Isdera Group Enters Merger with UY Scuti Acquisition Corp

Isdera Group, a Cayman Islands company, has entered into a merger agreement with UY Scuti Acquisition Corp. to combine with Xinghui Automotive Technology, a Chinese automobile designer. The merged entity will become the parent company of Xinghui Automotive Technology. The transaction is expected to be completed once all regulatory approvals are obtained.

Isdera Group Limited, a Cayman Islands company, has entered into a merger agreement with UY Scuti Acquisition Corp. (UYSC) to combine with Xinghui Automotive Technology, a Chinese automobile designer. The merged entity will become the parent company of Xinghui Automotive Technology. The transaction is expected to be completed once all regulatory approvals are obtained.

Under the terms of the merger agreement, UYSC will merge with and into its wholly-owned subsidiary, Isdera Inc, which will become a publicly listed entity on the Nasdaq Capital Market. Concurrently, Isdera Technology Limited, a wholly-owned subsidiary of Isdera Inc, will merge with Isdera Group Limited, resulting in Isdera Group becoming a wholly-owned subsidiary of Isdera Inc. Upon closing of the transaction, Isdera Group Limited's shareholders will receive ordinary shares of Isdera Inc [1].

The merger agreement was unanimously approved by both UYSC and Isdera Group Limited's board of directors and is subject to regulatory approvals, shareholder approvals, and satisfaction of customary closing conditions. The combined company expects to be listed on the Nasdaq under a new ticker symbol [1].

Isdera Group is an industrial automotive enterprise with global ambitions, headquartered in China and backed by robust design and research and development (R&D) capabilities. The company entered the ultra-luxury supercar industry by acquiring the iconic German marque ISDERA, known for its legacy of handcrafted performance vehicles. Under Isdera Group's stewardship, ISDERA is undergoing a strategic transformation to revitalize the brand by expanding into both combustion-engine and electric supercar segments, supported by in-house R&D centers [1].

UY Scuti Acquisition Corp. is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The merger agreement is expected to be completed once all regulatory approvals are obtained [1].

References:
[1] https://www.prnewswire.com/news-releases/isdera-group-limited-announces-entering-into-a-merger-agreement-with-uy-scuti-acquisition-corp-302509874.html