DEVELOPER OF INDI ONE ELECTRIC VEHICLE PLANS TO GO PUBLIC ON NASDAQ CAPITAL MARKET
INDIEV was founded in 2017 on the idea that the future of personal mobility will no longer be defined solely by horsepower or top speed, but rather from the connectivity, customizability, and processing power offered to drivers and passengers. Currently, the gap between the level of computing power available to individuals on their phones and at home compared to their personal vehicles is astronomical.
Under the terms of the merger agreement, INDIEV will merge with a wholly-owned subsidiary of Malacca and the holders of the outstanding INDIEV shares will receive shares in Malacca valued at
Concurrently with the signing of the Merger Agreement, Mr.
“This transaction marks a significant milestone for INDI, expanding financial and strategic opportunities as we transition from design to manufacturing of our INDI One,” said Mr.
“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,” said Mr.
INDIEV’s executive officers, including
The Boards of Directors of both INDIEV and Malacca have unanimously approved the proposed merger, which is subject to customary closing conditions, including receipt of all regulatory approvals, approval of the proposed merger by INDIEV and Malacca’s shareholders, and approval for listing of the combined company’s shares on the Nasdaq Capital Market.
The closing under the merger agreement and the PIPE transaction is anticipated to occur in the first quarter of 2023, with Malacca to domesticate from the
Additional information about the transaction will be provided in a Current Report on Form 8-K to be filed by Malacca with the
About INDIEV
INDIEV is the future of smart mobility. Created in
Based in
To find out more about INDIEV, please visit http://www.INDIEV.com.
About Malacca
Malacca, incorporated as a
Additional Information and Where to Find It
This press release is provided for informational purposes only and contains information with respect to a proposed business combination (the “Proposed Business Combination”) among Malacca and INDIEV. In connection with the Proposed Business Combination, Malacca intends to file a registration statement on Form S-4 with the
Participants in the Solicitation
This press release is not a solicitation of a proxy from any investor or securityholder. Malacca, INDIEV and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Malacca’s shareholders in connection with the Proposed Business Combination. Malacca’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Malacca in Malacca’s Form 10-K, filed with the
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Business Combination and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of 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. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Malacca’s and INDIEV’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. No representations or warranties, express or implied are given in, or in respect of, this press release. When we use words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.
These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of the parties to complete the transactions contemplated by the Proposed Business Combination in a timely manner or at all; the risk that the Proposed Business Combination or other business combination may not be completed by Malacca’s business combination deadline and the potential failure to obtain an extension of the business combination deadline; the outcome of any legal proceedings that may be instituted against Malacca, INDIEV or others following the announcement of the Proposed Business Combination and any definitive agreements with respect thereto; the inability to satisfy the conditions to the consummation of the Proposed Business Combination, including the approval of the Proposed Business Combination by the shareholders of Malacca; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the Proposed Business Combination; the ability to meet stock exchange listing standards following the consummation of the Proposed Business Combination; the effect of the announcement or pendency of the Proposed Business Combination on INDIEV’s business relationships, operating results, current plans and operations of INDIEV; the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of INDIEV to grow and manage growth profitably; the possibility that INDIEV may be adversely affected by other economic, business, and/or competitive factors ; INDIEV’s estimates of expenses and profitability; expectations with respect to future operating and financial performance and growth, including the timing of the completion of the Proposed Business Combination; INDIEV’s ability to execute on their business plans and strategy; and other risks and uncertainties described from time to time in filings with the
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Registration Statement referenced above and other documents filed by Malacca from time to time with the
CONTACTS:
For
VP Administration
310.598.5448
frankmodiri@indiev.com
Corporate Communications
310.598.5448
Contact@indiev.com
Investor Relations
310.598.5448
Invest@indiev.com
For
Telephone No.: +852 21060888
Email: gordon@malaccastraits.net; stanley@malaccastraits.net
For
Telephone No.: +852 21060888
Email: ivanwong.kl@gmail.com
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