ZOOZ shareholders approved the previously announced proposals related to the $180 million private placement and Bitcoin reserve strategy

ChainCatcher news, energy management solutions giant ZOOZ Power Ltd. (NASDAQ and TASE: ZOOZ) announced that at its special shareholder meeting, shareholders voted to approve all proposals related to the previously announced $180 million private investment in public equity ("PIPE") and the Bitcoin treasury reserve strategy.

Following the approval, ZOOZ expects to complete the PIPE by 2025, subject to customary closing conditions and final documentation. The proceeds from the PIPE will primarily be used to initiate ZOOZ's Bitcoin treasury reserve strategy. The company plans to use approximately 95% of the net proceeds (after repaying outstanding promissory notes) to purchase and hold Bitcoin.