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.
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...