Keyarch Acquisition and ZOOZ Power announced the closing of their business combination. Keyarch shareholders approved the merger March 27 and ZOOZ shareholders voted in favor of the deal in meetings held on March 21 and March 27.
Zooz is a provider of flywheel-based power boosting solutions for the EV charging infrastructure market.
There was a minimum $10 million cash consideration to close. Keyarch had secured a $13 million PIPE and this funding was consummated together with the closing of the merger.
Israel-based ZOOZ is dual-listed for trading on the Nasdaq and on the Tel-Aviv Stock Exchange. ZOOZ’s ordinary shares and public warrants began trading today on the Nasdaq under the ticker symbols ZOOZ and ZOOZW. Read more.
