Breaking news has emerged from New York, as Hudson Acquisition l Corp., a SPAC company listed on NASDAQ, has announced a major business merger with Aiways Automobile Europe GmbH. This partnership will bring electric vehicles to the European market, with a focus on Germany. Aiways has already established its European headquarters in Germany, setting the stage for a successful sales strategy in the region.
Shareholders of Aiways Automotive Europe will receive newly issued common stock from Hudson Acquisition l Corp., with an equity valuation of approximately $400 million. The completion of this transaction is anticipated by December 31, 2024. SPAC, or Special Purpose Acquisition Company, is a vehicle created for the purpose of merging with a target company within a set timeframe to facilitate the target company’s listing. This model offers a faster route to going public with lower costs and a simplified process compared to traditional IPOs.
Reflecting on Aiways Automobile’s previous attempts at an IPO, the company initially aimed to go public through a traditional IPO on the Science and Technology Innovation Board. However, subsequent challenges led to unsuccessful listings both in China and the United States.
In a new development in 2022, Aiways Automobile announced plans to go public through a reverse merger with the US stock education and training company China Liberal (CLEU). Despite initial optimism, the plan faced setbacks as the company encountered financial difficulties and changes in executive leadership. Negative reports of delayed payments and financial crisis have plagued Aiways Automobile in recent years.
