11:13 AM EDT, 07/12/2024 (MT Newswires) -- Zapp Electric Vehicles Group ( ZAPP ) said Friday it has signed a new standby equity purchase agreement with a Yorkville Advisors Global affiliate for a revised commitment of up to $50 million.

The accord will replace the agreement entered into in February for a commitment from the investor to purchase up to $10 million of the company's ordinary shares, Zapp said.

Zapp said the increased support will provide capital for the expansion of commercial operations to additional countries, with the initial proceeds from the transaction allowing for the start of production and the commercial launch of the i300 electric urban motorcycle in India.

The company said that under the new agreement, the investor will advance $4 million to Zapp in three tranches, after which the company will have the right but not the obligation to sell up to a further $46 million of its ordinary shares to the investor.

Shares of Zapp more than 26% in recent trading.

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