05:35 AM EDT, 08/22/2024 (MT Newswires) -- Yotta Acquisition ( YOTA ) said late Wednesday that its Yotta Merger Sub subsidiary will merge with DRIVEiT Financial Auto Group in a $100 million equity deal.

Under the deal, DRIVEiT shareholders would receive 10 million shares of the new company, valued at $10 per share, in exchange for their equity securities.

After transaction costs, the combined company would use all the remaining cash for growth and general purposes, the company said.

Following the merger, expected in H1 2025, the new company will be named DriveIT Financial Auto Group and trade on Nasdaq.

The company said DRIVEiT's management team would continue to lead the combined entity.