Walkers advises Srivaru Holding Ltd on $195 million de-SPAC merger

We are pleased to have advised Srivaru Holding Limited on a $195 million de-SPAC merger with Mobiv Acquisition Corp. and Nasdaq listing.

Walkers acted as Cayman Islands counsel to Srivaru Holding Limited, the parent of Pegasus Merger Sub Inc., on its agreement to merge with Mobiv Acquisition Corp. The existing shareholders in Mobiv Acquisition Corp. will become shareholders in Srivaru Holding Limited, the parent of Srivaru Motors Private Limited. The combined company will have a pro forma implied enterprise value of approximately $195 million.

The transaction is expected to close in the first half of 2023 and result in Srivaru Holding Limited becoming the first US listed electric motorcycle company with manufacturing facilities based in India.

Srivaru Holding Limited is the parent company of Srivaru Motors, an Indian producer of electric sports bikes with a mission to revolutionise two-wheelers by building world class products powered by renewable energy that are best-in-class for safety, performance, and comfort. Proceeds from the transaction will enable Srivaru Motors to accelerate its technology development, product roll-out, strategic acquisitions and investments, and general expansion.

Walkers is acting alongside US counsel Norton Rose Fulbright US LLP.  The Walkers team is led by corporate partner Andrew Barker along with senior counsel James Murrie and associate David Geller.

CAYMAN ISLANDS
Andrew BarkerPartnerT +1 345 914 4282andrew.barker@walkersglobal.com
James MurrieSenior CounselT +1 345 914 6316james.murrie@walkersglobal.com

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