Keyarch Acquisition is negotiating with investors to secure a PIPE of up to $60 million in support of its proposed merger with Zooz Power. To date, the SPAC has signed PIPE commitments for $12 million, according to a press release issued by Zooz.
The deal was announced last July at an equity value of up to $100 million.
If approved, the deal is now expected to close in the first quarter == which is also a condition to the PIPE funding. There is a minimum $10 million cash consideration to close.
The equity value reflects $60 million at closing and up to $40 million of additional contingent consideration through earnout shares.
Israel-based ZOOZ (formerly known as Chakratec Ltd) was established in 2013. The company is focused on the development, manufacturing and marketing of innovative Power Boosters aimed to support ultra-fast charging of electrical vehicles.