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SRIVARU Holding Limited, symbol: SVMH, is a pioneering company in the two-wheeled vehicle (TWV) industry, focusing on developing vehicles powered by renewable energy. With a commitment to safety, performance, and comfort, SRIVARU aims to provide a secure and enjoyable riding experience to its customers.
Operating in the vehicle manufacturing segment, SRIVARU's flagship product line, the Prana, is an E2W (Electric Two-Wheeler) vehicle that is setting new standards in the category. The Prana line includes the Prana-Grand and the upcoming Prana-Elite, which will utilize the same platform but offer enhanced features and range.
SRIVARU has recently made significant strides in innovation with the introduction of the Prana 2.0 Grand and Elite models. These models feature the company's version 2.0 intelligent battery system, which extends the on-road driving range to 150km and 250km per charge, significantly surpassing the average daily commute distance by 2-4 times.
The company is actively engaged in engineering and design work, aiming to continually upgrade and enhance its product offerings. Recent developments include the establishment of a robust supply chain and the submission of vehicles for road and safety certification.
For the latest updates and more information, SRIVARU Holding Limited encourages investors and media to contact Crescendo Communications, LLC at +1-212-671-1020 or via email at ir@svmh.ai. Images and further announcements can be found at their official news sections on platforms such as GlobeNewswire.
SRIVARU Holding (Nasdaq: SVMH, SVMHW) has secured certification from India's Central Motor Vehicles Rules (CMVR) agency for its PRANA 2.0 models, including the PRANA Grand and PRANA Elite. This certification marks the final federal technical compliance needed for customer deliveries in India. The PRANA 2.0 series, designed for urban commuters and eco-conscious riders, offers a range of 250 kilometers per charge and can accelerate from 0 to 60 km/h in under 4 seconds.
The CMVR certification process involved extensive testing of battery safety, environmental impact, and vehicle performance. This achievement positions SRIVARU to capitalize on India's rapidly growing electric two-wheel vehicle market, which has seen over 23% year-over-year growth in the premium yet affordable segment. With this milestone, the company is now moving forward with full commercial operations and delivery planning.
SRIVARU Holding (Nasdaq: SVMH, SVMHW), an electric motorcycle innovator, has received approval from the Nasdaq Hearings Panel for continued listing. The decision grants SRIVARU time to regain compliance with Nasdaq's listing requirements. By November 14, 2024, the company must:
- Submit a public filing and financial statements confirming compliance with Nasdaq's shareholder equity requirements
- Provide detailed 12-month income projections with underlying assumptions
If SRIVARU demonstrates compliance with the stockholders' equity standard by the deadline, it will be granted additional time to complete a reverse share split if needed to meet the minimum bid price requirement. The company must promptly notify Nasdaq of any significant developments during this period.
SRIVARU Holding (Nasdaq: SVMH) has launched its PRANA 2.0 electric motorcycle in Chennai, India. The company aims to increase production capacity to nearly 10,000 units per month by the end of 2024 and plans to establish a pan-India sales network. India's motorcycle market is projected to grow from $25.6 billion in 2023 to $36.1 billion by 2027, with electric motorcycles expected to capture 50% market share by 2030.
PRANA 2.0 features over 100 new components, advanced technology, and innovative features. The Coimbatore facility currently produces more than 2,000 units monthly on a single production line. The motorcycle boasts a top speed of 123 kmph, four driving modes, and an integrated mobile app for real-time tracking and diagnostics.
SRIVARU Holding (Nasdaq: SVMH) is set to launch its highly anticipated electric motorcycle, PRANA 2.0, on August 22nd, 2024, in Chennai, India. The unveiling marks a significant milestone for the company, showcasing years of innovation in electric motorcycle technology. PRANA 2.0 boasts impressive features, including a 250 km range per charge and acceleration from 0 to 60 km/h in under 4 seconds, making it the fastest and most efficient electric motorcycle in its class in India.
CEO Mohanraj Ramasamy emphasized the vehicle's focus on rider experience, quality, style, and total cost of ownership. CFO Adron Leow noted that this launch initiates Phase 2 of SRIVARU's corporate strategy, aligning with the company's medium and long-term goals. The event will take place at the Radisson Blu, Chennai City Centre, at 10:00 AM IST.
SRIVARU Holding (Nasdaq: SVMH, SVMHW), a premium electric motorcycle manufacturer, has received an additional delisting notification from Nasdaq on July 30, 2024. The company failed to maintain the required minimum Market Value of Publicly Held Shares of $15,000,000 and minimum Market Value of Listed Securities of $50,000,000. This comes on top of a previous notification regarding the inability to maintain a minimum Bid Price of $1.00.
On July 31, 2024, SRIVARU submitted a request for a hearing with a Nasdaq Hearing Panel to appeal these determinations. The delisting process is now on hold, and the company's securities will continue trading on Nasdaq pending the Panel's decision. SRIVARU plans to present a comprehensive compliance plan at the hearing but acknowledges there's no guarantee of an extension or successful compliance within any granted period.
SRIVARU Holding (Nasdaq: SVMH) has announced the successful completion of commercial manufacturing and testing for its premium electric motorcycle, PRANA 2.0, now available in the Indian market. The company's first production line can produce over 2,000 units per month on a single shift, demonstrating SRIVARU's readiness to meet growing demand.
The PRANA 2.0 features state-of-the-art battery technology unparalleled in India, offering exceptional performance and sustainability. CEO Mohanraj Ramasamy expressed confidence that PRANA 2.0 will become the market leader in the two-wheeler EV segment within one to two years, highlighting SRIVARU's commitment to revolutionizing the electric vehicle industry in India.
SRIVARU Holding (Nasdaq: SVMH, SVMHW), a premium electric motorcycle manufacturer, has received a delisting notification from Nasdaq due to non-compliance with the minimum bid price requirement. The company's ordinary shares and warrants are subject to delisting from the Nasdaq Global Market, scheduled for August 2, 2024. However, SRIVARU intends to appeal this decision before a Hearings Panel, which will stay the suspension and allow continued trading pending the Panel's decision.
The company plans to present its compliance strategy to the Panel but acknowledges there's no guarantee of an extension or successful compliance. SRIVARU also anticipates receiving additional notifications regarding non-compliance with minimum Market Value of Publicly Held Shares and minimum Market Value of Listed Securities requirements.
SRIVARU (Nasdaq: SVMH) has successfully deployed advanced AI tools to manage lead generation for its PRANA 2.0 electric motorcycle. Launched on June 16, 2024, the booking platform for PRANA 2.0 has received over 2,000 daily inquiries. The AI tools streamline the lead generation process by efficiently analyzing and responding to customer inquiries, thus reducing customer acquisition costs and enhancing resource use. CEO Mohanraj Ramasamy believes this AI integration is pivotal for growth and innovation in the premium electric motorcycle sector.
SRIVARU (SVMH) announced that beginning June 16th, it will accept reservations for its PRANA 2.0 electric motorbike. The first shipments are expected in early Q3 2024. This marks a significant step towards revenue generation and market adoption. The company is progressing in road testing and safety certification, expected to complete by June end. The new manufacturing facility can produce over 2,000 bikes per month and is designed for scalable expansion. SRIVARU aims to capture the growing electric vehicle market in India, projected to reach $36 billion by 2027, with a 45-50% EV segment by 2030.
SRIVARU Holding (Nasdaq: SVMH; SVMHW), a provider of premium electric motorcycles, announced it will hold an Extraordinary General Meeting of Shareholders on June 27, 2024. The board set the record date for eligibility to vote at the meeting as June 3, 2024. Relevant materials, including a notice, proxy statement, and proxy card, are available on the company’s website.
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