Zapp EV Secures Commitment of up to $10 million to Start Production and Commercial Rollout of the i300 Electric Urban Motorcycle
Zapp Electric Vehicles Group Limited (ZAPP)
Company Research
Source: GlobeNewswire
LONDON, Feb. 13, 2024 (GLOBE NEWSWIRE) -- 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
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