ZOOZ Power Enters Standby Equity Purchase Agreement to Further Growth Strategy
ZOOZ Power has entered into a Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors Global's investment fund. The agreement allows ZOOZ to sell up to $12 million in ordinary shares over a two-year period at 97% of the Market Price. The company maintains discretionary control over the timing and volume of share issuances, with restrictions including a 4.99% ownership cap for Yorkville and a 19.99% limit on total shares issued within any 12-month period. The implementation requires SEC registration statement approval. This financing mechanism aims to support ZOOZ's growth strategy in the EV charging solutions market.
ZOOZ Power ha stipulato un Accordo di Acquisto di Capitale in Standby (SEPA) con il fondo di investimento di Yorkville Advisors Global. L'accordo consente a ZOOZ di vendere fino a 12 milioni di dollari in azioni ordinarie nell'arco di due anni al 97% del Prezzo di Mercato. L'azienda mantiene il controllo discrezionale sul timing e sul volume delle emissioni di azioni, con restrizioni che includono un limite di proprietà del 4,99% per Yorkville e un limite del 19,99% sul totale delle azioni emesse in un periodo di 12 mesi. L'attuazione richiede l'approvazione della registrazione presso la SEC. Questo meccanismo di finanziamento mira a supportare la strategia di crescita di ZOOZ nel mercato delle soluzioni di ricarica per veicoli elettrici.
ZOOZ Power ha entrado en un Acuerdo de Compra de Capital en Espera (SEPA) con el fondo de inversión de Yorkville Advisors Global. El acuerdo permite a ZOOZ vender hasta 12 millones de dólares en acciones ordinarias durante un período de dos años al 97% del Precio de Mercado. La empresa mantiene el control discrecional sobre el tiempo y el volumen de las emisiones de acciones, con restricciones que incluyen un límite de propiedad del 4,99% para Yorkville y un límite del 19,99% en el total de acciones emitidas dentro de un período de 12 meses. La implementación requiere la aprobación de la declaración de registro de la SEC. Este mecanismo de financiamiento tiene como objetivo apoyar la estrategia de crecimiento de ZOOZ en el mercado de soluciones de carga para vehículos eléctricos.
ZOOZ Power는 Yorkville Advisors Global의 투자 펀드와 대기 자본 구매 계약(Standby Equity Purchase Agreement, SEPA)을 체결했습니다. 이 계약은 ZOOZ가 시장 가격의 97%로 2년 동안 최대 1200만 달러의 보통주를 판매할 수 있도록 허용합니다. 회사는 주식 발행의 시기와 물량에 대한 재량적 통제권을 유지하며, Yorkville에 대해서는 4.99%의 소유 한도와 12개월 내에 발행되는 총 주식에 대해 19.99%의 제한이 있습니다. 이 계약의 이행은 SEC 등록 서류 승인이 필요합니다. 이 자금 조달 메커니즘은 ZOOZ의 전기차 충전 솔루션 시장에서의 성장 전략을 지원하는 것을 목표로 합니다.
ZOOZ Power a conclu un Accord d'Achat de Capital en Attente (SEPA) avec le fonds d'investissement de Yorkville Advisors Global. Cet accord permet à ZOOZ de vendre jusqu'à 12 millions de dollars d'actions ordinaires sur une période de deux ans à 97% du Prix du Marché. L'entreprise conserve un contrôle discrétionnaire sur le calendrier et le volume des émissions d'actions, avec des restrictions incluant un plafond de propriété de 4,99% pour Yorkville et une limite de 19,99% sur le total des actions émises dans une période de 12 mois. La mise en œuvre nécessite l'approbation de la déclaration d'enregistrement auprès de la SEC. Ce mécanisme de financement vise à soutenir la stratégie de croissance de ZOOZ sur le marché des solutions de recharge pour véhicules électriques.
ZOOZ Power hat einen Standby Equity Purchase Agreement (SEPA) mit dem Investmentfonds von Yorkville Advisors Global abgeschlossen. Das Abkommen ermöglicht es ZOOZ, innerhalb von zwei Jahren bis zu 12 Millionen Dollar in Stammaktien zu verkaufen, und zwar zu 97% des Marktpreises. Das Unternehmen behält sich das Ermessen über den Zeitpunkt und das Volumen der Aktienausgaben vor, wobei Beschränkungen wie eine 4,99%-Eigentumshöchstgrenze für Yorkville und eine 19,99%-Grenze für insgesamt ausgegebene Aktien innerhalb von 12 Monaten gelten. Die Implementierung erfordert die Genehmigung einer SEC-Registrierungserklärung. Diese Finanzierungsmechanismen zielen darauf ab, die Wachstumsstrategie von ZOOZ im Markt für Lösungen zum Laden von Elektrofahrzeugen zu unterstützen.
- Secured flexible access to up to $12 million in additional funding
- Company maintains full control over timing and volume of share issuances
- Minimal discount rate of 3% on share pricing
- Potential shareholder dilution through new share issuances
- Share issuances subject to market price conditions
- Agreement effectiveness dependent on SEC registration approval
Insights
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Tel Aviv, Israel, Nov. 14, 2024 (GLOBE NEWSWIRE) -- ZOOZ Power Ltd. (NASDAQ and TASE: ZOOZ) (“ZOOZ”), the leading provider of Flywheel-based power boosting and power management solutions enabling ultra-fast multi-port Electronic Vehicle (“EV”) charging, today announced that it has entered into a Standby Equity Purchase Agreement (“SEPA”) with YA II PN, Ltd. (“Yorkville”), an investment fund managed by Yorkville Advisors Global, LP. This agreement aligns with ZOOZ’s ongoing efforts to expedite growth and provides a flexible financing option to support future capital needs.
Under the terms of the SEPA, and subject to customary conditions, ZOOZ has the option, at its sole discretion, to sell and issue up to
Yorkville’s obligation to purchase the Ordinary Shares pursuant to the SEPA is subject to a number of conditions, including that a registration statement (the “Registration Statement”) be filed with the U.S. Securities and Exchange Commission (the “Commission”), registering all the Ordinary Shares issuable thereunder, and that the Registration Statement is declared effective by the Commission.
ZOOZ plans to use the SEPA strategically, utilizing this financing option as the Company shall deem appropriate from time to time. This approach enables the Company to raise capital as needed, with control over both timing and volume.
“ZOOZ continues to gain industry recognition, as demonstrated by recent customer installations,” said Avi Cohen, ZOOZ Power's Executive Chairman. “With this agreement, we have secured access to additional funding that can be deployed when and if needed. This strategic financing solution, as outlined in the SEC filing, provides ZOOZ with supplemental capital while allowing us to control the terms and timing of equity sales.”
This Press Release shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.
About ZOOZ Power Ltd.
ZOOZ Power is the leading provider of Flywheel-based power boosting and power management solutions enabling widespread deployment of ultra-fast multi ports charging infrastructure for electric vehicles (EV), while overcoming existing grid limitations.
ZOOZ Power pioneers its unique Flywheel-based power boosting technology, enabling efficient utilization and power management of a power-limited grid at an EV charging site. Its Flywheel-based technology allows high-performance, reliable, and cost-effective ultra-fast charging infrastructure.
ZOOZ Power’s sustainable, power-boosting solutions are built with longevity and the environment in mind, helping its customers and partners accelerate the deployment of fast-charging infrastructure, thus facilitating improved utilization rates, better efficiency, greater flexibility, and faster revenues and profitability growth. ZOOZ Power is publicly traded on NASDAQ and TASE under the ticker ZOOZ.
For more information, please visit: www.zoozpower.com/
For all investor inquiries, please contact:
Investor Relations
Miri Segal
MS-IR LLC
msegal@ms-ir.com
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of ZOOZ. All statements other than statements of historical facts contained in this Press Release, including statements regarding ZOOZ, and any of ZOOZ’s strategy, future operations, future financial position, future market share, anticipated costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause ZOOZ’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and other risks and uncertainties are more fully discussed in the “Risk Factors” section of ZOOZ’s most recent Annual Report on Form 20-F as filed with the U.S. Securities and Exchange Commission (“SEC”) as well as other documents that may be subsequently filed by the Company from time to time with the SEC. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements relating to installations of ZOOZ’s products, the timing of any sale and issuance of Ordinary Shares that may be made under the SEPA, the amount of proceeds to be received by ZOOZ from the sale and issuance of Ordinary Shares under the SEPA and the uses thereof, the filing of the Registration Statement, how the SEPA aligns with ZOOZ’s ongoing efforts to expedite growth and provides a flexible financing option to support future capital needs, how the SEPA constitutes a strategic financing solution, provides ZOOZ with supplemental capital while allowing it to control the terms and timing of equity sales, and related matters. These forward-looking statements are only estimations, and ZOOZ may not actually achieve the plans, intentions or expectations disclosed in any forward-looking statements, so you should not place undue reliance on any forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements made in this Press Release. Management of ZOOZ has based these forward-looking statements largely on current expectations and projections about future events and trends that such persons believe may affect ZOOZ’s business, financial condition and operating results. Forward-looking statements contained in this Press Release are made as of the date hereof, and none of ZOOZ or any of its representatives or any other person undertakes any duty to update such information except as may be expressly required under applicable law.
FAQ
What is the value of ZOOZ Power's new Standby Equity Purchase Agreement?
What is the pricing structure for ZOOZ shares under the new SEPA?
What ownership limitations are placed on Yorkville under ZOOZ's SEPA?
What is the maximum percentage of shares ZOOZ can issue in 12 months under the SEPA?
