Hudson Acquisition I Corp. Merges with Aiways Europe for Nasdaq Debut
Deal News | Nov 22, 2024 | EIN
Hudson Acquisition I Corp., a blank check company, and Aiways Automobile Europe GmbH, a Munich-based electric vehicle company, have signed a definitive Business Combination Agreement, which upon completion will see their shares acquired by EUROEV Holdings Limited, a new British Virgin Islands entity. This agreement will lead to these shares being listed on the Nasdaq Stock Market. The transaction values Aiways Europe at $410 million. Aiways Europe, known for its efficiency and market-specific innovations, has sold approximately 6,000 vehicles since 2020. The company plans to localize production in Europe by 2025 and widen its product portfolio through new supply contracts. Dr. Alexander KloseMozer, CEO of Aiways Europe, emphasizes the growth potential in the European BEV market, characterizing the merger and upcoming Nasdaq listing as strategic for global expansion. Legal advisors for the transaction include Ellenoff Grossman & Schole LLP and Feinstein Law. The deal awaits regulatory approvals and shareholder votes.
Sectors
- Automotive Industry
- Financial Services
Geography
- Germany – Aiways Europe is headquartered in Munich, making this region central to their operations.
- United States – The transaction involves Nasdaq listing and regulatory filings with the SEC situated in the U.S.
Industry
- Automotive Industry – Involves companies in design, development, manufacturing, marketing, and selling of motor vehicles. Relevant due to Aiways Europe's focus on battery electric vehicles.
- Financial Services – Pertains to the management of money and includes activity related to investments, mergers, and acquisitions. Relevant due to Hudson Acquisition I Corp.'s role as a blank check company facilitating the business combination.
Financials
- $410 million – Pre-combination equity valuation for Aiways Europe.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hudson Acquisition I Corp. | Bidding Company | Company | A Delaware-based blank check company facilitating mergers and acquisitions. |
| Aiways Automobile Europe GmbH | Target Company | Company | A company focused on the development and sale of electric vehicles in Europe. |
| EUROEV Holdings Limited | Holding Company | Company | A British Virgin Islands entity created to hold and list the shares of HUDA and Aiways Europe post-merger. |
| Ellenoff Grossman & Schole LLP | Legal Advisor | Company | Serving as U.S. legal advisor to Aiways Europe. |
| Feinstein Law | Legal Advisor | Company | Serving as U.S. legal advisor to HUDA. |
| Dr. Alexander KloseMozer | CEO | Person | CEO of Aiways Europe and anticipated leader of EuroEV post-transaction. |