Lowenstein Sandler represented ZOOZ Power Ltd. (TASE: ZOOZ), a company organized under the laws of the State of Israel and a leading provider of flywheel-based power boosting solutions for the EV charging infrastructure market, in a business combination with Keyarch Acquisition Corporation (Nasdaq: KYCH), a Cayman Islands exempted company.
Following the consummation of the business combination, ZOOZ will become dual-listed for trading on the Nasdaq and on the Tel-Aviv Stock Exchange. ZOOZ’s ordinary shares and public warrants will begin trading on Nasdaq under the ticker symbols “ZOOZ” and “ZOOZW,” respectively, on April 5, 2024.
As previously disclosed, in connection with the closing of the business combination, Keyarch entered into subscription agreements with certain accredited investors for a $13 million PIPE investment into the combined company.
Keyarch is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses or entities.
ZOOZ is committed to accelerating the electrical vehicles revolution and supporting the mass adoption of electric vehicles (“EVs”) around the world, by enabling and empowering a widespread deployment of ultra-fast charging infrastructure. ZOOZ develops, produces, markets and sells energy storage systems based on storing kinetic energy in flywheels for ultra-fast charging of EVs.
Use of ZOOZ’s technology enables a power booster which is both reliable and delivers high quality repeatable performance over time, for hundreds of thousands of charge-discharge cycles. This is in contrast with the chemical battery-based solution, the use of which is limited to hundreds or just a few thousands of cycles, as further detailed below.
The Lowenstein deal team included Dotan Barnea, Annie Nazarian Davydov, Steven M. Skolnick, Kristin V. Taylor, and Alexander Dinur.
