Hudson Acquisition I signs business combination agreement with Aiways Europe
Hudson Acquisition I and Aiways Automobile Europe announced that they have entered into a definitive Business Combination Agreement, pursuant to which, upon the consummation of the transactions contemplated thereby, EUROEV Holdings Limited, a newly formed British Virgin Islands holding company, will acquire the outstanding shares of each of HUDA and Aiways Europe in exchange for newly issued shares of EuroEV, and become listed on the Nasdaq Stock Market. The transaction represents a pre-combination equity valuation of $410 million for Aiways Europe, subject to adjustment. Headquartered in Munich Germany, Aiways Europe is a company focusing on battery electrical vehicles and solutions for the European market. Aiways Europe has built an efficient distribution network, and has sold and serviced approximately 6,000 electrical vehicles in Europe since 2020. Aiways Europe's competitive advantages are characterized by product development pinpointed on European requirements, robust distribution capabilities, cost effective sourcing from its affiliate manufacturer in China, and reduced cycle time on vehicle service update through Over-The-Air capability. In addition to sourcing from its manufacturers in China, Aiways Europe has secured the ability to localize the production of Aiways vehicles in Europe beginning in 2025. In an effort to enlarge its supply base and widen its product portfolio, Aiways Europe has signed MoUs to enter into supply contracts commencing in 2025 with a manufacturer for supplying light vehicles, and with an additional manufacturer for supplying vans and related products. Aiways Europe's CEO, Dr. Alexander Klose-Mozer is anticipated to lead EuroEV after the closing of the Business Combination. The boards of directors or similar governing bodies of Aiways Europe and HUDA have approved the proposed Business Combination, subject to, among other things, approval by Aiways Europe's shareholders and HUDA's stockholders of the proposed Business Combination and satisfaction of the conditions stated in the Business Combination Agreement, including the effectiveness of the proxy statement/prospectus relating to the proposed Business Combination, the receipt of certain regulatory approvals, and approval by The Nasdaq Stock Market to list the securities of EuroEV.
