Yotta Acquisition Corporation (NASDAQ: YOTA), a publicly traded SPAC, has entered into a definitive merger agreement with DRIVEiT Financial Auto Group, Inc., a prominent operator of electric vehicle (EV) superstores. The merger, dated August 20, 2024, will result in the creation of a combined company named DriveiT Financial Auto Group, Inc., expected to trade on the Nasdaq Stock Exchange. The executive team from DRIVEiT will continue to lead the combined entity.
DRIVEiT provides a comprehensive ecosystem for EV sales, financing, and post-purchase services, aiming to establish itself as the premier EV superstore. Yotta’s CEO, Hui Chen, expressed excitement about the merger, seeing it as a strategic move to create substantial value for shareholders and support DRIVEiT’s growth. The transaction involves DRIVEiT merging with Yotta Merger Sub Inc., with DRIVEiT surviving and Yotta acquiring 100% of DRIVEiT’s equity. DRIVEiT’s stockholders will receive an aggregate of 10,000,000 shares of common stock valued at $100 million.
The merger, approved by both companies’ boards, still requires stockholder approval and customary closing conditions and is expected to be completed in the first half of 2025. Legal counsels including Celine & Partners PLLC and Loeb and Loeb LLP, along with capital market advisor EarlyBirdCapital Inc., are assisting with the transaction.
Electric Vehicles, Special Purpose Acquisition Companies (SPACs), Automotive Retail,United States
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