- SPAC Malacca Straits Acquisition Company ( NASDAQ: MLAC ) announced Monday it has signed a business combination deal with Los Angeles-based electric vehicle maker INDIEV.
- Founded in 2017, INDIEV is a developer of a smart electric car-INDI One- with the sector’s first vehicle integrated computer.
- The merger comes at INDIEV's valuation of $600M to receive shares in Malacca beside the holders given an eligibility to earn up to an additional performance based 20M shares, worth ~$200M at MLACU's current stock price of $10.20.
- In addition, INDIEV founder and chief executive officer Hai Shi has signed a subscription agreement to purchase worth $15M shares in Malacca priced at $10 each.
- The company said closing of this PIPE transaction and merger agreement is expected in Q1 2023.
- "We are impressed not only with INDI’s unique automotive designs and its vision, but with the level of development that they have achieved and the efficiency with which they have deployed capital," commented Malacca CEO Gordon Lo. "We see this acquisition as a significant value driver for our shareholders."
- Upon completion, Malacca will be rebranded and operate as “INDI Electric Vehicles Inc.” and is expected to list on Nasdaq under the ticker symbol “INEV.”
For further details see:
Malacca Straits Acquisition to acquire EV company INDIEV at $600M valuation