Aiways Europe and Hudson Acquisition I Corp. Announce Major European Expansion
Deal News | Nov 22, 2024 | Globenewswire
Hudson Acquisition I Corp. has signed a definitive Business Combination Agreement with Aiways Automobile Europe GmbH, an electric vehicle company focusing on battery electric vehicles in the European market. This transaction involves EuroEV Holdings Limited, a newly formed holding company, which will acquire the outstanding shares of both companies and become listed on the Nasdaq Stock Market. Aiways Europe, headquartered in Munich, Germany, has sold around 6,000 electrical vehicles since 2020 and aims to start local production in Europe by 2025. The Business Combination, pegged at a $410 million pre-combination equity valuation for Aiways Europe, is expected to enhance the company's market position in Europe while offering new financial opportunities via the Nasdaq listing. The strategic partnership and listing in the U.S. aim to align with Aiways Europe's expansion strategies. The signing is approved by the boards of Aiways Europe and HUDA, yet pending approval from shareholders and regulatory conditions. Legal advisory is provided by Ellenoff Grossman & Schole LLP and Feinstein Law.
Sectors
- Electric Vehicles
- Investment
- Automobile Manufacturing
Geography
- Germany – Aiways Europe is headquartered in Munich, Germany, and the article focuses on its business activities in the European market.
- United States – Hudson Acquisition I Corp. is a U.S.-based company and the article discusses the planned listing on the Nasdaq Stock Market, a U.S. exchange.
- British Virgin Islands – EuroEV, the newly formed holding company for the transaction, is incorporated in the British Virgin Islands.
Industry
- Electric Vehicles – The article discusses a business combination between Aiways Europe, which focuses on electric vehicles (EVs) and related solutions, highlighting advancements in battery electric vehicles (BEV) in the European market.
- Investment – The involvement of Hudson Acquisition I Corp., a blank check company, indicates this is related to investment activities, specifically a significant business combination with Aiways Europe.
- Automobile Manufacturing – Aiways Europe's activities in the development, sale, and servicing of vehicles tie the article to the broader automobile manufacturing sector.
Financials
- 410 million USD – Pre-combination equity valuation of Aiways Europe.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hudson Acquisition I Corp. | Bidding Company | Company | A Delaware corporation serving as a blank check company aiming to combine with Aiways Europe. |
| Aiways Europe | Target Company | Company | An electric vehicle company focused on developing and selling BEVs in the European market. |
| EuroEV | New Holding Company | Company | A newly formed British Virgin Islands holding company that will acquire shares of HUDA and Aiways Europe. |
| Dr. Alexander KloseMozer | CEO of Aiways Europe | Person | Anticipated to lead EuroEV post-Business Combination. |
| Ellenoff Grossman & Schole LLP | Legal Advisor to Aiways Europe | Company | Serves as U.S. legal advisor to Aiways Europe in the Business Combination. |
| Feinstein Law | Legal Advisor to HUDA | Company | Acts as the U.S. legal advisor to Hudson Acquisition I Corp. |