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ZOOZ Completes Initial Private Placement Raising $5M at a Purchase Price of $2 Per Share and Warrants as Part of a Previously Announced $180M Private Placement Transaction

Core Viewpoint - ZOOZ Power Ltd. is taking significant steps to become the first dual-listed company on Nasdaq and TASE to adopt Bitcoin as a treasury asset, with a focus on enhancing long-term shareholder value through a strategic Bitcoin reserve [1][4]. Group 1: Private Placement Details - The company closed an initial private placement transaction amounting to $5 million, part of a larger $180 million private placement with accredited institutional investors [1][2]. - The initial private placement consists of approximately 2.5 million ordinary shares and pre-funded warrants at a purchase price of $2.00 per share, with each share or warrant issued alongside a warrant to purchase two ordinary shares at an exercise price of $3.06 [2]. Group 2: Use of Proceeds - ZOOZ plans to allocate approximately 95% of the net proceeds from the private placement towards launching its Bitcoin treasury strategy after repaying outstanding promissory notes, with the remainder for general corporate purposes [1][3]. Group 3: Management's Perspective - The CEO of ZOOZ expressed satisfaction with the successful closure of the initial private placement, highlighting it as a crucial first step in executing the new Bitcoin reserve strategy and demonstrating investor confidence in the company's vision [3].