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Mobiv Acquisition Corp Announces Closing of Initial Public Offering and Exercise of Full Over-Allotment Option

·3-min read
Mobiv Acquisition Corp.
Mobiv Acquisition Corp.

NEWARK, DE, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Mobiv Acquisition Corp (NASDAQ: MOBV, the “Company”) announced today the closing of its initial public offering of 8,700,000 units at $10.00 per unit (the “Offering”). Each unit consists of one share of Class A common stock and one redeemable warrant. Each warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. The underwriters exercised their over-allotment option in full for an additional 1,305,000 units on August 4, 2022 (“Over-allotment Option”). The Over-allotment Option was closed with the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, is $100,050,000, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The Company’s units began trading on the Nasdaq Global Market on August 4, 2022 under the ticker symbol “MOBVU.” Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the Nasdaq Global Market under the ticker symbols “MOBV” and “MOBVW” respectively.

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company has not selected a business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search for a target business in the electric vehicle (“EV”) and urban “smart” mobility industry that may include businesses adjacent thereto in the sustainable transportation and related ecosystem, which complement the Company’s management team’s backgrounds. The Company is led by its Chief Executive Officer, Peter Bilitsch.

EF Hutton, division of Benchmark Investments, LLC, acted as sole book running manager in the offering. Rimon, P.C. served as legal counsel to the Company. Loeb & Loeb LLP served as legal counsel to EF Hutton.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on August 3, 2022 on Form S-1 (File No. 333-265353). The offering is being made only by means of a prospectus, copies of which may be obtained by contacting EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:
Mobiv Acquisition Corp
850 Library Avenue, Suite 204
Newark, Delaware 19711
Attn.: Mr. Peter Bilitsch
Chief Executive Officer
Email: peter.bilitsch@mobiv.ac
Tel.: +1 302-738-6680

SOURCE: Mobiv Acquisition Corp