Mobiv Acquisition, a blank check company targeting the electric vehicle industry in Asia and Europe, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Newark, DE-based company now plans to raise $87 million by offering 8.7 million units at $10. Each unit consists of one share of common stock and one warrant, exercisable at $11.50. The company had previously filed in June 2022 to offer 10 million units at the same price, with each unit containing one-half of a warrant. At revised deal size, Mobiv Acquisition will raise -13% less in proceeds than previously anticipated.
Mobiv Acquisition is led by CEO and Director Peter Bilitsch, who previously served as a Director in Regional Equity Capital Markets at CIMB Investment Bank, and CFO and Director Adron Leow, the Managing Director at ALLF Management Group. The company plans to focus on businesses in the EV and urban "smart" mobility industries, with a focus on Europe and Asia (excluding China, Hong Kong, and Taiwan).
Mobiv Acquisition was founded in 2022 and plans to list on the Nasdaq under the symbol MOBVU. EF Hutton is the sole bookrunner on the deal.
