Business information

Quanergy Systems Announces Closing of Business Combination

SUNNYVALE, Calif.–(BUSINESS WIRE)–Quanergy Systems, Inc. (the “Company”), a leading provider of OPA-based solid-state LiDAR sensors and intelligent 3D solutions for automotive and IoT, today announced the closing of its previously announced combination with CITIC Capital Acquisition Corp. (“CCAC”) (NYSE: CCAC), a publicly traded special purpose acquisition company. The transaction provides the Company with access to approximately $175 million of available cash in addition to its existing balance sheet, before transaction costs and debt repayment, consisting of cash proceeds of approximately $50 million from the PIPE and SPAC Trust, as well as up to $125 million in committed funding from a previously announced equity underwriting facility by Global Emerging Markets Group (“GEM”), a private alternative investment group based in Luxembourg. Under the GEM facility, the company can draw an advance of $25 million of the total $125 million after a resale S-1 registration statement becomes effective. Proceeds from the transaction will be used for working capital, repayment of $35 million of secured notes and transaction costs, positioning the company to fund future growth and continue to invest in its leading portfolio of intelligent LiDAR solutions and of 3D perception.

CCAC shareholders approved the transaction at its general meeting held on January 31, 2022. The combined company has been renamed “Quanergy Systems, Inc.” and is expected to begin trading on the New York Stock Exchange at the opening of the market. tomorrow, February 9, 2022, under the symbol “QNGY” for Quanergy common stock and “QNGY.WS” for Quanergy’s publicly traded warrants.

“Today marks another significant milestone for Quanergy, following significant technology, product and business achievements in recent years,” said Dr. Kevin J. Kennedy, Chairman and CEO of Quanergy. “The capital raised from the transaction, along with the GEM facility, allows us to strengthen our position as the leading provider of intelligent LiDAR solutions that are poised to transform the IoT and automotive industries by reducing costs and enabling powerful levels of automation and insights.”

For more information, visit www.quanergy.com.

About Quanergy Systems, Inc.

Quanergy’s mission is to create powerful and affordable smart LiDAR solutions for automotive and IoT applications to improve people’s experiences and safety. Quanergy has developed the only true 100% solid-state CMOS LiDAR sensor based on Optical Phased Array (OPA) technology to enable the mass production of low-cost, highly reliable 3D LiDAR solutions. With Quanergy’s intelligent LiDAR solutions, businesses can now leverage advanced real-time 3D information to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and more. again. Quanergy solutions are deployed by nearly 400 customers worldwide. For more information, visit www.quanergy.com.

Forward-looking statements

This press release contains certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as ” believe, “can”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “should”, “plan”, “predicted”, “potential”. seem’, ‘seek’, ‘future’, ‘prospects’, ‘project’, ‘probably will result’ and similar expressions that predict or indicate future events or trends or are not statements of historical matters. All statements, other than statements of current or historical facts included in this press release, including our expectations regarding trading under the new ticker symbol on the NYSE, our ability to access funding under the Underwriting Facility shares, our growth expectations in the coming years, including continued investment and expansion of our portfolio of smart LiDAR solutions, anticipated market acceptance of our products, including LiDAR technology and collection software, and the future revenue and growth of the combined company are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Quanergy’s management and are not predictions of actual performance. These forward-looking statements are provided for informational purposes only and are not intended to be relied upon and should not be relied upon as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many real events and circumstances are beyond our control. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, changes in business, commercial, financial, political and legal conditions. domestic and foreign; the overall level of consumer demand for Quanergy’s products; general economic conditions and other factors affecting consumer confidence, preferences and behavior; disruption and volatility in global currency, capital and credit markets; the ability to maintain the listing of Quanergy’s securities on the New York Stock Exchange; the financial strength of Quanergy’s customers; Quanergy’s ability to implement its business strategy; changes in government regulations, Quanergy’s exposure to litigation and other potential losses; disruptions and other impacts on Quanergy’s business, as a result of the global COVID-19 pandemic and government actions and restrictive measures implemented in response; the stability of Quanergy’s suppliers, as well as consumer demand for its products, in light of disease outbreaks and health issues such as the global COVID-19 pandemic; the impact that global climate change trends may have on Quanergy, its suppliers and customers; Quanergy’s ability to protect patents, trademarks and other intellectual property rights; any breach or disruption of Quanergy’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as currency fluctuations; Quanergy’s ability to utilize potential net operating losses carried forward; changes in tax laws and obligations, tariffs, legal, regulatory, political and economic risks. The above list of potential risks and uncertainties is not exhaustive. Further information about potential factors that could affect Quanergy’s financial results is included in CCAC’s public reports filed with the United States Securities and Exchange Commission (the “SEC”), including its annual report on Form 10-K, its quarterly reports on Form 10-Q, and current reports on Form 8-K and other documents that CCAC has filed, or that the combined company will file, with the SEC. Should any of these risks materialize, or should CCAC’s or Quanergy’s assumptions prove incorrect, actual results could differ materially from the results implied by such forward-looking statements. There may be additional risks not currently known to us, or that we currently believe are not material, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Quanergy’s expectations, plans or forecasts regarding future events and views as of the date of this press release. Quanergy does not guarantee that the combined company will achieve its expectations. Quanergy anticipates that subsequent events and developments will cause its assessments to change. However, although Quanergy may choose to update these forward-looking statements at some time in the future, Quanergy specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Quanergy’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed on forward-looking statements.