07:09 AM EDT, 05/15/2024 (MT Newswires) -- Hudson Acquisition I Corp. ( HUDA ) said Tuesday it has signed a letter agreement for a business combination with Aiways Automobile Europe GmbH.

Under the proposed agreement, Aiways shareholders will receive newly issued Hudson common shares for a total equity value of about $400 million.

The merger is expected to close around Dec. 31, at which time Hudson shareholders will become minority and non-controlling shareholders in the combined entity, the company said.