About Malacca Straits Acquisition
Malacca Straits Acquisition (NASDAQ: MLACU) is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
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Latest Malacca Straits Acquisition News
Sep 26, 2022
SimonSkafar 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.” Recommended For You
Malacca Straits Acquisition Frequently Asked Questions (FAQ)
When was Malacca Straits Acquisition founded?
Malacca Straits Acquisition was founded in 2020.
Where is Malacca Straits Acquisition's headquarters?
Malacca Straits Acquisition's headquarters is located at Wickham Cay II Road Town, Tortola.
What is Malacca Straits Acquisition's latest funding round?
Malacca Straits Acquisition's latest funding round is IPO.
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