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Electric motorbike maker Zapp Electric Vehicles to go public via SPAC  

By Editor - Wed Nov 23, 2:41 pm

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UK-based electric two-wheeler manufacturer Zapp Electric Vehicles is merging with a blank-check company to become publicly traded on the Nasdaq at a post-money valuation of $573 million. Zapp says it will use the proceeds from the merger to bring its long-awaited i300 high performance, seated city scooter to market. The i300 was initially revealed back in 2018, with promises of deliveries beginning in the end of 2019 . Then Zapp, like many other companies, ran up against a global pandemic that halted production and deliveries, giving the company time to reevaluate is approach to production. Zapp partnered up with a third party manufacturing firm and says it now has the capacity to build up to 10,000 scooters next year and finally launch in European markets in 2023. “We’re at a strategic inflection point and a great time to go public,” Swin Chatsuwan, CEO and founder of Zapp, told TechCrunch. “Becoming a public company will provide Zapp with a number of potential benefits, including broader access to capital to help fund our growth and the global awareness and brand recognition that comes with being listed on a major U.S. exchange.” The deal with special purpose acquisition company (SPAC) CIIG Capital Partners II is estimated to bring the combined company $274 million in new cash to support its growth, assuming no redemptions by CIIG II public stockholders, as well as $5 million in existing cash

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Electric motorbike maker Zapp Electric Vehicles to go public via SPAC

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