SPACInsider Logo
CIIG Capital Partners II (CIIG) Adds FPA to Zapp Deal
by Nicholas Alan Clayton on 2023-04-26 at 8:44am

CIIG Capital Partners II (NASDAQ:CIIG) announced in an 8-K this morning that it has secured a forward-purchase agreement for up to 10,000,000 shares as it works to close its combination with EV motorcycle-maker Zapp.

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. Otherwise, this will be paid as the agreement matures on the third anniversary of the deal’s close.

This date will immediately be accelerated if Zapp stock trades with a VWAP at or below $1 within one year of close or $3 thereafter. The repayment will similarly be accelerated if Zapp is de-listed from the Nasdaq.

This new financing arrangement comes as CIIG II already secured shareholder approval of its $573 million combination with Zapp on April 14. CIIG II has not yet released information on its redemptions in connection with this vote, but the transaction also did not include a minimum cash condition.

London-based Zapp manufactures a line of EV motorcycles from factory space in Thailand with a current capacity of about 10,000 vehicles per year, which the company plans to expand to 100,000 in 2024.

 

Recent Posts
by Kristi Marvin on 2023-06-06 at 5:59pm

Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan.  Naturally, this can be challenging to manage. More importantly, it can very...

by Marlena Haddad on 2023-06-06 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...

by Marlena Haddad on 2023-06-06 at 10:15am

Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...

by Nicholas Alan Clayton on 2023-06-06 at 9:43am

Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...

by Nicholas Alan Clayton on 2023-06-06 at 7:23am

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved