ZOOZ Power Ltd. Ordinary Shares and Public Warrants to Trade on Nasdaq on April 5, 2024, as the Business Combination between Keyarch Acquisition Corporation and ZOOZ Power Ltd. Has Been Completed
Summary
ZOOZs Executive Chairman, Avi Cohen and ZOOZs CEO, Boaz Weizer, will continue to lead the Company, and Keyarchs chairman of the board of directors, Fang Zheng, will join the combined Companys 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, ZOOZs Executive Chairman, said, We are delighted to complete this merger. 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.Keyarch is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities.ZOOZ is committed to accelerating the electrical vehicles revolution and supporting the mass adoption of electric vehicles (EVs) around the world, by enabling and empowering a widespread deployment of ultra-fast charging infrastructure.ZOOZs power-boosting products and solutions are built with longevity and the environment in mind, helping ZOOZs customers to overcome, sustainably and economically, the limitations of the existing electricity grid. By that, ZOOZ aims to help its customers and partners in building, faster and everywhere, a robust, long-lasting, and cost-effective EV ultra-fast charging infrastructure.ZOOZ develops, produces, markets and sells energy storage systems based on storing kinetic energy in flywheels for ultra-fast charging of EVs. This is in contrast with the chemical battery-based solution, the use of which is limited to hundreds or just a few thousands of cycles, as further detailed below.For more information, please visit: www.zoozpower.com/Ellenoff Grossman & Schole LLP acted as U.S. legal advisor to Keyarch. ZOOZ assumes no obligation to update these forward-looking statements, even if new information becomes available in the future, except as required by applicable law.