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ZOOZ Power Ltd. Ordinary Shares and Public Warrants to Trade on Nasdaq under the Symbols "ZOOZ" and "ZOOZW," respectively
NEW YORK, NY, April 04, 2024 (GLOBE NEWSWIRE) -- Keyarch Acquisition Corporation (NASDAQ:KYCH), a Cayman Islands exempted company ("Keyarch"), and ZOOZ Power Ltd. (TASE: ZOOZ), a limited liability company organized under the laws of the State of Israel ("ZOOZ" or the "Company") and a leading provider of flywheel-based power boosting solutions for the EV charging infrastructure market, today jointly announced the consummation of their previously disclosed business combination (the "Business Combination"). The Business Combination and related proposals were approved by Keyarch shareholders in its shareholders' meeting held on March 27, 2024 and by ZOOZ shareholders in its shareholders' meetings held on March 21, 2024 and March 27, 2024.
Following the consummation of the Business Combination, ZOOZ becomes dual-listed for trading on the Nasdaq and on the Tel-Aviv Stock Exchange. ZOOZ's ordinary shares and public warrants will begin trading on Nasdaq under the ticker symbols "ZOOZ" and "ZOOZW," respectively, on April 5, 2024. ZOOZ's Executive Chairman, Avi Cohen and ZOOZ's CEO, Boaz Weizer, will continue to lead the Company, and Keyarch's chairman of the board of directors, Fang Zheng, will join the combined Company's board of directors.
As previously disclosed, in connection with the closing of the Business Combination, Keyarch entered into subscription agreements with certain accredited investors for a $13 million PIPE investment into the combined Company, and this funding was consummated together with the closing of the Business Combination.
Avi Cohen, ZOOZ's Executive Chairman, said, "We are delighted to complete this merger. This is an important milestone for ZOOZ. As we are accelerating our growth, leveraging our innovative solutions to the growing demand of ultra-fast charging infrastructure for EVs, being traded on Nasdaq is essential to enable our growth plans and to position ZOOZ as a market leader. I look forward to working closely with Mr. Fang Zheng, Chairman of Keyarch as a board member of ZOOZ."
Mr. Zheng said, "We appreciate the great efforts of all of our partners to complete the business combination of ZOOZ and Keyarch today. It will be a new journey from now on. I look forward to working with the management team of ZOOZ to continue to grow the company into a major player in the EV charging industry."
Additional information regarding the closing of the Business Combination will be included in a current report on Form 8-K to be filed by Keyarch with the Securities and Exchange Commission.
Posted In: KYCH
