Merger Agreement by increasing the merger consideration with a pool of additional SRIVARU
shares that would result in an increase in their pro rata ownership of SRIVARU after the closing of the merger.”
“Since announcing the planned
merger, we believe SRIVARU, under the leadership of Mohanraj Ramasamy, has continued to execute on all fronts. Most recently, they announced the launch of the Prana 2.0 intelligent battery system, which provides an enhanced rider experience,
industry-leading safety features and extended battery life of more than 150,000 kilometers. SRIVARU expects to establish themselves as a leader, in terms of both safety and quality, within the Indian motorcycle market, which is forecast to exceed
$36 billion by 2027, with the EV segment projected to reach 45-50% of the overall market by 2030. SRIVARU’s proprietary integrated charging solution allows for home charging, which is ideally suited
for India and other global markets, most of which do not have an established electric charging infrastructure. Most notably, they expect to be able to sell these high quality e-motorbikes at attractive sales
prices. Overall, we believe that SRIVARU has developed a lean, capital-efficient, high-margin business model poised to drive significant value for shareholders following the merger, as they seek to transform the Indian and global electric vehicle
markets.”
The Amendment, among other things, increased the share consideration payable to holders of the Company’s Class A common stock,
par value $0.000001 per share (a “MOBV Share”), other than the Sponsor (as defined in the Merger Agreement), EF Hutton, a division of Benchmark Investments, LLC or any member of the SPAC Board (as defined in the Merger Agreement), to
include each such holder’s pro rata share of an additional 2,500,000 ordinary shares of the Company, relative to the number of applicable MOBV Shares outstanding in connection with completion of the planned merger with SRIVRARU at the Effective
Time (as defined in the Merger Agreement). The purpose of the Amendment is to incentivize the SPAC’s stockholders not to redeem their MOBV Shares prior to the closing of the merger with SRIVARU.
In addition, the Company entered into an agreement with EF Hutton, a division of Benchmark Investments, LLC (“EF Hutton”), pursuant to which, among
other things, EF Hutton agreed to accept $1.0 million in cash and a 12-month right of participation, beginning on the date of the closing of the SPAC’s initial business combination, in lieu of the
full deferred underwriting commission of $3.5 million in cash.
About Mobiv Acquisition Corp
Mobiv Acquisition Corp is a newly incorporated blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with a target business. Mobiv may pursue a business combination target in any industry or geographic region and will invest using the lens of the UN Sustainable Development Goals, which
reflect social and environmental mega-trends that are re-shaping our world. https://mobiv.ac/.
