Core Viewpoint - Isdera Group Limited is set to become the parent company of Xinghui Automotive Technology through a merger with UY Scuti Acquisition Corp, aiming to enhance its position in the ultra-luxury supercar market [1][2][3] Company Overview - Isdera Group is an industrial automotive enterprise headquartered in China, focusing on the ultra-luxury supercar segment by revitalizing the iconic German marque ISDERA, known for handcrafted performance vehicles [3][9] - The company is expanding into both combustion-engine and electric supercar segments, leveraging its design and R&D capabilities [3] Transaction Details - The merger involves UY Scuti Acquisition Corp merging with Isdera Inc, a new subsidiary, while Isdera Technology Limited will merge with Isdera Group, resulting in Isdera Group becoming a wholly owned subsidiary of Isdera Inc [2][4] - Upon completion, Isdera Inc will be publicly listed on Nasdaq under a new ticker symbol, with shareholders of Isdera Group receiving ordinary shares of Isdera Inc [4][5] Key Transaction Terms - The transaction has been unanimously approved by the boards of both UYSC and Isdera Group Limited, but is subject to regulatory approvals and shareholder votes [5] - Certain shareholders of Isdera Group will be subject to lock-up agreements for 180 days post-transaction [4] Advisors - Legal advisors for Isdera Group include Torres & Zheng at Law, P.C., JunHe LLP, and Harney Westwood & Riegels, while UYSC is advised by Becker & Poliakoff P.A., Beijing Dacheng (Shanghai) Law Offices, LLP, and Appleby [7]
Isdera Group Limited Announces Entering into a Merger Agreement with UY Scuti Acquisition Corp.