ZOOZ Power spent $60 million to purchase approximately 525 Bitcoins

PANews reported on September 30th that according to GlobeNewswire, ZOOZ Power (NASDAQ/TEX: ZOOZ) announced the completion of a subsequent closing in its private placement and the purchase of approximately 525 bitcoins at approximately $114,000 per bitcoin, totaling $60 million, officially launching its Bitcoin treasury strategy. The company raised approximately $159 million in net proceeds, intending to allocate approximately 95% of the proceeds to a long-term Bitcoin allocation. The company also filed for an F‑3 shelf registration with the U.S. Securities and Exchange Commission, enabling it to raise up to $1 billion upon effectiveness. The board of directors has been re-elected: Jordan Fried, Todd Thomson, and Samer Haj‑Yehia have been re-elected, while Alberto Franco and Jonas Grossman have joined. Strategic investors include Pantera Capital, FalconX, Arrington Capital, UTXO Management, and ATW Partners. The company will regularly disclose "bitcoin per share" and manage leverage within a pre-defined loan-to-value ratio.