Zooz names Jordan Fried CEO to implement bitcoin treasury reserve strategy

ZOOZ Power (ZOOZ) announced a $180M private placement, or PIPE, with accredited institutional investors in connection with its plans to launch a Bitcoin Reserve Strategy. The PIPE, which is subject to shareholders’ approval, is expected to involve the sale of 180 million of the Company’s ordinary shares and pre-funded warrants at a purchase price of $1.00 per ordinary share. Participants in the PIPE include strategic investors Pantera Capital, FalconX, Arrington Capital, UTXO Management, ATW Partners and prominent Israeli investor Alex Rabinovitch. In connection with its approval of the PIPE, the Company’s Board of Directors approved the employment of Jordan Fried, who is expected to assume the role of CEO and Director of the Company on July 31st, and to immediately begin implementing the Company’s digital asset treasury strategy. Mr. Fried was a founding-team member of HederaHashgraph, where he led global go-to-market initiatives and strategic investments. The Company’s current CRO, Erez Zimerman, will continue to lead ZOOZ Power’s flywheel-based advanced solutions, overseeing power booster and energy management systems globally. Also expected to join the Company’s Board of Directors on July 31 are: Todd Thomson, former CFO of Citigroup and CEO of Citigroup’s Global Wealth Management and Alternative Asset divisions and Samer Haj-Yehia, former Executive Chairman of Bank Leumi. In addition, the Company’s Board of Directors nominated the following as directors at the Company’s upcoming annual shareholders’ meeting: John Christodoro, who has served on boards that include PayPal, Ebay, Xerox, Cheniere Energy, Herbalife, Lyft and Hologix; and Jonas Grossman, Co-Founder and President of Chardan. The closing of the PIPE is subject to a shareholder vote, expected to be held on or around September 8, 2025, to approve the terms of the PIPE, an amendment to the Company’s articles of association to increase the number of its authorized shares, the election of two directors and various other items. The PIPE is expected to close shortly following the receipt of shareholders’ approval. ZOOZ expects to receive aggregate gross proceeds of $180M from the PIPE, before deducting offering expenses and placement agent fees. ZOOZ intends to use approximately 95% of the net proceeds to execute its Bitcoin treasury strategy after repayment of its approximately $3M in outstanding promissory notes, with the remaining portion of the net proceeds to be used for general corporate purposes. ZOOZ also announced today an initial private placement with certain institutional accredited investors that is expected to close on July 31, 2025. This private placement is expected to involve the sale of 2.5M of the Company’s ordinary shares at a purchase price of $2.00 per ordinary share, with each share accompanied by a warrant to purchase two ordinary shares at an exercise price of $3.06 per share. ZOOZ expects to receive aggregate gross proceeds of $5M from the initial private placement, before deducting offering expenses.