JSA assists on Srivaru Nasdaq listing via Mobiv SPAC merger

JSA assists Srivaru Nasdaq listing

JSA advises US-based Mobiv Acquistion Corp in a USD409 million SPAC merger with Coimbatore-based Srivaru Holding, which will see the Indian firm list on the Nasdaq.

Mobiv is a Nasdaq-listed special purpose acquisition company (SPAC) that focuses on electric vehicles, while Srivaru specialises in providing premium electric motorcycles.

SPAC mergers allow private companies to list on a stock exchange without going through the traditional IPO process.

JSA advised Mobiv on Indian law in a transaction anticipated to generate gross proceeds of up to USD104 million in cash, which will be used to fund operations and growth.

The JSA transaction team consisted of partners Rupinder Malik and Rajul Bohra, and senior associate Shivesh Agarwal. The due diligence team consisted of senior associate Abin Francis, and associates Akshat Rajoria and Anmol Khurana. Partner Kumarmanglam Vijay assisted on the tax aspects of the transaction.

SRI Solutions provided Indian legal advice to Srivaru. Norton Rose Fulbright served as US legal counsel to Srivaru, while Winston & Strawn served as US legal counsel to Mobiv.

ACP Capital Markets acted as financial adviser to Srivaru and EF Hutton, a division of Benchmark Investments, was capital markets adviser to Mobiv.

The transaction is also expected to create the first US-listed electric motorcycle company with manufacturing facilities based in India.

Srivaru’s distribution and service network is expected to be nationwide in India, and has received more than 700 dealer applications. The company is led by former senior Tesla executive, Mohan Ramasamy.

Peter Bilitsch, CEO of Mobiv, said: “We believe Srivaru’s state-of-the-art technologies, low-cost manufacturing, expanding distribution channels and attractive price points for consumers are poised to disrupt the motorcycle market in both India and around the world.”

India is one of the world’s largest and fastest-growing markets for motorcycles, with estimated revenues of USD25.6 billion and expected to grow to USD36.1 billion by 2027.