Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP) (“Zapp EV” or the “Company”), owner of “Zapp”, the British electric vehicle brand with a mission to revolutionize personal city mobility, today announced that it has entered into a share purchase agreement (the “SEPA”) with an affiliate of Yorkville Advisors Global, LP (the “Investor”). Zapp EV will use the proceeds from the transaction primarily to begin production and commercial launch of the i300, the brand’s high-performance electric city bike. The company plans to make the first deliveries of the i300 in Europe in the coming months, followed by the commercial launch of the i300 in Asian markets at the end of 2024.
According to SEPA, the Investor has agreed to advance 1.5 million dollars to Zapp in two installments, once the conditions precedent have been met, including the filing of the Company’s Annual Report on Form 20-F for the fiscal year ending September 30, 2023 and the filing and effectiveness of an SEC registration statement registering the resale of shares issued under SEPA.
Source:Zapp Electric Vehicles
Thereafter, and subject to certain limitations, Zapp EV will have the right, but not the obligation, in its sole discretion, to issue and sell to the Investor up to an additional $8.5 million worth of its common stock, based on the Company’s financing needs and stock price performance during the three-year period following the effectiveness of an applicable SEC registration statement.
O conteúdo Zapp EV – commitment up to 10 million dollars for the production of the i300 electric model in Europe aparece primeiro em Motorcycle Sports.
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