Zapp EV Reminds Shareholders to Vote Before Annual General Meeting on May 15, 2025

Rhea-AI Summary

Zapp Electric Vehicles Group Limited (ZAPP) is urging shareholders to vote on three key proposals at their upcoming Annual General Meeting on May 15, 2025. The company's Board of Directors unanimously recommends voting 'FOR' all proposals, which include increasing authorized capital and implementing a reverse stock split. These measures are crucial for Zapp EV's plan to regain compliance with Nasdaq's listing standards.

Shareholders of record as of April 24, 2025, can vote before the meeting scheduled for 2 p.m. GMT. The company warns that failure to approve these proposals could result in delisting from Nasdaq, potentially limiting funding access and negatively impacting share trading volume and value.

Positive

• None.

Negative

• Company faces potential delisting from Nasdaq due to non-compliance with listing standards
• Reverse stock split and capital increase proposals indicate financial distress
• Risk of losing access to current funding sources if proposals fail
• Potential adverse effects on securities value and trading volume if delisted

The Board of Directors recommends voting FOR the proposals enabling Zapp to continue executing its plan to regain compliance with Nasdaq’s standards for continued listing

LONDON, May 12, 2025 (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, reminds shareholders to vote their proxy in favor of the Company’s proposals prior to the annual general meeting of shareholders (the “Annual Meeting”) scheduled to be held on May 15, 2025 at 2 p.m. Greenwich Mean Time (10 a.m. Eastern Daylight Time).

Jeremy North, President of Zapp EV, said: “Passage of these proposals will enable Zapp to continue on its plan to regain compliance with Nasdaq’s standards for continued listing. We thank those shareholders that have already voted for the proposals and would appreciate all other shareholders who have not yet done so to please submit your vote today.”

HOW TO VOTE

Shareholders as of the Annual Meeting’s record date, April 24, 2025, are entitled to vote at the Annual Meeting, but are encouraged to vote their proxy beforehand. Zapp’s Board of Directors urges all shareholders to vote “FOR” all three proposals. Please vote your shares “FOR” the proposals today by responding to the proxy materials that were previously sent to all shareholders as at the record date. The Notice of Annual General Meeting, Proxy Card and the Company’s Annual Report on Form 20-F are available at https://www.cstproxy.com/zappev/2025/.

THE FOLLOWING WAS CONSIDERED BY THE BOARD PRIOR TO ITS APPROVAL RECOMMENDATION

Approval of the proposals to increase authorised capital and subsequently effect a reverse stock split are necessary steps in the Company’s plan to regain compliance with Nasdaq’s standards for continued listing. Failure to complete the plan is expected to result in the Company’s ordinary shares being delisting from Nasdaq, which will cause the Company to lose access to its current sources of funding. If the ordinary shares of Zapp EV are delisted from Nasdaq, this could adversely affect the value of the securities and trading volume, making it more difficult to buy and sell the shares.

About Zapp EV

Zapp EV (Nasdaq: ZAPP) and its operating subsidiaries are run by a team of experts from the mobility industry, on a mission to redefine the electric two-wheeler segment. Zapp's debut product, the i300, is an urban electric high-performance two-wheeler capable of traditional motorcycle levels of performance in a step-through format, combining ease of use with exhilaration and fun. The i300 is the first in a suite of high-performance electric two-wheelers that Zapp plans to bring to market. Zapp will offer a high-quality direct-to-customer experience known as DSDTC (drop-ship-direct-to-customer). Customers ordering the i300 online will have their bikes conveniently delivered to their home by authorised “Zappers,” who will provide at-home inspection, service and support throughout the vehicle ownership lifecycle. Zapp is a registered trademark of Zapp Electric Vehicles Limited in the United Kingdom and other countries. For more information, visit www.zappev.com.

Zapp Investor Relations Contact:

Mark Kobal
Head of Investor Relations
ir@zappev.com

Zapp Media Relations Contact:
pr@zappev.com

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (or the “Exchange Act”). 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. Forward-looking statements are not historical facts but rather 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 and results to differ materially from those expressed or implied by the forward-looking statements in this document, including but not limited to various general and specific risks and uncertainties associated with the Company's business and finances in general.

Readers should review and carefully consider the risks and uncertainties described in the “Risk Factors” section of Zapp EV's annual report on Form 20-F (File No. 001-41693), which is incorporated herein by reference, and other documents the Company files with or furnishes to the U.S. Securities and Exchange Commission from time to time. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those expressed or implied by the forward-looking statements herein. The forward-looking statements herein represent the Company’s views as of the date of this document. Subsequent events and developments may cause these views to change. Readers are cautioned not to place undue reliance on the forward-looking statements herein, all of which are qualified by the foregoing cautionary statements. Except as required by applicable law, Zapp assumes no obligation and does not intend to update or revise the forward-looking statements herein, whether as a result of new information, future events, or otherwise. Zapp does not give any assurance that it will achieve its expectations. The inclusion of any statement in this document does not constitute an admission by Zapp or any other person that the events or circumstances described in any such statements are material.

FAQ

What proposals is Zapp EV (ZAPP) asking shareholders to vote on in May 2025?

Zapp EV is asking shareholders to vote on three proposals, including increasing authorized capital and implementing a reverse stock split, aimed at regaining compliance with Nasdaq's listing standards.

When is Zapp EV's (ZAPP) Annual General Meeting in 2025?

Zapp EV's Annual General Meeting is scheduled for May 15, 2025, at 2 p.m. GMT (10 a.m. EDT).

What happens if Zapp EV (ZAPP) shareholders don't approve the proposals?

If shareholders don't approve the proposals, the company risks being delisted from Nasdaq, losing access to current funding sources, and facing potential adverse effects on share value and trading volume.

Who can vote at Zapp EV's (ZAPP) 2025 Annual Meeting?

Shareholders of record as of April 24, 2025, are entitled to vote at the Annual Meeting.

What are the potential consequences of Zapp EV (ZAPP) being delisted from Nasdaq?

Delisting could result in loss of access to current funding sources, reduced trading volume, and adverse effects on the value of securities, making it more difficult to buy and sell shares.