Quanergy Systems announced the completion of the business combination

2022-04-25 0 By

Quanergy began trading on the New York Stock Exchange under the ticker symbol “QNGY” on February 9, 2022.Sunyvale, Calif., Feb. 11, 2022 / PRnewswire / — Quanergy Systems, a leading provider of optical Phased array (OPA) -based solid-state lidar sensors and intelligent 3D solutions for vehicles and the Internet of Things,Inc. (” The Company “) announced that the previously announced business combination between the Company and publicly traded special purpose acquisition company Citic Capital Acquisition Corporation (“CCAC”) (NYSE: CCAC) was completed on February 8, 2022.This transaction adds approximately $175 million in available liquidity (before transaction expenses and repayment of debt) to the Company’s existing balance sheet, including approximately $50 million in cash proceeds from PIPE and SPAC Trust,And a commitment of up to $125 million from the previously announced Share subscription financing of Global Emerging Markets Group (“GEM”).GEM is a private equity alternative investment group based in Luxembourg.Under GEM’s financing, the Company may draw an upfront payment of $25 million from the total amount of $125 million upon the effective of the S-1 resale registration statement.Proceeds from this transaction will be used for working capital, repayment of $35 million of secured notes, and transaction fees, enabling the company to fund future growth and continue to invest in its leading portfolio of smart Lidar and 3D sensing solutions.The combined company has been renamed “Quanergy Systems, Inc.” and began trading on the New York Stock Exchange at the market opening on February 9, 2022. Quanergy common stock will be traded under the ticker symbol “QNGY,”Quanergy’s publicly traded warrant code is “QNGY.ws”.Kevin J. Kennedy, Ph.D., Chairman of the Board and Chief Executive Officer of Quanergy stated:”In the past few years made significant achievements in the field of technology, products and business, today Quanergy and achieved a significant milestone deal to raise funds, combined with the GEM financing, enable us to further enhance our status as a leading supplier of solutions for laser radar intelligence, by reducing costs, achieve a higher level of automation and insight,Promising to transform the Internet of Things and the automotive industry “Please visit investor Contact:Quanergy Systems, Inc.Quanergy is dedicated to creating powerful, affordable intelligent lidar solutions for automotive and Iot applications,In order to improve user experience and safety, Quanergy has developed the industry’s only true 100% solid-state CMOS lidar sensor based on optical phased array (OPA) technology, realizing the mass production of low-cost, highly reliable 3D lidar solutions with the help of Quanergy’s intelligent lidar solutions,Enterprises can now transform and upgrade industries including industrial automation, physical security, smart cities, smart Spaces and more with 3D intelligent sensing with real-time insight. Quanergy’s solutions are available to nearly 400 customers worldwide for details.Forward-looking statements in this press release shall not constitute a historical fact statement belongs to according to the U.S. private securities litigation reform act of 1995 to the safe harbor clauses in the forward-looking statements forward-looking statements often contain “believe”, “may”, “will”, “estimate”, “continue” and “expectations”, “intention” and “could”, “should”, “will”, “plan”, “forecast” and “potential”, “as if”, “seeking” and “future”, “outlook”, “expect”, “could lead to” and other words, as well as the prediction or imply future events or trends or similar expression of historical facts in addition to statements about current or historical facts, all statements in this press release are forward-looking statements, including:For our new stock code on the New York stock exchange trading of expectations, we rely on GEM stocks subscribed capital ability, our expectations of growth over the next few years (including LiDAR to our intelligence solution combination of continuous investment and expand), our products (including LiDAR technology and perception software) expected market acceptance,These statements are based on various assumptions identified or undetermined in this press release and the current expectations of Quanergy management and should not be considered as predictions of actual performance. These forward-looking statements are for the purpose of, and shall not be construed as,Guarantee of facts or probability event, guarantee, predict or final statement actual events and often unpredictable or impossible to predict, and usually with the hypothetical situation exists in many actual events and circumstances is beyond the scope of the company to control the potential risks and uncertainties may cause actual results with the results of the forward-looking statements stated or implied significant differences,Including but not limited to, business at home and abroad, the change of market, financial, political and legal regulations of consumer’s overall demand for Quanergy products level affect consumer confidence, preference and behavior of general economic conditions and other factors of global currency fluctuations, capital and credit market chaos and keep Quanergy Quan shares listed on the nyse abilityFinancial strength of ERGy’s customers Quanergy’s ability to implement its business strategy Government regulatory changes, litigation claims and other unanticipated losses faced by Quanergy as a result of the COVID-19 pandemic spreading around the world, government response actions and restrictive measures,Caused disruption to Quanergy’s operations and other impacts due to the epidemic and health-related issues such as the global spread of COVID-19,The impact that global climate change trends may have on Quanergy and its suppliers and customers Quanergy’s ability to protect patents, trademarks and other intellectual property rights Quanergy information systems are subject to attacks or disruptions of electricity, other raw materials and contract products at pricesChanges in tax laws and liabilities, tariffs, legal, regulatory, policy and economic risks The foregoing potential risks and uncertainties are not exhaustive. Additional information regarding potential factors that could affect Quanergy’s financial resultsPlease refer to CCAC’s public reports filed with the Securities and Exchange Commission (the “SEC”), including its annual report on Form 10-K, quarterly Report on Form 10-Q, current Report on Form 8-K, and other filings made by CCAC, or documents to be filed with the SEC by the combined Company in the event of any of the above risks,CCAC or Quanergy hypothesis proved errors, the actual results with the results of these forward-looking statements implies different, of course, there may be a company not yet aware of the other risk, or the risk of company is now considered to be irrelevant, these may cause the actual results with the results of the forward-looking statements involved is different also,These forward-looking statements reflect only Quanergy’s expectations, plans or projections as of the date of this press release with respect to future events and views Quanergy gives no assurance that the combined Company will achieve its expected results Quanergy expects that subsequent events and developments will cause their assessment to change however,Although Quanergy may update these forward-looking statements at some point in the future, Quanergy has no obligation to do so, except as required by law, and these forward-looking statements should not be considered as representative of Quanergy’s evaluation of such statements after this press release. Therefore, undue reliance should not be placed on these forward-looking statements.