M&A - Yotta Acquisition Corp

Form Type: 10-K

Filing Date: 2025-03-31

Corporate Action: Merger

Type: Update

Accession Number: 000182912625002220

Filing Summary: Yotta Acquisition Corporation is a blank check company formed to enter into a merger or similar business combination. As of March 31, 2025, there are 3,682,604 shares of common stock outstanding. On August 20, 2024, Yotta entered into a Merger Agreement with DRIVEiT Financial Auto Group, Inc. This agreement stipulates that Yotta will merge with DRIVEiT, resulting in DRIVEiT being the surviving entity, and Yotta will be renamed to DRIVEiT Financial Auto Group, Inc. The total merger consideration amounts to $100 million, which will be issued in shares of Yotta common stock valued at $10 per share. Key approvals from both Yotta and DRIVEiT stockholders are required for the Business Combination. Furthermore, there were compliance issues with Nasdaq listing rules regarding the market value of listed securities, prompting Yotta to seek a transfer to the Nasdaq Capital Market and to agree to various timelines for compliance. Notably, stockholders tendered a significant number of shares for redemption during special meetings in 2023 for extensions of the business combination deadline. The Merger Agreement underwent an amendment on October 30, 2024, affecting certain financial aspects and obligations related to the merger.