Orrick is advising CIIG Capital Partners II, a U.S. publicly listed blank check company, on its business combination with Zapp Electric Vehicles, a UK-based, high-performance two-wheel electric vehicle company. Upon closing of the transaction, the combined company, Zapp Electric Vehicles Group Limited, a Cayman Islands exempted company, is expected to list its ordinary shares on the Nasdaq under the ticker symbol “ZAPP”.
The combined company will have an estimated fully diluted post-transaction enterprise value of $573 million, consisting of an estimated equity value of $852 million, $274 million in new cash to the balance sheet (assuming no redemptions by CIIG II public stockholders), and $5 million in existing cash.
The business combination has been approved by the boards of directors of both Zapp and CIIG II and is expected to close in the first half of 2023, subject to stockholder approvals and other customary closing conditions.
The Orrick team advising CIIG includes Alice Hsu, Albert Vanderlaan, Travis Cherry, Camila Rodriguez, Sami Ghubril, Elitsa Angelova and Sean Whitney.