CIIG Capital Partners II Inc. (CIIG) to Adjourn Completion Vote
CIIG Capital Partners II (NASDAQ:CIIG) announced this morning that it intends to adjourn its April 12 special meeting to approve its combination with EV motorcycle company Zapp to Friday, April 14 at 10 am ET.
The move also pushes shareholders’ redemption deadline to 5 pm ET, April 12 and could have been designed to give investors time to come back from the Passover and Easter holidays to make redemption decisions early next week.
Investors may also reverse existing redemption decisions through this extra time. CIIG II currently estimates its pro rata redemption rate at $10.40 and it closed Tuesday at $10.41.
CIIG II initially announced its $573 million combination with Zapp in last November. London-based Zapp produces EV motorcycles from its Thailand manufacturing base and aims to redefine the electric two-wheeler segment through its i300 bike.
On March 1, it announced it would appoint David Sturgeon as CFO. Sturgeon previous served as EVP and CFO at Nasdaq-listed Central European Media Enterprises until its $1.1 billion sale to investment firm PPF Group in 2020.