SRIVARU Holding (SVMH) Prices 106.25M Unit Offering at $0.064/unit

SRIVARU Holding Limited (Nasdaq: SVMH, SVMHW) today announced the pricing of its public offering of 106,250,000 units at a public offering price of $0.064 per unit. Each unit consists of one ordinary share and one warrant to purchase one ordinary share, which can be exercisable for two ordinary shares pursuant to an alternative cashless exercise provision. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 15,937,500 ordinary shares and 15,937,500 warrants to cover over-allotments at the public offering price, less the underwriting discount. The common warrants will be exercisable on the date of shareholder approval at a price of $0.096 per share and will expire five years from the date of shareholder approval. The ordinary shares and accompanying warrants can only be purchased together in this public offering, but will be issued separately and will be immediately separable upon issuance. Gross proceeds to the Company, before deducting underwriting commissions and other offering expenses, are expected to be $6.8 million. The offering is expected to close on October 31, 2024, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as sole book-running manager in connection with the offering.

A registration statement on Form F-1 (File No. 333-282429) was filed with the U.S. Securities and Exchange Commission (“SEC”), and was declared effective by the SEC on October 29, 2024. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. The offering is being made only by means of a prospectus forming part of the effective registration statement. Electronic copies of the prospectus relating to this Offering, when available, may also be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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