Mobiv Acquisition Corp, a special purpose acquisition company, has announced an extension of the deadline for consummating an initial business combination. The company notified the trustee of its trust account that the new deadline is December 8, 2023, extending it from the previous date of November 8, 2023.
This extension marks the seventh out of a potential nine one-month extensions permitted under the company’s governing documents. In conjunction with this extension, Mobiv Pte. Ltd. (referred to as the “Sponsor”) is set to deposit a total of $100,000.00 into the company’s trust account by November 8, 2023, on behalf of Mobiv Acquisition Corp.
Following this announcement, Mobiv Acquisition Corp’s stock experienced a notable decline.
At the time of this publication, Mobiv Acquisition Corp stock (MOBV) has witnessed a decline.
Mobiv Acquisition Corp
Current Price: $5.00
Change : -3.81
Change (%): (-43.25%)
Volume: 47.3K
Source: Tomorrow Events Market Data
In a separate development, on November 4, 2023, the company revealed its intention to enter into a Lock-Up Waiver, effective as of November 7, 2023. This waiver will be established with the underwriter of the Company’s initial public offering. Under the agreement, the underwriter will waive specific lock-up restrictions that apply to up to 2,441,250 shares of Class B common stock and 543,300 shares of Class A common stock held by Mobiv Pte. Ltd. This move is aimed at incentivizing certain investors to acquire shares of the company’s Class A common stock that are currently subject to the exercise of the company shareholders’ redemption rights. The ultimate goal is to discourage the exercise of such redemption.
The extension of the business combination deadline and the Lock-Up Waiver are strategic decisions made by Mobiv Acquisition Corp as it navigates the complex landscape of mergers and acquisitions. The company remains focused on identifying and executing a suitable business combination that aligns with its objectives.
Investors and stakeholders will be closely monitoring developments as Mobiv Acquisition Corp progresses toward its goal of a successful business combination.
