Aiways Automobile Europe GmbH signed a letter agreement to acquire Hudson Acquisition I Corp. (NasdaqGM:HUDA) in a reverse merger transaction for $400 million on May 14, 2024. In connection with the transaction, the shareholders of Aiways Europe will receive newly issued shares of HUDA common stock in an aggregate amount representing an equity valuation of approximately $400 million.

At the consummation of the transaction, HUDA?s shareholders will become minority and non-controlling shareholders in the combined entity. Upon closing, Hudson Acquisition I Corp. shall be renamed Aiways Automobile Europe GmbH and trade on NASDAQ under a new ticker.

The closing of the transaction is subject to parties obtaining all consents and approvals from governmental authorities. The de-SPAC is expected to close on or around December 31, 2024.