Yotta Acquisition Corporation (NASDAQ: YOTA) has entered into a definitive merger agreement with DRIVEiT Financial Auto Group, Inc., a leading operator of electric vehicle superstores. The merger, announced on August 21, 2024, is set to result in the combined entity retaining the DRIVEiT name and remaining public on the Nasdaq Stock Exchange. Both firms’ boards have approved the merger, and upon completion, DRIVEiT’s executive team will lead the combined entity. Yotta CEO Hui Chen lauded the merger as a value-creating move for investors, driven by DRIVEiT’s innovative approach to the EV market. The merger is expected to close in the first half of 2025, subject to regulatory and shareholder approvals.
Electric Vehicles, Special Purpose Acquisition Companies (SPACs),United States
https://www.globenewswire.com/news-release/2024/08/22/2933918/0/en/Yotta-Acquisition-Corporation-Announces-Entering-into-a-Merger-Agreement-with-DRIVEiT-Financial-Auto-Group-Inc-an-Operator-of-Electric-Vehicle-Superstores.html