Indiev, Inc. entered into a definitive merger agreement to acquire Malacca Straits Acquisition Company Limited (NasdaqCM:MLAC) from Malacca Straits Management Company Limited and others for approximately $810 million in a reverse merger transaction on September 26, 2022. As per the terms of the transaction, the holders of the outstanding INDIEV shares will receive shares in Malacca valued at $600 million (subject to adjustments). In addition, the holders of INDIEV shares will be eligible to earn up to an additional 20,000,000 shares (approximately $200 million at current prices) on the achievement of performance milestones. Concurrently with the signing of the agreement, Hai Shi, founder and Chief Executive Officer of INDIEV has signed a subscription agreement to purchase $15 million of shares in Malacca at a price of $10.00 per share (the “PIPE Transaction”). Malacca to domesticate from the Cayman Islands to a Delaware corporation prior to the closing. Malacca will be rebranded and operate as “INDI Electric Vehicles Inc.” and is expected to list on Nasdaq under the ticker symbol “INEV.” INDIEV's executive officers, including Hai Shi, will lead the combined company. Prior to closing INDIEV is expected to appoint a board of directors of five individuals, which will meet all corporate governance requirements for continued listing on the Nasdaq Capital Market, including a majority of independent directors.

The transaction is subject to customary closing conditions, including receipt of all regulatory approvals, approval of the proposed merger by INDIEV and Malacca's shareholders, completion of any antitrust expiration periods, satisfaction of the $5,000,001 minimum net tangible asset test by Malacca, Registration Statement having been declared effective by the SEC, directors and officers of shall have delivered letters of resignations, ancillary documents, and approval for listing of the combined company's shares on the Nasdaq Capital Market. The Boards of Directors of both INDIEV and Malacca have unanimously approved the proposed merger. The shareholders meeting of Malacca is scheduled on October 12, 2022 for the purpose of extending the date by which Malacca must consummate an initial business combination from October 17, 2022 to July 17, 2023. Malacca and Indiev have entered into Voting Agreements with certain stockholders to vote in favor of the transaction. The transaction is expected to close in the first quarter of 2023. James A. Mercer of Sheppard Mullin Richter & Hampton, LLP served as legal advisors to INDIEV. Matthew A. Gray and Stuart Neuhauser of Ellenoff Grossman & Schole LLP served as legal advisors to Malacca Straits Acquisition and Malacca Straits Management. Maples Group acted as Cayman Islands counsel to Malacca Straits Acquisition. Continental Stock Transfer & Trust Company acted as transfer agent, Advantage Proxy, Inc. acted as proxy solicitor, Marshall & Stevens Incorporated acted as fairness opinion provider, FTI Consulting, Inc. (NYSE:FCN) and Ellenoff Grossman & Schole LLP acted as due diligence provider for Malacca Straits Acquisition.