ZOOZ Power's Historic Approval for Groundbreaking Bitcoin Strategy
ZOOZ Power Secures Shareholder Approval for Innovative Strategies
Following a successful Extraordinary General Meeting, ZOOZ Power Ltd. (Nasdaq and TASE: ZOOZ) is taking significant steps towards integrating Bitcoin into its treasury, marking a pivotal moment in its trajectory. This initiative positions ZOOZ to revolutionize its financial strategy and enhances its role as a leader in the dual-listed market.
Details of the Private Placement Approved
The company has confirmed that its shareholders have voted in favor of all proposals pertaining to a considerable $180 million private placement (the "PIPE") and its extensive Bitcoin Treasury Reserve Strategy. This approval is not just a formality; it empowers ZOOZ to move forward with confidence and ambition.
After securing this approval, ZOOZ aims to finalize the PIPE within the upcoming week, ensuring that all customary closing conditions are met. The approval encompasses a variety of key proposals:
Issuance of Ordinary Shares and Warrants
One of the crucial aspects of this approval includes the issuance of ordinary shares and warrants linked with the PIPE, which features an initial $5 million already sold in prior placements.
Amendment to Company Articles and Board Elections
Moreover, the shareholders have also agreed to amend ZOOZ’s Articles of Association to permit an increase in authorized share capital. Along with this, the election of Alberto Franco and Jonas Grossman to the Board of Directors is set to be finalized upon the closing date of the PIPE.
Strategic Launch of Bitcoin Treasury Reserve
A significant portion of the proceeds from the PIPE, approximately 95% after addressing any outstanding promissory notes, will be dedicated to initiating ZOOZ’s Bitcoin Treasury Reserve Strategy. This strategic move ensures that ZOOZ will not only add Bitcoin to its portfolio but also stand as the first dual-listed company on both Nasdaq and TASE to formally embrace a Bitcoin treasury reserve.
Jordan Fried, the Chief Executive Officer, expressed enthusiasm regarding this transformative phase: “As ZOOZ solidifies its position as a dual-listed Bitcoin treasury pioneer, U.S. and Israeli investors will now have seamless access to our model. With shareholder approval secured, we are poised to leverage every resource available to a dual-listed entity to scale our Bitcoin holdings.” He emphasizes that the treasury is evolving into a strategic asset that will significantly contribute to growth and overall differentiation.
Insights on Future Directions
This forward-thinking strategy is expected to deliver long-term benefits for ZOOZ and its shareholders, providing a potentially asymmetrical upside due to direct exposure to Bitcoin. The forthcoming implementation is reflective of ZOOZ's commitment to innovation and adaptability within the ever-changing financial landscape.
Advisory Structure
ZOOZ Power has enlisted several high-profile advisors to support this operations initiative. Chardan is acting as the sole placement agent, while Cooley LLP and Shibolet & Co. serve as U.S. and Israeli legal advisors, respectively. Investor relations are managed by MS-IR LLC, ensuring a streamlined communication process with stakeholders.
About ZOOZ Power Ltd.
As a trailblazer in the financial technology sector, ZOOZ is not merely another dual-listed company; it aims to transform how companies interact with cryptocurrency. With an innovative Bitcoin treasury strategy, ZOOZ is positioning itself at the forefront of a financial revolution and establishing a template for others to follow.
Frequently Asked Questions
What is ZOOZ Power’s recent financial strategy?
ZOOZ Power has received shareholder approval for a $180 million private placement and a Bitcoin Treasury Reserve Strategy, aiming to integrate Bitcoin into its financial framework.
How much will ZOOZ allocate to Bitcoin?
Approximately 95% of the net proceeds from the PIPE will be allocated to purchase and hold Bitcoin on ZOOZ's balance sheet.
Who are the newly elected board members for ZOOZ?
Alberto Franco and Jonas Grossman have been elected to ZOOZ’s Board of Directors, enhancing its leadership team.
What does being dual-listed mean for ZOOZ?
Being dual-listed on both Nasdaq and TASE allows ZOOZ to tap into a wider investor base while enhancing its visibility in the market.
What is the expected impact on ZOOZ’s shareholders?
The innovative strategies are anticipated to provide shareholders with long-term benefits and potential growth through exposure to Bitcoin, promoting economic stability and differentiation in the market.
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