SPAC CIIG Capital Partners II (NASDAQ:CIIG) has moved a shareholders vote to approve its planned merger with EV developer Zapp (ZAPP) to April 14.
The vote had originally been scheduled for April 12. As a result, CIIG shareholders will have until April 12 to exercise their right to redeem shares. CIIG plans to adjourn the meeting on April 12 to April 14.
After the closing, shares of the combined company are expected to trade on Nasdaq under the symbol ZAPP. CIIG and Zapp announced plans to merge in November through a deal that estimated the enterprise value of the combined company at $573M.
Based in the UK, Zapp is a developer of high performance e-scooters and e-bikes. CIIG held its public offering in September 2021, raising $287.5M.
Two other EV SPAC deals are also pending. EV tech company Zero Nox said last month that it intends to go public through merger with Good for Growth (GFGD) while EV battery developer Honeycomb announced plans in February to merge with Nubia Brand International (NUBI) through a deal that values it at around $700M.