Zapp Electric Vehicles Group Limited announced that it has entered into a standby equity purchase agreement to issue common shares for the gross proceeds of THB 10,000,000 on February 10, 2024. The transaction will included participation from new investor YA II PN, Ltd. managed by Yorkville Advisors Global LP. Under the agreement, the Investor has agreed to advance to the company $1,500,000 in two tranches in exchange for convertible promissory notes.

The first advance of $500,000 will be disbursed upon the filing of the company?s Annual Report on Form 20-F for the fiscal year ended September 30, 2023 not later than February 26, 2024, which is the company?s anticipated timing for such filing. The balance of $1,000,000 will be disbursed within two trading days after the effectiveness of a registration statement registering the resale of all shares issuable under the SEPA. Thereafter, the company will have the right, but not the obligation, in its sole discretion, to issue and sell to the investor up to a further THB 8,500,000 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.