ZAP (OTCMKTS:ZAAP) Files An 8-K Other EventsItem 8.01 Other Events
ZAP (OTCMKTS:ZAAP) Files An 8-K Other Events
Effective December 23, 2016, the Company accepted a Conversion Notice from China Electric Vehicle Corporation (“CEVC”) in regards to the Company’s Amended and Restated Promissory Note dated March 22, 2012 (“Note”). The outstanding unpaid principal balance of the Note was $20,679,069 due on December 31, 2016. to the terms of the Note, CEVC elected to convert the unpaid principal balance of the Note into shares of common stock of the Company’s Chinese subsidiary, Zhejiang Jonway Automobile Co. Ltd. (“Jonway Auto”)
As a result of the foregoing conversion, the Company’s indebtedness to CEVC under the Note has been satisfied in full and CEVC, or its designee, will hold approximately 39.479% of the equity of Jonway Auto and the Company’s equity position in Jonway Auto will be reduced from 51% to approximately 11.52%
The issuance of the Jonway Auto shares to CEVC or its designee is expected to be completed in the first quarter of 2017.
About ZAP (OTCMKTS:ZAAP)
ZAP designs, develops, manufactures and sells electric vehicles. The Company operates through three segments: Jonway Auto, ZAP (Consumer Product) and ZAP Hong Kong. The Jonway Auto segment includes sales of the gas fueled Jonway A380 three and five-door sports utility vehicles, EV minivan and EV sport utility vehicles (SUVs), and spare parts principally through distributors in China. The ZAP Consumer Product segment includes rechargeable portable energy products, its Zapino scooter and ZAPPY3 personal transporters. The Company, through an interest in Zhejiang Jonway Automobile Co. Ltd. (Jonway), has an automobile production manufacturing facility to produce electric vehicle products. Jonway offers a small lower speed vehicle (LSV) under the name Urbee, and also provides electric vehicle (EV) SUV and EV minivan. The Company also has interests in ZAP Hangzhou, Shanghai Zapple Electric Vehicle Technologies Co., Ltd. (Shanghai Zapple) and Better World International Limited. ZAP (OTCMKTS:ZAAP) Recent Trading Information
ZAP (OTCMKTS:ZAAP) closed its last trading session down -0.0031 at 0.0140 with 82,706 shares trading hands.
ZAP designs, develops, manufactures and sells electric vehicles. The Company operates through three segments: Jonway Auto, ZAP (Consumer Product) and ZAP Hong Kong. The Jonway Auto segment includes sales of the gas fueled Jonway A380 three and five-door sports utility vehicles, EV minivan and EV sport utility vehicles (SUVs), and spare parts principally through distributors in China. The ZAP Consumer Product segment includes rechargeable portable energy products, its Zapino scooter and ZAPPY3 personal transporters. The Company, through an interest in Zhejiang Jonway Automobile Co. Ltd. (Jonway), has an automobile production manufacturing facility to produce electric vehicle products. Jonway offers a small lower speed vehicle (LSV) under the name Urbee, and also provides electric vehicle (EV) SUV and EV minivan. The Company also has interests in ZAP Hangzhou, Shanghai Zapple Electric Vehicle Technologies Co., Ltd. (Shanghai Zapple) and Better World International Limited. ZAP (OTCMKTS:ZAAP) Recent Trading Information
ZAP (OTCMKTS:ZAAP) closed its last trading session down -0.0031 at 0.0140 with 82,706 shares trading hands.
