Zapp Electric Vehicles Says It Entered Into A New Standby Equity Purchase Agreement With An Affiliate Of Yorkville Advisors Global; Secures Increased Commitment Of Up To $50M To Accelerate Commercial Rollout Of i300 Electric Urban Motorcycle

Author: Benzinga Newsdesk | July 12, 2024 06:34am

 Zapp Electric Vehicles Group Limited ("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 new standby equity purchase agreement (the "New SEPA") with an affiliate of Yorkville Advisors Global, LP (the "Investor"). With this increased support, Zapp has secured additional financial resources that may be utilized as needed to expand commercial operations to additional countries. Initial proceeds from the transaction will also allow Zapp to start production and the commercial rollout of i300 in India, following the previously announced plan to appoint a new contract manufacturing partner for sales of Zapp's vehicles in the country.

Previously, in February 2024, Zapp EV and the Investor entered into a standby equity purchase agreement (the "Original SEPA") for a commitment from the Investor to purchase up to $10 million worth of the Company's ordinary shares. The Original SEPA will be replaced by the New SEPA with a revised commitment of up to $50 million.

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