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Hudson Acquisition I Corp. Announces Signing of Definitive Business Combination Agreement With Aiways Europe, an Electrical Vehicle Company Focused on the Development, Sales and Consumer Solutions Supporting Bevs in the European Market
New York, NY and Munich, Germany, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Hudson Acquisition I Corp. (the "Company" or "HUDA") (NASDAQ:HUDA), and Aiways Automobile Europe GmbH ("Aiways Europe") announced today that they have entered into a definitive Business Combination Agreement (the "Business Combination Agreement"), pursuant to which, upon the consummation of the transactions contemplated thereby (the "Business Combination"), EUROEV Holdings Limited, a newly formed British Virgin Islands holding company ("EuroEV"), 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 (BEV) 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 (OTA) 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.
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