CIIG Capital Partners II (NASDAQ:CIIG) announced this afternoon that it has completed its business combination with EV motorcycle company Zapp.
The SPAC’s shareholders already approved of the deal at a meeting held on April 14, but did not provide further information on the closing of the transaction at that time.
Since the shareholder meeting, CIIG has been able secure a forward-purchase agreement for up to 10,000,000 shares. The entities ACM ARRT I and CFPA Holdings LLC-Zapp RS will be prepaid for their purchases from CIIG II’s trust at the redemption rate per share minus $2 million. These investors will then reimburse the combined company as it sells these shares on the open market in increments of at least $1 million.
CIIG II still has not yet released information on its redemptions in connection with its vote, but the transaction also did not include a minimum cash condition.
The combined company will now commence trading of its ordinary shares and warrants on the Nasdaq under the ticker symbols “ZAPP” and “ZAPPW”, respectively, on May 1.
CIIG II initially announced the $573 million business combination with Zapp in November 2022. London-based Zapp aims to redefine the electric two-wheeler segment through its i300 bike.
- SPAC Advisory Partners, a division of Kingswood Capital Partners, is serving as exclusive financial advisor to Zapp Electric Vehicles.
- Latham & Watkins LLP is serving as legal advisor to Zapp Electric Vehicles.
- Weil Gotshal & Manges LLP, and Orrick, Herrington & Sutcliffe LLP are serving as legal advisors to CIIG Capital Partners II.
- Gateway Group is serving as Global Investor Relations Advisor and Media Relations for North America.
- Influence Mobility is serving as Global Media Relations for Zapp Electric Vehicles.
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