Keyarch Acquisition has recently announced a business combination agreement with Zooz Power, an Israel-based developer specializing in ultra-fast power boosters for electric vehicles. This agreement marks a significant milestone for Zooz Power, as it is valued at $100 million.
Under the terms of the deal, Zooz Power will be listed on both the Nasdaq Capital Market and the Tel Aviv Stock Exchange. The company will trade under the symbol ZOOZ on Nasdaq. The transaction is expected to be completed in the fourth quarter of this year and is projected to generate $10 million in net proceeds through cash held in Keyarch's trust account or other sources.
Upon closing, Keyarch Acquisition will pay Zooz Power $60 million. In addition, there is a potential to earn up to $40 million based on the achievement of certain milestones.
Zooz Power Chairman, Avi Cohen, expressed his excitement about the agreement, stating, "As we further develop our worldwide installed base and establish our presence in the U.S., we believe that expanding our trading platforms to include Nasdaq will provide us with enhanced geographic exposure and easier access to working capital."
This strategic move is expected to provide Zooz Power with a broader investor base and increased opportunities for growth. By expanding its trading reach, Zooz Power aims to strengthen its position in the market and capitalize on the growing demand for ultra-fast power boosters for electric vehicles.