- Investors including Kubota Corporation, Premier Trailer, and
Formula-E racing team NIO 333 commit $5 million in an all-equity
PIPE at $10.00 per share
- In connection with the recently announced PIPE financing and
related agreements, Growth for Good has postponed its extraordinary
general meeting of shareholders to August 28, 2023
Zero Nox Inc. (“ZeroNox” or the “Company”), a leading provider
of sustainable, off-highway vehicle electrification and The Growth
for Good Acquisition Corporation (NASDAQ: GFGD) (“Growth for
Good”), a publicly traded special purpose acquisition company,
announced on August 18, 2023 an all equity Private Investment in
Public Equity (“PIPE”) investment for $5 million at $10.00 per
share.
Investors in the PIPE include Kubota Corporation, Premier
Trailer, and Formula-E racing team NIO 333. Today’s announcement
builds off ZeroNox’s electrification projects with its customers
and advances its mission to revolutionize the off-highway vehicle
market with innovative, emission-free solutions.
In connection with the PIPE financing and related agreements,
Growth for Good has postponed the extraordinary general meeting of
shareholders originally scheduled for August 23, 2023 to 10:00 a.m.
Eastern Time on August 28, 2023. Growth for Good announced this
postponement on August 18, 2023 and complete details are available
at the link here.
Vonn Christenson, Co-founder and Chief Executive officer, said,
“We are excited to welcome Kubota and Formula-E's NIO 333 racing to
our shareholder base alongside the increased commitment from
Premier Trailer. Ear-marked for joint projects, these funds will
accelerate our long-term partnerships, while bolstering our first
mover advantage. Our ZEPP delivers best-in-class battery and motor
performance, intelligence, and charging capability, and our
expertise allows us to design to the duty cycle of each of our
partners’ needs efficiently and economically, solving problems that
are new to many OEMs and fleets.”
Yana Watson Kakar, CEO and Director of Growth for Good, said,
“Today’s announcement speaks to the deep technological advantages
of ZeroNox’s proprietary platform and the resounding confidence of
these strategic investors in the company. The commitments announced
today further validate our investment thesis and the potential of
the Company to transform and lead the off-highway vehicle market.
With its existing signed OEM and fleet contracts, low CapEx and
cash requirements, and asset-light business, ZeroNox is
best-positioned to serve this large and relatively untapped
off-highway electric vehicle market, while bringing its
sustainability-focused solutions around the world.”
As previously announced, Growth for Good signed a definitive
business combination agreement with ZeroNox. Completion of the
transaction is subject to approval by Growth for Good’s
shareholders and other customary closing conditions.
About ZeroNox ZeroNox is leading the electrification of
off-highway commercial and industrial vehicles, with best-in- class
LFP batteries and an electric powertrain platform (“ZEPP”) that is
cleaner, high performing, and cost effective. As a first mover in
the advanced off-highway electric vehicle (OHEV) powertrain market,
ZeroNox is proudly designed and engineered in America, with offices
in Porterville, California.
For more information, visit: https://www.zeronox.com and
https://www.linkedin.com/company/zeronox/
The information contained on, or accessible through, ZeroNox’s
website is not incorporated by reference into this press release,
and you should not consider it a part of this press release.
About Growth for Good Growth for Good, led by CEO Yana
Watson Kakar, Chairperson of the Board of Directors, Vikram Gandhi,
CFO Rahul Kakar and board member Dana Barsky, focuses on
sustainable, socially responsible companies with strong business
fundamentals, high growth potential and a readiness to scale in the
public markets. Our team of highly reputable sustainability
investors and seasoned business operators seek to add strategic and
operational as well as financial value to our merger partner.
Growth for Good believes the market opportunity for sustainable
companies has never been stronger and looks forward to supporting a
company that will contribute to the decarbonization of the global
economy.
For more information, visit: https://www.g4ginvestment.com and
https://www.linkedin.com/company/growth-for-good-acquisition-corp/
The information contained on, or accessible through, Growth for
Good’s website is not incorporated by reference into this press
release, and you should not consider it a part of this press
release.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Growth for Good and ZeroNox. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. 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 press release, including but not
limited to: (i) actual market adoption and growth rates of
electrification technologies for commercial and industrial
vehicles; (ii) ZeroNox’s ability to convert trial deployments with
truck fleets into sales orders; (iii) delays in design,
manufacturing and wide-spread deployment of ZeroNox’s products and
technologies; (iv) failure of ZeroNox’s products to perform as
expected or any product recalls; (v) ZeroNox’s ability to expand
its relationships with OEMs and fleet owners, and its distribution
network; (vi) ZeroNox’s ability to develop vehicles of sufficient
quality and appeal on schedule and on large scale; (vii) ZeroNox’s
ability to raise capital as needed; (viii) management’s ability to
manage growth; (ix) the macroeconomic conditions and challenges in
the markets in which ZeroNox operates; (x) the effects of increased
competition in the electrification technology business; (xi)
ZeroNox’s ability to defend against any intellectual property
infringement or misappropriation claims; (xii) the risk that the
transaction may not be completed in a timely manner or at all,
which may adversely affect the price of Growth for Good ’s
securities, (xiii) the risk that the transaction may not be
completed by Growth for Good ’s business combination deadline and
the potential failure to obtain an extension of the business
combination deadline if sought by Growth for Good, (xiv) the
failure to satisfy the conditions to the consummation of the
transaction, including the adoption of the Merger Agreement by the
shareholders of Growth for Good and the receipt of certain
governmental and regulatory approvals, (xv) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the Merger Agreement, (xvi) the effect of the
announcement or pendency of the transaction on ZeroNox’s business
relationships, operating results and business generally, (xvii)
risks that the proposed transaction disrupts current plans and
operations of ZeroNox and potential difficulties in ZeroNox
employee retention as a result of the transaction, (xviii) the
outcome of any legal proceedings that may be instituted against
ZeroNox or against Growth for Good related to the Merger Agreement
or the proposed transaction, (xix) the ability to maintain the
listing of Growth for Good’s securities on a national securities
exchange, (xx) the price of Growth for Good’s securities may be
volatile due to a variety of factors, including changes in the
competitive industries in which Growth for Good plans to operate or
ZeroNox operates, variations in operating performance across
competitors, changes in laws and regulations affecting Growth for
Good’s or ZeroNox’s business and changes in the combined capital
structure, (xxi) the ability to implement business plans,
forecasts, and other expectations after the completion of the
proposed transaction, and identify and realize additional
opportunities, and (xxii) the risk of economic downturns and a
changing regulatory landscape. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of Growth for Good’s registration on Form S-1 (File No.
333- 261369), the Registration Statement on Form S-4 discussed
above and other documents filed by Growth for Good 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. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Growth for Good
and ZeroNox 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. Neither Growth for Good
nor ZeroNox gives any assurance that either Growth for Good or
ZeroNox or the combined company will achieve its expectations.
Additional Information and Where to Find It In connection
with the proposed transaction, Growth for Good filed the
Registration Statement on Form S-4 with the U.S. Securities and
Exchange Commission (“SEC”) on April 7, 2023, which includes a
document that serves as a prospectus and a proxy statement of
Growth for Good, referred to as a “proxy statement/prospectus.” The
definitive proxy statement/prospectus was filed on August 2, 2023
and mailed to all Growth for Good stockholders as of July 10, 2023
on or about August 3, 2023. Growth for Good may also file other
relevant documents regarding the proposed transaction with the SEC.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS OF GROWTH FOR GOOD ARE URGED TO READ THE
REGISTRATION STATEMENT, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS
INCLUDED THEREIN AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT
WILL BE FILED WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION.
Investors and security holders may obtain free copies of the
registration statement and the proxy statement/prospectus (if and
when available) and all other relevant documents that are filed or
that will be filed with the SEC by Growth for Good through the
website maintained by the SEC at www.sec.gov. The documents filed
by Growth for Good with the SEC also may be obtained by contacting
Growth for Good at 12 E 49th Street, 11th Floor, New York, NY
10017, or by calling (646) 450-1265.
Participants in Solicitation Growth for Good and ZeroNox
and certain of their respective directors, executive officers and
other members of management and employees may, under SEC rules, be
deemed to be participants in the solicitation of proxies from
Growth for Good’s shareholders in connection with the proposed
transaction. Additional information regarding the interests of
those persons and other persons who may be deemed participants in
the proposed transaction may be obtained by reading the proxy
statement/prospectus regarding the proposed transactions. You may
obtain a free copy of these documents as described in the preceding
paragraph.
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version on businesswire.com: https://www.businesswire.com/news/home/20230821851682/en/
ZeroNox For Media: ZeroNoxPR@icrinc.com
For Investors: ZeroNoxIR@icrinc.com
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