Exhibit 99.1
Dear Sir / Madam,
My name is Peter Bilitsch and I am
writing to you as CEO and Founder of Mobiv Acquisition Corp (“Mobiv” or the “Company”) (Nasdaq: MOBV).
We plan to reward our
loyal shareholders who choose not to redeem their shares in advance of our upcoming anticipated merger (the “Merger”) with SRIVARU Holding Limited (“SRIVARU”) by increasing the consideration payable to non-redeeming shareholders. Holders of our common stock will receive a pro rata share of an additional 2,500,000 ordinary shares of SRIVARU upon the consummation of the Merger, increasing their pro rata ownership of
SRIVARU following the closing.
May we have a conversation with the person making the decision about whether to redeem your Mobiv shares in
connection with the Merger? Mohan Ramasamy, the CEO and Founder of SRIVARU and I are available for an investor presentation by videoconference to answer your questions.
Pursuant to the first amendment (the “First Amendment”) to the agreement and plan of merger, dated as of March 13, 2023 (as amended by the
First Amendment, the “Merger Agreement”), by and among the Company, SRIVARU, and Pegasus Merger Sub Inc., the parties to the Merger Agreement increased the consideration payable to our stockholders (with limited exceptions), to include
each such holders’ pro rata share of an additional 2,500,000 ordinary shares of SRIVARU relative to the number of applicable MOBV Shares outstanding in connection with completion of the planned merger with SRIVARU at the Effective Time (as
defined in the Merger Agreement).
On July 28, 2023, we entered into a satisfaction and discharge of indebtedness agreement (the “Satisfaction
and Discharge”) with our underwriter, 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 to act as an investment banker, joint bookrunner, and/or placement agent for our domestic U.S. public and private equity and equity-linked offerings in lieu of its deferred
underwriting commission of $3.5 million in cash.
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.
Since announcing the planned merger, we believe SRIVARU, under the leadership of Mohan 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.
