Item 5.07. Submission of Matters to a Vote of Security Holders.
As previously disclosed, on April 12, 2023, CIIG Capital Partners II, Inc., a
Delaware corporation ("CIIG II"), adjourned, without conducting any business,
its special meeting of stockholders (the "Special Meeting") being held in
connection with the proposed business combination (the "Business Combination")
contemplated by the definitive merger agreement, dated November 22, 2022, by and
among CIIG II, Zapp Electric Vehicles Group Limited, an exempted company
incorporated with limited liability under the laws of the Cayman Islands
("Pubco"), Zapp Electric Vehicles Limited, a private company limited by shares
registered in England and Wales ("Zapp") and the other parties thereto. The
Business Combination is described in further detail in the definitive proxy
statement filed by CIIG II with the U.S. Securities and Exchange Commission (the
"SEC") on March 20, 2023 (the "Proxy Statement") and incorporated herein by
reference.
On April 14, 2023, CIIG II reconvened the Special Meeting. Present at the
Special Meeting were holders of 27,835,536 shares of common stock, par value
$0.0001 per share, of CIIG II ("Common Stock"), in person or by proxy,
representing approximately 77% of the voting power of the Common Stock as of
February 13, 2023, the record date for the Special Meeting (the "Record Date"),
and constituting a quorum for the transaction of business. As of the Record
Date, there were 35,937,500 shares of Common Stock issued and outstanding.
At the Special Meeting, CIIG II's stockholders voted on and approved the
Business Combination Proposal and the Stockholder Adjournment Proposal, in each
case as defined and described in greater detail in the Proxy Statement.
The approval of the Business Combination Proposal required the affirmative vote
of the holders of at least a majority of all then outstanding shares of Common
Stock entitled to vote thereon at the Special Meeting. The approval of the
Stockholder Adjournment Proposal required the affirmative vote of the holders of
at least a majority of the shares of Common Stock that are voted thereon at the
Special Meeting.
Set forth below are the final voting results for each of the proposals:
Business Combination Proposal
The Business Combination Proposal was approved. The voting results of the shares
of Common Stock were as follows:
For Against Abstain
25,816,544 2,018,992 0
Stockholder Adjournment Proposal
The Stockholder Adjournment Proposal was approved. The voting results of the
shares of Common Stock were as follows:
For Against Abstain
26,070,652 1,764,884 0
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Forward-Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements
within the meaning of U.S. federal securities laws with respect to the proposed
Business Combination between Zapp, CIIG II and Pubco, including statements
regarding the benefits of the transaction, the anticipated timing of the
transaction, the anticipated growth in the industry in which Zapp operates and
anticipated growth in demand for Zapp's products, projections of Zapp's future
financial results and possible growth opportunities for Zapp. These
forward-looking statements generally are identified by the words "believe,"
"project," "expect," "anticipate," "estimate," "intend," "strategy," "future,"
"budget," "opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions. These statements
involve risks, uncertainties and other factors that may cause actual results,
levels of activity, performance or achievements to be materially different from
the information expressed or implied by these forward-looking statements.
Forward-looking statements are predictions, projections and other statements
about future events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors could cause
actual future events to differ materially from the forward-looking statements in
this Current Report on Form 8-K, including but not limited to: (i) the risk that
the transaction may not be completed in a timely manner or at all, which may
adversely affect the price of CIIG II's securities, (ii) the risk that the
transaction may not be completed by CIIG II's business combination deadline,
(iii) the failure to satisfy the conditions to the consummation of the
transaction, (iv) the risk that CIIG II may not have sufficient funds to
consummate the Business Combination, (v) the lack of a third party valuation in
determining whether or not to pursue the proposed Business Combination, (vi) the
occurrence of any event, change or other circumstance that could give rise to
the termination of the merger agreement, (vii) the effect of the announcement or
pendency of the transaction on Zapp's business relationships, performance, and
business generally, (viii) risks that the proposed Business Combination disrupts
current plans of Zapp or diverts management's attention from Zapp's ongoing
business operations and potential difficulties in Zapp's employee retention as a
result of the proposed Business Combination, (ix) the outcome of any legal
proceedings that may be instituted against Zapp, Pubco, CIIG II or their
respective directors or officers related to the proposed Business Combination,
(x) the ability of Pubco, CIIG II or a successor thereto to maintain the listing
of its securities on Nasdaq, (xi) volatility in the price of the securities of
Pubco, CIIG II or a successor thereto due to a variety of factors, including
changes in the competitive and highly regulated industries in which Zapp plans
to operate, variations in performance across competitors, changes in laws and
regulations affecting Zapp's business and changes in the combined capital
structure, (xii) the ability to implement business plans, forecasts, and other
expectations after the completion of the proposed Business Combination, and
identify and realize additional opportunities, (xiii) the risk of downturns in
the highly competitive electric vehicle industry, (xiv) the ability of Zapp to
build the Zapp brand and consumers' recognition, acceptance and adoption of the
Zapp brand, (xv) the risk that Zapp may be unable to develop and manufacture
electric vehicles of sufficient quality and on schedule and scale, that would
appeal to a large customer base, (xvi) the risk that Zapp has a limited
operating history, has not yet released a commercially available electric
vehicle and
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does not have experience manufacturing or selling a commercial product at scale
and (xvii) the risk that Zapp may not be able to effectively manage its growth,
including its design, research, development and maintenance capabilities.
The foregoing list of factors is not exhaustive. Forward-looking statements are
not guarantees of future performance. You should carefully consider the
foregoing factors and the other risks and uncertainties described in the "Risk
Factors" section of Pubco's registration statement on Form F-4, CIIG II's Annual
Report on Form 10-K and Quarterly Report on Form 10-Q and other documents filed
by Pubco, CIIG II or a successor thereto from time to time with the SEC. These
filings identify and address other important risks and uncertainties that could
cause actual events and results to differ materially from those contained in the
forward-looking statements. The forward-looking statements in this Current
Report on Form 8-K represent the views of Zapp, Pubco and CIIG II as of the date
of this Current Report on Form 8-K. Subsequent events and developments may cause
that view to change. Readers are cautioned not to put undue reliance on
forward-looking statements, and all forward-looking statements in this Current
Report on Form 8-K are qualified by these cautionary statements. Zapp, Pubco and
CIIG II assume no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information, future
events, or otherwise. None of Zapp, Pubco nor CIIG II gives any assurance that
Zapp, Pubco or CIIG II will achieve its expectations. The inclusion of any
statement in this Current Report on Form 8-K does not constitute an admission by
Zapp, Pubco or CIIG II or any other person that the events or circumstances
described in such statement are material.
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