CIIG Capital Partners II Adds FPA for 10M Shares for Zapp Deal

Following shareholder approval of its merger with Zapp, CIIG Capital Partners II in an 8-K said it has secured a forward purchase agreement for up to 10 million shares as part of its effort to close the deal.

ACM ARRT I and CFPA Holdings LLC-Zapp RS will be prepaid for their stock from the SPAC's trust at the per-share redemption rate minus $2 million, according to the filing.

CIIG II shatreholders voted in favor of the deal April 14.

-based Zapp will manufacture its electric motorbikes in Thailand.

Cash proceeds on the transaction will consist of CIIG II's approximately $294 million in trust, net of any redemptions.

Zapp has a limited operating history and has not yet released a commercially available . Read more.


Source: CIIG Capital Partners II Adds FPA for 10M Shares for Zapp Deal