ZOOZ Shares Down; Plans $180 Million Private Placement for Bitcoin Reserve Strategy
By Josh BeckermanShares of ZOOZ Power, which have posted large daily gains recently, declined after the company disclosed investment agreements including a $180 million private placement to launch a bitcoin reserve strategy.The stock was down 39% to $2.13 in Tuesday afternoon trading, and is down about 12% this year. The stock climbed 53% on July 22 and another 46% the following day.The Israel-based provider of flywheel-based power boosters and energy management systems said it expects to sell 180 million shares and pre-funded warrants at a purchase price of $1 per share to investors including Pantera Capital, FalconX, Arrington Capital, UTXO Management, ATW Partners and investor Alex Rabinovitch.In a separate agreement with certain institutional investors, ZOOZ expects $5 million of proceeds from an equity transaction.The company also said it may sell up to $10.95 million of stock pursuant to a prospectus supplement.ZOOZ named Jordan Fried chief executive to implement the digital asset treasury strategy. Fried co-founded Hedera Hashgraph. Current CEO Erez Zimerman will continue to oversee power boosters and energy management systems globally.Write to Josh Beckerman at [email protected]