ZOOZ Power completes SPAC merger
ZOOZ Power CEO Boaz Weizer credit: PR
Kenon sells remaining ZIM stake
Kenon sells remaining ZIM stake
The company is a developer of fast charging solutions for electric vehicles.
The merger of ZOOZ Power (formerly Chakratec) into a US SPAC was completed last week, and the company began to be traded on the Nasdaq exchange on Friday. ZOOZ Power, headed by Boaz Weizer, develops kinetic storage solutions using flywheel technology for fast charging of electric vehicles. The share price of the SPAC fell by 69.6% in the days before the merger, from $13.47 on Tuesday of last week to $4.10 on Thursday. ZOOZ Power (TASE: AOOZ; Nasdaq: ZOOZ) opened on Friday at $3.58, and ended the day on $4.10.
At the end of the week’s trading on the Tel Aviv Stock Exchange on Thursday, the company’s market cap was NIS 110 million. Under the agreement with the SPAC, the original shareholders in ZOOZ Power were due to hold 40-50% of the company after the merger.
Published by Globes, Israel business news - en.globes.co.il - on April 7, 2024.
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ZOOZ Power CEO Boaz Weizer credit: PR