linkvest
2 months ago
Zapp EV Secures Commitment of up to $10 million to Start Production and Commercial Rollout of the i300 Electric Urban Motorcycle
February 13 2024 - 08:05AM
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 Kobal
Head of Investor Relations
ir@zappev.com
pitacorp
2 months ago
true, BUT, Harley here is the US is starting a new division they say is they future, which is battery or EV cycles.. so, if the US leaders are doing this, especialy someone like Harley, then maybe there is something to all this..
81vette
3 months ago
23 runners on scanner today(usually 5max) ZAPP is 17th,lots of runners today(devides up traders,hence no mid day vol surge),no pumpers with big follower numbers yet,i think they might come because ZAPP is cheapest pps on scanner,future news coming gives potential.,bottom is solid with uptrend last 20 days from .24ish ,very little risk and its not up huge so run room reward is good,going outside to shovel snow before the show
81vette
3 months ago
personally i dont like scooters(real motorcycles rule)but the rest of the world loves/uses them,no licence/registration required makes them ideal,cheaper to make(more profit),cheaper to buy and operate(no gov bs tax crap) under age and many ppl dui suspended license use them,India,Europe,asia roll out coming next,these are gigantic mkts,i have drove e motocross bikes,great/controlable power,plug into wall recharge(unlike cars) ZAPPS easily removable battery can be carried inside coffee shop to recharge(very smart) its good to have the spare battery charged all the time.
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Zorch305
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TheFinalCD
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