By Sabela Ojea
Shares of CIIG Capital Companions II Inc. have been briefly halted in premarket buying and selling Tuesday after the special-purpose acquisition firm stated it entered a enterprise mixture settlement with the U.Okay. firm Zapp Electrical Autos Ltd.
The blank-check firm stated that, upon closing the transaction, the mixed group Zapp Electrical Autos Group Ltd. would record on Nasdaq.
Zapp Electrical Autos is a high-performance two-wheel electrical car firm, CIIG stated.
“Combining with CIIG II and turning into a publicly listed firm will allow us to scale our enterprise, enhance manufacturing and fulfill demand for electrification within the largely underpenetrated electrical two-wheel market,” Zapp’s Chief Government Swin Chatsuwan stated.
CIIG’s shares closed at $10.05 on Monday, in line with FactSet.
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