Zapp announces production of i300 electric motorbike
British electric mobility brand Zapp has announced it is to start the production and commercial rollout of the i300, the brand’s high-performance electric urban motorcycle.
Zapp anticipates making initial deliveries of the i300 in Europe in the months ahead, followed by a commercial launch of the i300 in Asian markets in late 2024.
The company’s investor has agreed to advance $1.5 million to Zapp in two tranches once conditions precedent have been met, including the filing of the Company’s Annual Report on Form 20-F for the fiscal year ended September 30, 2023 and the filing and effectiveness of an SEC registration statement registering the resale of shares issuable under the SEPA (standby equity purchase agreement).
Thereafter, subject to certain limitations, Zapp EV will have the right, but not the obligation, in its sole discretion, to issue and sell to the Investor up to a further $8.5 million worth of its ordinary shares, based on the Company’s funding requirements and evolving share price during the three-year period following effectiveness of an applicable SEC registration statement.
Says Swin Chatsuwan, Founder and Chief Executive Officer of Zapp EV:
“Our design and engineering teams have delivered an exceptional product. With this vote of confidence from a renowned investor, we have the financial resources for the expected rollout of i300s this year.”
He continues:
“Consumer appeal is a key differentiator in this space, and we think the i300’s eight-time award winning design, high-performance specifications, and sustainability, all at an affordable price, give Zapp the key ingredients for success. We aim to achieve a positive gross margin from the start of an anticipated ramp-up in customer deliveries.”
