Yotta Acquisition, a publicly traded special purpose acquisition company, has signed a definitive agreement to merge with electric vehicle superstore operator DRIVEiT Financial Auto Group.
DRIVEiT offers electric vehicle (EV) sales, financing, and post-purchase services including warranty, service, and parts.
As agreed, Yotta will acquire 100% of the equity securities of DRIVEiT in exchange of ten million shares of common stock of the combined company issued to DRIVEiT stockholders. The common stock would present a combined value of $100m in equity.
The deal, slated to close in the first half of 2025, is subject to approval by Yotta’s and DRIVEiT’s stockholders and customary conditions.
Once complete, the combined company will retain the name of DriveiT Financial Auto Group. The existing executive management team will also continue to lead it.
The cash, remaining in the combined company’s balance sheet following closure, will be used as working capital, growth, and other general corporate purposes.
DRIVEiT CEO Shawn Hughes said: “We are very excited about this opportunity and the future for all Yotta and DRIVEiT stockholders. DRIVEiT is an industry first innovator building an EV superstore, encompassing everything from sales, service, parts and collision repair with laser focus on a unique customer experience.
“In our partnership with Yotta, the future is now as we set the bar for retail EV car buying and ownership experience.”
Yotta CEO Hui Chen said: “After undertaking a comprehensive process with external advisors to explore and evaluate numerous potential business combination targets, our board and management team believe that this transaction with DRIVEiT represents the best opportunity to create substantial value for our stockholders.”
