Battery Future Acquisition, a blank-check company, has announced the appointment of Weiyi Zheng as its new Chief Executive Officer and Chairman. This decision has been made in connection with a share purchase agreement involving Battery Future Sponsor, Pala Investments, and Camel Bay. As part of the agreement, the sponsor and Pala have transferred a total of 4,193,695 Class B ordinary shares to Camel Bay.
To formalize their involvement, Camel Bay has executed a joinder agreement, becoming a party to a letter agreement and registration rights agreement. These agreements were originally entered into during Battery Future’s initial public offering, as stated in a filing with the Securities and Exchange Commission.
The deal also includes the cancellation of 16.3 million private placement warrants that were purchased during Battery Future’s IPO, as well as the cancellation of promissory notes totaling $6,433,333.
In light of the share purchase agreement, several individuals within Battery Future have resigned from their positions. Greg Martyr has stepped down as CEO and director, Kris Salinger as Chief Financial Officer and director, Josh Payne as Chief Operating Officer, Nick O’Loughlin as Chief Development Officer, and Simon Hay, Jessica Fung, Erez Ichilov, Natalia Streltsova, and Adrian Griffin have all resigned as directors.
Joining the board as independent directors are Hao Tian, a risk manager at Amazon.com, along with Zixun Jin and Shengming Shi, according to the company.