• Former Tesla Executive, Mohanraj Ramasamy, assumes role as CEO of the combined companies
• Poised to capture a significant share of the multi-billion-dollar Indian and global EV markets based on surging demand, state-of-the-art technologies and capital-efficient business model
• Expected to commence trading on Nasdaq under new ticker symbol “SVMH” effective today, December 11, 2023

Delaware, USA and Coimbatore, India, Dec. 11, 2023 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (Nasdaq: SVMH; SVMHW, MOBVU, MOBV, MOBVW) (“SRIVARU” or the “Company”), a commercial-stage provider of premium electric motorcycles, today provided a business update following the consummation of its recent business combination with Mobiv Acquisition Corp (“Mobiv”). In connection with the business combination, former Tesla executive and founder of SRIVARU, Mohanraj Ramasamy, has assumed the role as CEO of the Company.

In connection with the transaction, SRIVARU’s ordinary shares and warrants are expected to begin trading on Nasdaq under the new ticker symbols “SVMH” and “SVMHW” as of today, December 11, 2023.

Mohanraj Ramasamy, CEO of SRIVARU, stated, “We look forward to the next phase of our journey within the U.S. capital markets.  We believe our unique business model will drive significant value for our shareholders in the years ahead, given the sheer size of the Indian market, coupled with our global expansion plans.  The Indian market alone is forecast to exceed $36 billion by 2027. Moreover, the EV segment is projected to reach 45-50% of the overall market by 2030.  Having developed India’s fastest mass production electric motorcycle on the road, featuring state-of-the-art technologies, we are well positioned to capture a significant share of the overall EV market.  Moreover, we have developed a lean and capital-efficient business model, including highly scalable, low-cost manufacturing, assembly and distribution, to support high product margins. We plan to provide more detailed business updates in the weeks ahead, including an investor webinar, in which we plan to discuss our plans for accelerated commercialization.”

Peter Bilitsch, former CEO of Mobiv and new director of the Company, stated, “We are honored to complete the merger, with SRIVARU, having received overwhelming support from the shareholders of both companies.  I could not imagine anyone more qualified and capable to assume the helm of the combined companies than Mohan Ramasamy, given his proven industry leadership and technical prowess.  This transaction marks a major milestone within the EV industry, as SRIVARU becomes the first India-based, U.S.-listed electric motorcycle company.”

SRIVARU provides affordable premium electric two-wheeled vehicles that provide an exceptional riding experience

About SRIVARU Holding Ltd.

SRIVARU is the parent company of SRIVARU Motor Private Ltd., a commercial-stage provider of premium e-motorbikes in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders.  SRIVARU provides affordable premium electric two-wheeled vehicles (“E2W”) that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets.  The company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system.  In addition, SRIVARU offers customers a superior total cost of ownership, compared to traditional internal combustion engine motorcycles and E2W vehicle competitors.  Additional information about the company is available at: http://www.srivarumotors.com/.

Forward Looking Statements

This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, including whether the business combination will generate returns for stockholders or shareholders, respectively. These forward-looking statements are based on SRIVARU’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others following the closing of the business combination; (b) SRIVARU’s ability to continue to meet the Nasdaq’s listing standards following the consummation of the business combination; (c) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (d) continued costs related to the business combination; (e) changes in applicable laws or regulations; (f) consumers’ willingness to adopt electric vehicles and electric motorcycles in particular; (g) the possibility that SRIVARU may be adversely affected by other economic, business and/or competitive factors, geopolitical conflicts, the effects of inflation and potential recessionary conditions; (h) SRIVARU’s execution of anticipated operational efficiency initiatives, including low-cost manufacturing and distribution, and financing arrangements; and (h) other risks and uncertainties indicated from time to time in the final prospectus of Mobiv, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by SRIVARU. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. SRIVARU does not give any assurance that it will achieve its expectations.