Hudson Acquisition I Corp. and Aiways Automobile Europe GmbH Enter into Letter Agreement for Business Combination
May 14 2024 - 7:00PM
Hudson Acquisition I Corp. (NASDAQ: “
HUDA”) today announced
it has signed a letter agreement with Aiways Automobile Europe GmbH
(“
Aiways Europe”) for a business combination (the
“
de-SPAC”). The shareholders of Aiways Europe will receive
newly issued shares of HUDA common stock in an aggregate amount
representing an equity valuation of approximately US$400 million.
The de-SPAC is expected to close on or around December 31, 2024.
At the consummation of the de-SPAC, HUDA’s shareholders will become
minority and non-controlling shareholders in the combined
entity.
This business combination marks a significant milestone in
establishing a robust and enduring presence in Europe. The
integration with HUDA will equip Aiways Europe with efficient
access to growth capital, close alignment with European design
concepts, and the strong commitment of a revered management team of
industry leaders.
“Aiways Europe and its affiliates always seek to build on our
core strengths for improvement in shareholder value. This merger
with HUDA is another step forward in that direction, and we are
very pleased to continue to deliver to our shareholders,” said
Alexander Carsten Klose, Managing Director of Aiways Europe. “The
new entity will be strategically positioned to capitalize on our
vision and resources in the European EV market.”
Warren Wang, CEO of HUDA, commented on the business combination,
"Partnering with Aiways Europe represents a pivotal development in
our strategic initiatives, and we are excited about the de-SPAC
transaction. The exceptional leadership and depth of experience
within the Aiways Europe team are unmatched in the competitive
landscape.” And he continued, “We are all committed to closing the
de-SPAC soon."
About Aiways Automobile Europe GmbH (“Aiways Europe”)
Aiways Europe is an innovative and asset-light automotive
company that offers electric vehicles specifically customized for
the demand of the European markets. Aiways Europe is well
recognized in Europe and Israel with two European product
definition models, both certified by the Whole Vehicle Type-
Approval System (WVTA). With seamless switching across various
scenarios and platforms. Aiways Europe sells products across 20
countries and regions via its omni-channel go-to-market
strategy.
About Hudson Acquisition I Corp. (“HUDA”)
Hudson Acquisition I Corp. is a Delaware corporation
incorporated as a blank check company for the purpose of entering a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses or entities. The Company’s efforts to identify a
prospective target business will not be limited to a particular
industry or geographic region.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward- looking statements are
statements that are not historical facts. Such forward-looking
statements, including the search for an initial business
combination, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
No assurance can be given that the net proceeds of the offering
will be used as indicated. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement for the offering filed with
the SEC. Copies are available on the SEC’s website, www.sec.gov.
The Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based, except
as may be required by law.
Investor and Media Contact:
International Elite Capital Inc.Annabelle ZhangTelephone:
+1(646) 866-7989Email: annabelle@iecapitalusa.com
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