CIIG Capital Partners II announced today that it intends to adjourn, without conducting any business, the April 12 stockholders meeting until April 14, when a vote on whether to merge with electric motorcycle maker Zapp is expected. No reason was given for the delay.
As announced in November, if the deal is approved the combined company would have an estimated fully-diluted post-transaction enterprise value of $573 million, consisting of an estimated equity value of $852 million, $274 million in new cash to the balance sheet (assuming no redemptions) and $5 million in existing cash.
london-based Zapp manufactures 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. There is no minimum cash condition to close. Read more.
Source: CIIG Capital Partners II Pushes Zapp Merger Vote Back by 2 Days