In a significant development for ZOOZ Power Ltd., shareholders have approved all proposals pertaining to the company’s $180 million private placement and its innovative Bitcoin Treasury Reserve Strategy. The Extraordinary General Meeting held recently in Tel Aviv saw unanimous backing for these pivotal financial maneuvers, clearing the way for the PIPE transaction expected to close during the week of September 22, 2025, pending standard closing conditions and necessary final documentation.
The approved proposals include the issuance of ordinary shares and warrants connected to the PIPE, which notably incorporates $5 million raised in the initial phase. Additionally, the meeting resulted in an amendment to the company’s Articles of Association to boost its authorized share capital. Two new directors, Alberto Franco and Jonas Grossman, are set to join ZOOZ’s Board following the completion of the transaction. The process is also contingent on obtaining Nasdaq approval, essential for maintaining compliance with listing requirements on both the Nasdaq and TASE exchanges.
A substantial portion of the proceeds from the PIPE—approximately 95%, after settling existing promissory notes—is earmarked for the implementation of the Bitcoin Treasury Reserve Strategy. This strategy represents a groundbreaking shift for ZOOZ Power as it aims to purchase and retain Bitcoin as a key asset on its balance sheet, positioning itself as the first dual-listed company on Nasdaq and TASE to formally adopt such a reserve model.
Jordan Fried, CEO of ZOOZ, expressed enthusiasm regarding this strategic move, stating that the approval enables the company to fully harness the advantages afforded to a dual-listed entity, particularly in scaling its Bitcoin holdings. Fried emphasized the evolving nature of ZOOZ’s treasury, characterizing it as not just a financial asset but a strategic element that would contribute to the company’s growth, stability, and differentiation in the marketplace. He also highlighted the appeal of this model to both U.S. and Israeli investors, underscoring ZOOZ’s commitment to leading in the realm of innovation and cryptocurrencies.
To facilitate this ambitious venture, several legal and financial advisors have been appointed. Chardan is serving as the sole placement agent, with Cooley LLP acting as U.S. legal counsel and Shibolet & Co. providing legal advice in Israel. Goodwin Procter LLP and Sullivan & Worcester LLP are assisting Chardan in the U.S. and Israel, respectively, while MS-IR LLC oversees U.S. investor relations. PwC Israel has been confirmed as ZOOZ’s independent auditors, further solidifying the company’s framework for transparency and regulatory compliance as it embarks on this strategic endeavor.
