- Hudson Acquisition I Corp (NASDAQ:HUDA) has signed a letter agreement with electric-vehicle maker Aiways Automobile Europe GmbH for a business combination, it said late on Tuesday.
- The shareholders of Aiways Europe will receive newly issued shares of HUDA common stock in an aggregate amount representing an equity valuation of approximately $400 million.
- The de-SPAC is expected to close on or around December 31, 2024.
- At the consummation of the de-SPAC, HUDA’s (HUDA) shareholders will become minority and non-controlling shareholders in the combined entity.
- The integration with HUDA is expected to equip Aiways Europe with efficient access to growth capital and close alignment with European design concepts, it said in a statement.
- “The new entity will be strategically positioned to capitalize on our vision and resources in the European EV market,” Alexander Carsten Klose, Managing Director of Aiways Europe, said.
- Aiways Europe offers electric vehicles specifically customized for the demand of the European markets, and sells products across 20 countries and regions via its omni-channel go-to-market strategy.
- Source: Press Release
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