ZOOZ Power Initiates Bitcoin Vault Strategy with Significant Purchase

According to PANews, ZOOZ Power, listed on Nasdaq and the Toronto Stock Exchange under the ticker ZOOZ, has announced the completion of a private placement follow-up transaction. The company has acquired approximately 525 bitcoins at an average price of $114,000 each, totaling $60 million, marking the official launch of its Bitcoin vault strategy. The company has netted approximately $159 million from this fundraising effort, with plans to allocate about 95% of the proceeds for long-term Bitcoin investments. Additionally, ZOOZ Power has filed an F-3 shelf registration with the U.S. Securities and Exchange Commission, which, upon effectiveness, will allow the company to raise up to $1 billion. In terms of corporate governance, the board of directors has seen some changes. Jordan Fried, Todd Thomson, and Samer Haj-Yehia have been re-elected, while Alberto Franco and Jonas Grossman have joined the board. Strategic investors in this initiative include Pantera Capital, FalconX, Arrington Capital, UTXO Management, and ATW Partners. ZOOZ Power plans to regularly disclose its 'Bitcoin per share' metric and manage leverage within a predetermined loan-to-value ratio range.