Keyarch Acquisition in an 8-K said after closing its merger with Zooz Power the business combination agreement will now include up to an additional 4 million earnout shares in Zooz. The amended agreement removes earnout milestones for achievement of the earnout consideration relating to any revenue events.
The target is a provider of flywheel-based power boosting solutions for the EV charging infrastructure market.
The termination date is April 1, when either side can walk away from the transaction if it has not closed.
The deal was announced last July at an equity value of up to $100 million.
There is a minimum $10 million cash consideration to close.
The equity value reflects $60 million at closing and up to $40 million of additional contingent consideration through the earnout shares.
Israel-based ZOOZ (formerly known as Chakratec Ltd) was established in 2013. The company is focused on the development, manufacturing and marketing of innovative Power Boosters aimed to support ultra-fast charging of electrical vehicles.
Keyarch raised $115 million in a February 2022 IPO. Read more.
