SOL Global Announces Portfolio Company Andretti Acquisition to Enter into Business Combination with Zapata AI
- Business combination agreement between Andretti Acquisition and Zapata AI with an expected pro forma equity value of $281-365 million.
- Proposed merger between Tevva Motors and ElectraMeccanica to accelerate Tevva's growth in the UK, Europe, and U.S. market.
- None.
SOL Global 2023 Q2 NAV per share was equal to
Toronto, Ontario--(Newsfile Corp. - September 6, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) ("SOL Global" or the "Company") (Frankfurt: 9SB), a global asset manager, announced that portfolio company Andretti Acquisition Corp. (NYSE: WNNR), ("Andretti Acquisition"), a publicly traded special purpose acquisition company, has entered into a definitive business combination agreement with Zapata Computing, Inc. ("Zapata AI") which will result in Zapata AI becoming a U.S. publicly listed company (the "Business Combination").
SOL Global, a founding investor in Andretti Acquisition, invested US
Andretti Acquisition and Zapata AI have jointly announced the Business Combination today. Zapata AI is an industrial generative AI software company using advanced algorithms that leverage quantum techniques and have the potential to revolutionize existing AI solutions. Zapata AI currently has a commercial partnership with Andretti Autosport, in which Zapata AI's Orquestra® platform provides the Andretti INDYCAR® team with real-time analytics to inform race strategy and deliver performance edges.
The pro forma equity value of the combined company (inclusive of the remaining cash in trust at Andretti Acquisition after redemptions) is expected to be between
Portfolio Company Tevva to Complete Business Combination with ElectraMeccanica
The Company also reports that a second portfolio company, Tevva Motors Ltd. ("Tevva"), announced a proposed merger with ElectraMeccanica on August 15, 2023 https://www.tevva.com/en/articles/emv-tevva-proposed-merger. SOL Global invested US
Tevva is a leading pioneer in electric medium and heavy-duty commercial vehicles with proprietary electric truck technology. The proposed combination between Tevva and ElectraMeccanica is expected to accelerate Tevva's growth in the UK, Europe, and entry into the U.S. market by leveraging ElectraMeccanica's U.S. manufacturing facility and supply chain.
Both of the foregoing transactions are expected to close by the first quarter of 2024. SOL Global expects to update its shareholders with additional corporate updates on its portfolio companies in the coming months.
Disclaimer for Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the Company's business and strategic plans; expected liquidity of current positions and the plans to restructure the assets.
Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to stock exchange approval of the newly-appointed directors, the ability of the Company to execute its business plan, the liquidity of assets in the Company's portfolio and the continued implementation of existing plans. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. Such risks include, without limitation: the ability of the Company to service its debt; the Company's ability to obtain additional financing from time to time to pursue its business objectives; a resurgence in the cases of COVID-19, which has occurred in certain locations and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; the Company's reliance on management; not adding new assets to the Company's portfolio; adverse market and economic conditions; inflation; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; costs of inputs; currency fluctuations; competition; and loss of key management and/or employees. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
CONTACT INFORMATION
SOL Global Investments Corp.
Paul Kania, Interim CEO, CFO
Phone: (212) 729-9208
Email: info@solglobal.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179632
