Following shareholder approval of its merger with Zapp, CIIG Capital Partners II in an 8-K said it has secured a forward purchase agreement for up to 10 million shares as part of its effort to close the deal.
ACM ARRT I and CFPA Holdings LLC-Zapp RS will be prepaid for their stock from the SPAC’s trust at the per-share redemption rate minus $2 million, according to the filing.
CIIG II shatreholders voted in favor of the deal April 14.
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.
Zapp has a limited operating history and has not yet released a commercially available electric vehicle. Read more.
