Zapp EV Secures Commitment of up to $10 million to Start Production and Commercial Rollout of the i300 Electric Urban Motorcycle
13 2월 2024 - 10:05PM
Zapp Electric Vehicles Group Limited (Nasdaq: ZAPP) (“Zapp EV” or
the “Company”), owner of “Zapp”, the British electric vehicle brand
on a mission to revolutionise personal urban mobility, today
announced it has entered into a standby equity purchase agreement
(the “SEPA”) with an affiliate of Yorkville Advisors Global, LP
(the “Investor”). Zapp EV will use proceeds from the transaction
primarily to start the production and commercial rollout of the
i300, the brand’s high-performance electric urban motorcycle. The
Company anticipates making initial deliveries of the i300 in Europe
in the months ahead, followed by commercial launch of the i300 in
Asian markets in late 2024.
Per the SEPA, the Investor has agreed to advance
$1.5 million to Zapp in two tranches once conditions precedent have
been met, including the filing of the Company’s Annual Report on
Form 20-F for the fiscal year ended September 30, 2023 and the
filing and effectiveness of an SEC registration statement
registering the resale of shares issuable under the SEPA.
Thereafter, 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 a further $8.5
million worth of its ordinary shares, based on the Company’s
funding requirements and evolving share price during the three-year
period following effectiveness of an applicable SEC registration
statement.
Swin Chatsuwan, Founder and Chief
Executive Officer of Zapp EV, said: “Our design and
engineering teams have delivered an exceptional product. With this
vote of confidence from a renowned investor, we have the financial
resources for the expected rollout of i300s this year.”
Chatsuwan continued: “Consumer appeal is a key
differentiator in this space, and we think the i300’s eight-time
award winning design, high-performance specifications, and
sustainability, all at an affordable price, give Zapp the key
ingredients for success. We aim to achieve a positive gross margin
from the start of an anticipated ramp-up in customer deliveries.
Zapp needs very little capital by industry standards to achieve our
goals due to our balance sheet light business model leveraging
contract manufacturing. We look forward to the first i300
deliveries in Europe, receipt of European Community Whole Vehicle
Type Approval now that all requisite vehicle tests have been
successfully completed, and capitalising on this progress to
expedite our commercial rollout across key Asian markets.”
The Company anticipates that sales of electric
two-wheelers will grow significantly in most parts of the world in
the years ahead, especially in emerging markets. Among other key
competitive advantages and product differentiation, Zapp’s i300
rollout will not be impeded by investments in dedicated charging
infrastructure since its two lightweight portable batteries can be
taken indoors and charged at any wall socket. The Company believes
that, after starting production, its asset-light business model,
employing contract manufacturing in tandem with receivables
financing arrangements through the Export Import Bank of Thailand,
will enable the rapid scaling up of its business.
About Zapp EV
Zapp EV (Nasdaq: ZAPP) and its operating
subsidiaries are run by a team of experts from the mobility
industry, on a mission to redefine the electric two-wheeler
segment. Zapp's debut product, the i300, is an urban electric
high-performance two-wheeler capable of traditional motorcycle
levels of performance in a step-through format, combining ease of
use with exhilaration and fun. The i300 is the first in a suite of
high-performance electric two-wheelers that Zapp plans to bring to
market. Zapp will offer a high-quality direct-to-customer
experience known as DSDTC (drop-ship-direct-to-customer). Customers
ordering the i300 online will have their bikes conveniently
delivered to their home by authorised “Zappers,” who will provide
at-home inspection, service and support throughout the vehicle
ownership lifecycle. Zapp is a registered trademark of Zapp
Electric Vehicles Limited in the United Kingdom and other
countries. For more information, visit www.zappev.com.
Zapp Investor Relations Contact:
Mark KobalHead of Investor Relationsir@zappev.com
Zapp Media Relations Contact:pr@zappev.com
No Offer or Solicitation
This press release is for informational purposes
only and does not constitute an offer to sell, a solicitation of an
offer to buy, or a recommendation to purchase any security of Zapp
EV or any of its respective affiliates. No such offering of
securities shall be made except by means of a prospectus meeting
the requirements of section 10 of the Securities Act, or an
exemption therefrom. The contents of this press release have not
been reviewed by any regulatory authority in any jurisdiction.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended (or the “Exchange
Act”). These forward-looking statements generally are identified by
the words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “budget,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are not historical facts but rather are predictions, projections
and other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events
and results to differ materially from those expressed or implied by
the forward-looking statements in this document, including but not
limited to various general and specific risks and uncertainties
associated with the Company's business and finances in general.
Readers should review and carefully consider the
risks and uncertainties described in the “Risk Factors” section of
the prospectus forming part of Zapp EV's registration statement on
SEC Form F-4, as amended (File No. 333-268857), which is
incorporated herein by reference, and other documents the Company
files with or furnishes to the U.S. Securities and Exchange
Commission from time to time. These filings identify and address
important risks and uncertainties that could cause actual events
and results to differ materially from those expressed or implied by
the forward-looking statements herein. The forward-looking
statements herein represent the Company’s views as of the date of
this document. Subsequent events and developments may cause these
views to change. Readers are cautioned not to place undue reliance
on the forward-looking statements herein, all of which are
qualified by the foregoing cautionary statements. Except as
required by applicable law, Zapp assumes no obligation and does not
intend to update or revise the forward-looking statements herein,
whether as a result of new information, future events, or
otherwise. Zapp does not give any assurance that it will achieve
its expectations. The inclusion of any statement in this document
does not constitute an admission by Zapp or any other person that
the events or circumstances described in any such statements are
material.
Zapp Electric Vehicles (NASDAQ:ZAPP)
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부터 11월(11) 2024 으로 12월(12) 2024
Zapp Electric Vehicles (NASDAQ:ZAPP)
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부터 12월(12) 2023 으로 12월(12) 2024