SRIVARU Holding Limited, a company incorporated in the Cayman Islands and listed on Nasdaq under the ticker SVMH, has announced an upcoming Extraordinary General Meeting (EGM) of shareholders to be held on June 27, 2024. The EGM will address several key resolutions, including a proposed reverse share split at a ratio of up to one-for-fifteen, an alteration of the authorized share capital, and an increase in authorized share capital subject to the reverse split's implementation. Additionally, the company seeks to amend the Securities Escrow Agreement to allow the issuance of Earnout Shares without the occurrence of Milestone Events, and to release Escrow Shares to the Earnout Group with vesting terms, reflecting additional share issuances at the Business Combination's...Show More

SRIVARU Holding Limited, a company incorporated in the Cayman Islands and listed on Nasdaq under the ticker SVMH, has announced an upcoming Extraordinary General Meeting (EGM) of shareholders to be held on June 27, 2024. The EGM will address several key resolutions, including a proposed reverse share split at a ratio of up to one-for-fifteen, an alteration of the authorized share capital, and an increase in authorized share capital subject to the reverse split's implementation. Additionally, the company seeks to amend the Securities Escrow Agreement to allow the issuance of Earnout Shares without the occurrence of Milestone Events, and to release Escrow Shares to the Earnout Group with vesting terms, reflecting additional share issuances at the Business Combination's closing. The Board also proposes the adoption of a staggered board of directors and the entry into a Committed Equity Financing Facility (CEFF) to raise up to $150,000,000 over three years. The Board recommends shareholders vote 'FOR' all eight proposals. The EGM will be conducted via conference call, with shareholders entitled to vote based on the record date of June 3, 2024.