LONDON, July 12, 2024 (GLOBE NEWSWIRE) -- Zapp Electric Vehicles Group Limited (NASDAQ:ZAPP) ("Zapp EV" or the "Company"), owner of "Zapp", the British electric vehicle brand on a mission to revolutionise personal urban mobility, today announced it has entered into a new standby equity purchase agreement (the "New SEPA") with an affiliate of Yorkville Advisors Global, LP (the "Investor"). With this increased support, Zapp has secured additional financial resources that may be utilized as needed to expand commercial operations to additional countries. Initial proceeds from the transaction will also allow Zapp to start production and the commercial rollout of i300 in India, following the previously announced plan to appoint a new contract manufacturing partner for sales of Zapp's vehicles in the country. Previously, in February 2024, Zapp EV and the Investor entered into a standby equity purchase agreement (the "Original SEPA") for a commitment from the Investor to purchase up to $10 million worth of the Company's ordinary shares. The Original SEPA will be replaced by the New SEPA with a revised commitment of up to $50 million. Per the New SEPA, the Investor has agreed to advance $4.0 million to Zapp in three tranches once conditions precedent have been met, including the filing and effectiveness of an SEC registration statement registering the resale of shares issuable under the New SEPA. Thereafter, subject to certain conditions and 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 $46 million worth of its ordinary shares, based on the Company's funding requirements and evolving share price during the three-year period following the effective date of the Original SEPA. Swin Chatsuwan, Founder and Chief Executive Officer of Zapp EV, said: "Two-wheelers are critical for personal mobility ...