Zapp Electric Vehicles Limited (“Zapp” or the
“Company”), a UK-based, high-performance two-wheel electric vehicle
company, today announced two changes to its senior management team.
The Company is pleased to announce the appointment of Theodore
Allegaert as Chief Legal Officer, effective April 6, 2023. Mr.
Allegaert’s appointment adds more international expertise to Zapp’s
senior leadership team as it nears the launch of its innovative
i300 high-performance electric motorcycle.
Mr. Allegaert brings to Zapp twenty-five years of commercial
legal experience, including thirteen years in private practice at
preeminent firms in Silicon Valley and New York and a further
decade of experience as senior in-house counsel at multinational
companies. From 2017-20, he served as Chief Legal Officer at
Nasdaq-listed Ferroglobe PLC in London (initially as Deputy), after
previously serving as Deputy General Counsel of its U.S. subsidiary
Globe Specialty Metals, Inc. from 2011-15. From 2016 to early 2017,
and from 2021-23, Allegaert was self-employed, serving as a
contract general counsel and legal and compliance consultant to
international businesses in Asia and the U.K.
Swin Chatsuwan, the Company’s Chief Executive Officer, stated:
“It is a pleasure to welcome Theodore to Zapp as our first CLO. He
brings senior level legal, regulatory and commercial experience to
the company, including in senior legal roles at Nasdaq-listed
companies, and is well versed in international business. These
credentials and his considerable C-suite and board level experience
make him an ideal fit for our team as we prepare to launch the i300
and execute our business plans.”
Mr. Allegaert commented: “Both professionally and as a lifelong
motorcyclist, I am delighted to join Zapp as it prepares to launch
its first product and transition to being a public company. The
award-winning design and innovative features of the i300 speak
volumes about the talent and ingenuity of my new colleagues and
foretell exciting days ahead.”
Allegaert holds a bachelor’s degree from Columbia University, a
Juris Doctor degree from the University of Chicago Law School, and
is licensed in New York, California and Florida.
The Company also announces the removal of the
Chief Technology Officer role from its C-suite and the departure of
Pongsatorn “Peter” Sukhum, who held that position on a part-time
basis from August 2022 through March 2023. Mr. Chatsuwan commented:
“Having created the position on a trial basis last year, it became
clear over time that the CTO role was redundant in relation to the
competencies of our longer-serving engineering personnel. We
therefore eliminated the position to rationalize roles and
responsibilities. We appreciate Peter’s efforts over the course of
his tenure and wish him well in his future endeavors.”
Proposed Business CombinationOn
November 22, 2022, Zapp and CIIG Capital Partners II, Inc., a U.S.
publicly-listed blank check company (Nasdaq: CIIG) (“CIIG II”),
announced that they have entered into a definitive merger agreement
(the “Merger Agreement”). Upon closing of the transaction
contemplated by the Merger Agreement (the “Business Combination”),
the combined company, Zapp Electric Vehicles Group Limited
(“Pubco”), a Cayman Islands exempted company, is expected to list
its ordinary shares on the Nasdaq Stock Market under the ticker
symbol “ZAPP”. The Business Combination is expected to close in the
first half of 2023, subject to stockholder approvals and other
customary closing conditions.
About Zapp
Zapp Electric Vehicles Limited is a British
company – run by a team of experts from the mobility industry – on
a mission to redefine the electric two-wheeler segment. Zapp
created the i300 as 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 expected to come to market from Zapp. Zapp is expected
to operate a high-quality direct-to-customer (DTC) experience
called DSDTC (drop-ship-direct-to-customer). Customers ordering the
i300 online will have their bikes conveniently delivered to their
home by “Zappers” who provide at-home inspection, service and
support throughout the vehicle ownership lifecycle.
About CIIG Capital Partners II,
Inc.CIIG Capital Partners II, Inc. is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. CIIG II’s
units, Class A common stock and warrants trade on the Nasdaq Stock
Market under the ticker symbols “CIIGU,” “CIIG,” and “CIIGW”
respectively.
Investor Relations Contact:Gateway Investor
RelationsCody Slach, Ralf Esper(949) 574-3860zapp@gatewayir.com
Global Media Relations Contact:
InfluenceLisa Palmer+ 44 (0) 7956 710028
pr@zappev.com
North America Media Relations Contact:
Gateway PRZach Kadletz(949) 574-3860zapp@gatewayir.com
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of U.S. federal
securities laws with respect to the proposed Business Combination
between CIIG II, Zapp and Pubco, including statements regarding the
benefits of the transaction, the anticipated timing of the
transaction, the anticipated growth in the industry in which Zapp
operates and anticipated growth in demand for Zapp’s products,
projections of Zapp’s future financial results and possible growth
opportunities for Zapp. These forward-looking statements generally
are identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,” “budget,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
These statements involve risks, uncertainties and other factors
that may cause actual results, levels of activity, performance or
achievements to be materially different from the information
expressed or implied by these forward-looking statements.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: (i) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect the price of CIIG II’s securities, (ii)
the risk that the transaction may not be completed by CIIG II’s
business combination deadline, (iii) the failure to satisfy the
conditions to the consummation of the transaction, including the
adoption of the Merger Agreement by the stockholders of CIIG II,
(iv) the risk that CIIG II may not have sufficient funds to
consummate the Business Combination, (v) the lack of a third party
valuation in determining whether or not to pursue the proposed
Business Combination, (vi) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
Merger Agreement, (vii) the effect of the announcement or pendency
of the transaction on Zapp’s business relationships, performance,
and business generally, (viii) risks that the proposed Business
Combination disrupts current plans of Zapp or diverts management’s
attention from Zapp’s ongoing business operations and potential
difficulties in Zapp’s employee retention as a result of the
proposed Business Combination, (ix) the outcome of any legal
proceedings that may be instituted against Zapp, Pubco, CIIG II or
their respective directors or officers related to the proposed
Business Combination, (x) the ability of Pubco, CIIG II or a
successor thereto to maintain the listing of its securities on The
Nasdaq Stock Market LLC, (xi) volatility in the price of the
securities of Pubco, CIIG II or a successor thereto due to a
variety of factors, including changes in the competitive and highly
regulated industries in which Zapp plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Zapp’s business and changes in the combined capital
structure, (xii) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed Business Combination, and identify and realize additional
opportunities, (xiii) the risk of downturns in the highly
competitive electric vehicle industry, (xiv) the ability of Zapp to
build the Zapp brand and consumers’ recognition, acceptance and
adoption of the Zapp brand, (xv) the risk that Zapp may be unable
to develop and manufacture electric vehicles of sufficient quality
and on schedule and scale, that would appeal to a large customer
base, (xvi) the risk that Zapp has a limited operating history, has
not yet released a commercially available electric vehicle and does
not have experience manufacturing or selling a commercial product
at scale and (xvii) the risk that Zapp may not be able to
effectively manage its growth, including its design, research,
development and maintenance capabilities.
The foregoing list of risk factors is not
exhaustive. Forward-looking statements are not guarantees of future
performance. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the “Risk
Factors” section of Pubco’s registration statement on Form F-4 (as
may be amended from time to time, the “Registration Statement”),
CIIG II’s Annual Report on Form 10-K and Quarterly Report on Form
10-Q and other documents filed by Pubco, CIIG II or a successor
thereto from time to time with the U.S. Securities and Exchange
Commission (“SEC”). These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. The forward-looking statements in this
press release represent the views of Zapp, Pubco and CIIG II as of
the date of this press release. Subsequent events and developments
may cause that view to change. Readers are cautioned not to put
undue reliance on forward-looking statements, and all
forward-looking statements in this press release are qualified by
these cautionary statements. Zapp, Pubco and CIIG II assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. None of Zapp, Pubco nor CIIG II gives
any assurance that Zapp, Pubco or CIIG II will achieve its
expectations. The inclusion of any statement in this press release
does not constitute an admission by Zapp, Pubco or CIIG II or any
other person that the events or circumstances described in such
statement are material.
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