CIIG Capital Partners II in an 8-K said its shareholders vote in favor of combining with electric motorcycle maker Zapp. The vote had been delayed for two days.
As announced in November, the combined company would have an estimated fully-diluted post-transaction enterprise value of $573 million, consisting of an estimated equity value of $852 million, $274 million in new cash to the balance sheet and $5 million in existing cash. The financials assumed zero redemptions. The SPAc did not mention redemptions, if any, in the regulatory filing.
Once the deal closes, the combined company is expected to list on the Nasdaq under the ticker symbol ZAPP.
London-based Zapp will manufacture its electric motorbikes in Thailand.
Cash proceeds on the transaction will consist of CIIG II’s approximately $294 million in trust, net of any redemptions. There is no minimum cash condition to close.
Zapp has a limited operating history and has not yet released a commercially available electric vehicle, according to the filing. Read more.
