# EDGAR Filing Document

**Accession Number:** 0001955104
**File Stem:** 0001955104-25-000004
**Filing Date:** 2025-11
**Character Count:** 723472
**Document Hash:** 1f7eecd8d78da315049f5f3137407e01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001955104-25-000004.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001955104-25-000004

**CONFORMED SUBMISSION TYPE**: POS AM

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zapp Electric Vehicles Group Ltd
- **CENTRAL INDEX KEY:** 0001955104
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTORCYCLES, BICYCLES & PARTS [3751]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** POS AM
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280921
- **FILM NUMBER:** 251515093

**BUSINESS ADDRESS:**
- **STREET 1:** 5 TECHNOLOGY PARK
- **STREET 2:** COLINDEEP LANE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** NW9 6BX
- **BUSINESS PHONE:** 6626543550

**MAIL ADDRESS:**
- **STREET 1:** 5 TECHNOLOGY PARK
- **STREET 2:** COLINDEEP LANE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** NW9 6BX

**As filed with the Securities and Exchange Commission on November 25, 2025.**

**Registration No. 333-280921**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**________________________**

**POST-EFFECTIVE AMENDMENT No. 2**

**TO**

**FORM F-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**________________________**

**Zapp Electric Vehicles Group Limited**

**(Exact Name of Registrant as Specified in Its Charter)**

**________________________**

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| | | | |
|:---|:---|:---|:---|
| **Cayman Islands** | **3751** | **3751** | **N/A** |
| (State or other jurisdiction of |  | (Primary Standard Industrial | (IRS Employer |
| incorporation or organization) |  | Classification Code Number) | Identification Number) |

---

**c/o Zapp Electric Vehicles (Sales) Limited**

**Building 149 The Command Works**

**Bicester Heritage**

**Old Skimmingdish Lane**

**Bicester**

**Oxfordshire OX27 8FZ**

**United Kingdom**

**+44 330 789 0949**

 **(Address, including zip code, and telephone number, including area code, of registrant**'**s principal executive offices)**

**________________________**

**Puglisi & Associates**

**850 Library Avenue, Suite 204**

**Newark, Delaware 19711**

**+1 (302) 738-6680**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

**________________________**

***Copies of all communications, including communications***

***sent to agent for service, should be sent to:***

**Dorothee Fischer-Appelt**

**Greenberg Traurig, LLP**

**The Shard, Level 8**

**32 London Bridge Street**

**London, England SE1 9SG**

**+44 20 3349 8700**

**________________________**

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, please check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

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If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company. ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

&nbsp;&nbsp;&nbsp;&nbsp;† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012

**This post-effective amendment will become effective in accordance with the provisions of Section 8(c) of the Securities Act of 1933, as amended.**

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**EXPLANATORY NOTE**

This Post-Effective Amendment No. 2 (this "Amendment") to the Registration Statement on Form F-1 (File No. 333-280921) (the "Registration Statement") of Zapp Electric Vehicles Group Limited (the "Company"), as originally declared effective by the Securities and Exchange Commission (the "SEC") on July 25, 2024, is being filed pursuant to the undertakings in Item 9 of the Registration Statement to include financial statements required by Item 8.A of Form 20-F and certain other updated disclosures in the prospectus.

This Amendment contains an updated prospectus and is being filed by the Company to: (i) include the Company's unaudited financial statements for the six months ended March 31, 2025; (ii) update the corresponding discussion of such financial information contained in the section "Management's Discussion and Analysis of Financial Conditions and Results of Operations" and other sections of this prospectus; and (iii) to update certain other information in the prospectus, including new business activities since the effective date of the Registration Statement. No additional securities are being registered under this Amendment. All applicable registration fees were paid at the time of the original filing of the Registration Statement.

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**The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

Subject to Completion, dated November 25, 2025.

**PRELIMINARY PROSPECTUS**

**Zapp Electric Vehicles Group Limited**

**Up to 10,000,000 Ordinary Shares**

This prospectus relates to the offer and sale, from time to time, by YA II PN, Ltd., a Cayman Islands exempt limited partnership ("***Yorkville***" or "***Selling Shareholder***") of up to 10,000,000 ordinary shares (the "***Yorkville Ordinary Shares***") in the capital of Zapp Electric Vehicles Group Limited (the "***Company***"), par value $0.002 per share (the "***Ordinary Shares***"), that consist of (x) Ordinary Shares that may be issued to Yorkville pursuant to that certain Standby Equity Purchase Agreement, dated as of July 11, 2024 (the "***Effective Date***"), entered into by and between Yorkville and the Company (the "**Current *SEPA***"), either at the election of the Company following an Advance Notice (as defined below) or pursuant to an Investor Notice (as defined below), and (y) Ordinary Shares (the "***Commitment Shares***") that may be issued at our option to Yorkville as consideration for its irrevocable commitment to subscribe for Ordinary Shares, from time to time after the date of this prospectus, upon the terms and subject to the conditions set forth in the Current SEPA. As of the date of this prospectus, we have issued 7,204,742 Ordinary Shares to Yorkville.

See "*Convertible Debt Issue and Committed Equity Financing*" for a description of the Current SEPA and the Promissory Notes and "*Selling Shareholder*" for additional information regarding Yorkville.

In connection with the Current SEPA, and subject to the conditions set forth therein, Yorkville agreed to advance to the Company in three parts the principal amount of $4.0 million (the "***Pre-Paid Advance***"), which was evidenced by promissory notes (the "***Promissory Notes***") convertible into Ordinary Shares (as converted, the "***Conversion Shares***"). The first part of the Pre-Paid Advance in a principal amount of $1.0 million was advanced on July 12, 2024. The second part of the Pre-Paid Advance in a principal amount of $1.0 million was advanced on July 23, 2024. The third part of the Pre-Paid Advance in a principal amount of $2.0 million was advanced on July 26, 2024. Each part of the Pre-Paid Advance was subject to a discount in the amount equal to 5% of the principal amount thereof netted from the purchase price due and structured as an original issue discount (the "***Original Issue Discount***"). The Original Issue Discount did not reduce the principal amount of the Promissory Notes. No Promissory Notes remain outstanding as of the date of this prospectus.

Pursuant to the Current SEPA, subject to the terms and conditions set forth therein, the Company has the right, but not the obligation, to issue (each such issuance, an "***Advance***") to Yorkville, and Yorkville has the obligation to subscribe for Ordinary Shares for an aggregate subscription amount of up to $50.0 million (the "***Commitment Amount***"), at any time from the Effective Date of the Current SEPA until February 10, 2027, unless earlier terminated in accordance with the Current SEPA (the "***Commitment Period***"), by delivering written notice to Yorkville (each, an "***Advance Notice***").

Each Ordinary Share to be issued to Yorkville from time to time under the Current SEPA is sold by the Company to Yorkville at 97% of the Market Price for any three consecutive trading days commencing on the date of the Advance Notice (the "***Pricing Period***"). "***Market Price***" means the lowest daily volume weighted average price ("***VWAP***") of the Ordinary Shares on the Nasdaq Global Market or such other recognized exchange during the Pricing Period.

The Current SEPA does not require or entitle Yorkville to subscribe for any Ordinary Shares under the Current SEPA to the extent a proposed issuance, when aggregated with all other Ordinary Shares then owned by Yorkville, would result in Yorkville beneficially owning more than 4.99% of the then outstanding Ordinary Shares (the "***Beneficial Ownership Cap***").

For the foregoing reasons, we may not have access to the full $50.0 million Commitment Amount nominally available under the Current SEPA. See "*Convertible Debt Issue and Committed Equity Financing*" for more information regarding the Current SEPA.

We are not offering or selling any Ordinary Shares under this prospectus, and we will not receive any of the proceeds from sales of Ordinary Shares by the Selling Shareholder. We will bear all costs, expenses and fees in connection with the registration of the Ordinary Shares. The Selling Shareholder will bear all commissions and discounts, if any, attributable to sales of the Ordinary Shares registered herein. We are maintaining our registration of Ordinary Shares for resale by Yorkville pursuant to the registration rights granted to Yorkville under a registration rights agreement, as described in the Current SEPA. See "*Selling Shareholder*" for more information.

As of the date of this prospectus, we are unable to estimate the actual total amount of proceeds that we may receive under the Current SEPA, as it will depend on a number of factors, including our ability to meet the conditions set forth in the Current SEPA, the timing and prices at which we issue Ordinary Shares to Yorkville, market conditions and determinations by us as to the appropriate sources of funding for the Company's operations.

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Yorkville is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act of 1933, as amended (the "***Securities Act***"), and any profits on the sales of shares of our Ordinary Shares by Yorkville and any discounts, commissions, or concessions received by Yorkville are deemed to be underwriting discounts and commissions under the Securities Act.

Our registration of the securities covered by this prospectus does not mean that the Selling Shareholder will acquire, offer or resell all of the Yorkville Ordinary Shares. The Selling Shareholder may offer and sell in varying lots the securities covered by this prospectus in a number of different ways and at varying prices. See "*Plan of Distribution*" for more information. The market price of our Ordinary Shares could decline if Yorkville sells a significant portion of its Ordinary Shares or is perceived by the market as intending to sell. See "*Risk Factors* — *Risks Relating to this Offering* — *The issuance of our Ordinary Shares to Yorkville will cause dilution to our existing shareholders, and the sale of the Ordinary Shares acquired by Yorkville, or the perception that such sales may occur, could cause the price of our Ordinary Shares to fall*" and "*Risk Factors* — *Risks Relating to this Offering* — *Investors who buy Ordinary Shares at different times will likely pay different prices*." If any underwriters, dealers or agents are involved in the sale of any of such securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set forth, in any applicable prospectus supplement. See the sections of this prospectus titled "*About this Prospectus*" and "*Plan of Distribution*" for more information. No securities covered by this prospectus may be sold without delivery of this prospectus and any applicable prospectus supplement describing the method and terms of the offering of such securities. You should carefully read this prospectus and any applicable prospectus supplement before you invest in Ordinary Shares

Our Ordinary Shares are listed on the OTCQB Venture Market under the symbol "ZAPPF." We had 18,595,529 Ordinary Shares outstanding as of November 24, 2025. On November 24, 2025, the last reported sale price of our Ordinary Shares as reported on OTCQB was $0.06 per Ordinary Share.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

We are an "emerging growth company" and a "foreign private issuer" as those terms are defined under the federal securities laws and, as such, are subject to certain reduced public company reporting requirements for this prospectus and for future filings. See "*Prospectus Summary* — *Implications of Being an Emerging Growth Company and a Foreign Private Issuer*."

**Investing in our securities involves a high degree of risk. See** "***Risk Factors***" **beginning on page 11 and in any applicable prospectus supplement.**

**Neither the Securities and Exchange Commission (the** "***SEC***"**) nor any other regulatory body or state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

Prospectus dated , 2025

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**ZAPP ELECTRIC VEHICLES GROUP LIMITED**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#ABOUT_THIS_PROSPECTUS) | [v](#ABOUT_THIS_PROSPECTUS) |
| [CERTAIN PRESENTATIONS](#CERTAIN_PRESENTATIONS) | [v](#CERTAIN_PRESENTATIONS) |
| [FREQUENTLY USED TERMS](#FREQUENTLY_USED_TERMS) | [vi](#FREQUENTLY_USED_TERMS) |
| [IMPORTANT INFORMATION ABOUT IFRS AND NON-IFRS FINANCIAL MEASURES](#IMPORTANT_INFORMATION_ABOUT_IFRS_AND_NON_IFRS_FINANCIAL_MEASURES) | [viii](#IMPORTANT_INFORMATION_ABOUT_IFRS_AND_NON_IFRS_FINANCIAL_MEASURES) |
| [TRADEMARKS, SERVICE MARKS AND OTHER TRADE NAMES](#TRADEMARKS_SERVICE_MARKS_AND_TRADE_NAMES) | [viii](#TRADEMARKS_SERVICE_MARKS_AND_TRADE_NAMES) |
| [MARKET, INDUSTRY AND OTHER DATA](#MARKET_INDUSTRY_AND_OTHER_DATA) | [viii](#MARKET_INDUSTRY_AND_OTHER_DATA) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARY_NOTE_REGARDING_FORWARD_LOOKING_STATEMENTS) | [viii](#CAUTIONARY_NOTE_REGARDING_FORWARD_LOOKING_STATEMENTS) |
| [PROSPECTUS SUMMARY](#PROSPECTUS_SUMMARY) | [1](#PROSPECTUS_SUMMARY) |
| [THE OFFERING](#THE_OFFERING) | [9](#THE_OFFERING) |
| [SUMMARY FINANCIAL DATA](#SUMMARY_FINANCIAL_DATA) | [10](#SUMMARY_FINANCIAL_DATA) |
| [RISK FACTORS](#RISK_FACTORS) | [12](#RISK_FACTORS) |
| [CONVERTIBLE DEBT ISSUE AND COMMITED EQUITY FINANCING](#CONVERTIBLE_DEBT_ISSUE_AND_COMMITTED_EQUITY_FINANCING) | [41](#CONVERTIBLE_DEBT_ISSUE_AND_COMMITTED_EQUITY_FINANCING) |
| [USE OF PROCEEDS](#USE_OF_PROCEEDS) | [44](#USE_OF_PROCEEDS) |
| [DIVIDEND POLICY](#DIVIDEND_POLICY) | [44](#DIVIDEND_POLICY) |
| [THE COMPANY'S BUSINESS](#THE_COMPANYS_BUSINESS) | [45](#THE_COMPANYS_BUSINESS) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#MANAGEMENTS_DISCUSSION_AND_ANALYSIS_OF_FINANCIAL_CONDITION) | [55](#MANAGEMENTS_DISCUSSION_AND_ANALYSIS_OF_FINANCIAL_CONDITION) |
| [MANAGEMENT AND EXECUTIVE COMPENSATION](#MANAGEMENT_AND_EXECUTIVE_COMPENSATION) | [62](#MANAGEMENT_AND_EXECUTIVE_COMPENSATION) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#CERTAIN_RELATIONSHIPS_AND_RELATED_PARTY_TRANSACTIONS) | [80](#CERTAIN_RELATIONSHIPS_AND_RELATED_PARTY_TRANSACTIONS) |
| [PRINCIPAL SHAREHOLDERS](#PRINCIPAL_SHAREHOLDERS) | [81](#PRINCIPAL_SHAREHOLDERS) |
| [SELLING SHAREHOLDER](#SELLING_SHAREHOLDER) | [82](#SELLING_SHAREHOLDER) |
| [TAXATION](#TAXATION) | [83](#TAXATION) |
| [PLAN OF DISTRIBUTION](#PLAN_OF_DISTRIBUTION) | [91](#PLAN_OF_DISTRIBUTION) |
| [EXPENSES RELATED TO THE OFFERING](#EXPENSES_RELATED_TO_THE_OFFERING) | [93](#EXPENSES_RELATED_TO_THE_OFFERING) |
| [LEGAL MATTERS](#LEGAL_MATTERS) | [94](#LEGAL_MATTERS) |
| [EXPERTS](#EXPERTS) | [94](#EXPERTS) |
| [ENFORCEMENT OF CIVIL LIABILITIES](#ENFORCEMENT_OF_CIVIL_LIABILITIES) | [94](#ENFORCEMENT_OF_CIVIL_LIABILITIES) |
| [WHERE YOU CAN FIND MORE INFORMATION](#WHERE_YOU_CAN_FIND_MORE_INFORMATION) | [95](#WHERE_YOU_CAN_FIND_MORE_INFORMATION) |
| [INDEX TO THE FINANCIAL STATEMENTS](#INDEX_TO_FINANCIAL_STATEMENTS) | <u>F-</u>[1](#INDEX_TO_FINANCIAL_STATEMENTS) |

---

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**ABOUT THIS PROSPECTUS**

**Neither we nor the Selling Shareholder have authorized anyone to provide any information or to make any representations other than those contained in this prospectus, any accompanying prospectus supplement or any free writing prospectus we have prepared. We and the Selling Shareholder take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the securities offered hereby and only under circumstances and in jurisdictions where it is lawful to do so. No dealer, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus, any applicable prospectus supplement or any related free writing prospectus. This prospectus is not an offer to sell securities, and it is not soliciting an offer to buy securities, in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus or any prospectus supplement is accurate only as of the date on the front of those documents, regardless of the time of delivery of this prospectus or any applicable prospectus supplement, or any sale of a security. Our business, financial condition, results of operations and prospects may have changed since those dates.**

This prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under "*Where You Can Find More Information*."

**CERTAIN PRESENTATIONS**

***Currency***

In this prospectus, references to "$," "USD" and "U.S. Dollars" are to the lawful currency of the United States of America, references to "EUR" and "€" are to the single currency adopted by participating member states of the European Union relating to Economic and Monetary Union, references to "GBP" and "£" are to the lawful currency of the United Kingdom, references to "INR" are to the lawful currency of the Republic of India and references to "Thai Baht" or "THB" are to the lawful currency of the Kingdom of Thailand.

Unless otherwise specified or the context requires otherwise, all financial information for the Company provided in this prospectus is denominated in U.S. Dollars.

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**FREQUENTLY USED TERMS**

Unless otherwise specified or the context otherwise requires in this prospectus:

• the terms (1) "we," "us," "our," "the Company," "Zapp EV" and "our business" refer to Zapp Electric Vehicles Group Limited and, where appropriate in context, its subsidiaries Zapp Electric Vehicles Limited and Zapp Electric Vehicles, Inc.; (2) "Zapp UK" refers to Zapp Electric Vehicles Limited, (3) "Zapp US" refers to Zapp Electric Vehicles, Inc. and (4) "ZTH" refers to Zapp Scooters (Thailand) Company Limited.

• "Business Combination" refers to the transaction consummated on April 28, 2023 pursuant to the Agreement and Plan of Merger, dated as of November 22, 2022 (the "Merger Agreement"), by and among Zapp EV, CIIG Capital Partners II, Inc. ("CIIG II"), Zapp Electric Vehicles Limited, a private company limited by shares registered in England and Wales ("Zapp UK") and Zapp Electric Vehicles, Inc., a Delaware corporation and direct, wholly owned subsidiary of Zapp EV ("Merger Sub").

• "Code of Conduct" refers to our Code of Business Conduct and Ethics available on our website at https://ir.zappev.com/.

• "Current SEPA" refers to the standby equity purchase agreement entered into with Yorkville on July 11, 2024.

• "Director Nomination Agreement" refers to the director nomination agreement entered into with the Founder on April 28, 2023.

• "DSDTC" refers to our Drop-Ship-Direct-To-Customer delivery process.

• "ECWVTA" refers to European Community Whole Vehicle Type Approval.

• "emerging growth company" refers to an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

• "EU" refers to the European Union.

• "EVP2W" refers to electric powered two wheel vehicle(s).

• "Founder" refers to Mr. Swin Chatsuwan, the former Chief Executive Officer and a former director of the Company.

• "FCPA" refers to the U.S. Foreign Corrupt Practices Act, as amended, 15 U.S.C. §§ 78dd-1, *et seq*.

• "Financial statements" refers to the audited consolidated financial statements of Zapp Electric Vehicles Group Limited, including the related notes thereto, prepared in accordance with IFRS.

• "Forward Purchase Agreement(s)" and "FPA" refer to the forward purchase agreements entered into with each of ACM ARRT I LLC and CFPA Holdings LLC-Zapp RS on April 26, 2023.

• "GDPR" refers to the General Data Protection Regulation (EU) 2016/679.

• "ICE" refers to internal combustion engine.

• "ICEP2W" refers to internal combustion engine powered two-wheel vehicle(s).

• "IFRS" refers to International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB").

• "JOBS Act" refers to the Jumpstart Our Business Startups Act, U.S.Public Law 112–106, 126 Stat. 306 (2012).

• "Nasdaq" refers to The Nasdaq Stock Market LLC.

• "Original SEPA" refers to the standby equity purchase agreement entered into with Yorkville on February 10, 2024.

• "P2W" refers to powered two-wheel vehicle(s).

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• "P2W Market" refers to the global mobility market for P2Ws.

• "PDPA" refers to the Personal Data Protection Act B.E. 2562 (2019) published in the royal gazette of Thailand, which came into effect on June 1, 2022.

• "PFIC" refers to a passive foreign investment company, being any non-U.S. corporation with respect to which either: (i) 75% or more of the gross income for a taxable year constitutes passive income for purposes of the PFIC rules, or (ii) 50% or more of such non-U.S. corporation's assets in any taxable year (generally based on the quarterly average of the value of its assets during such year) is attributable to assets, including cash, that produce passive income or are held for the production of passive income.

• "RSUs" refers to restricted stock units.

• "SAP" refers to SPAC Advisory Partners LLC.

• "Securities Act" refers to the U.S. Securities Act of 1933, as amended; "Exchange Act" refers to the U.S. Securities Exchange Act of 1934, as amended; and "SEC" refers to the U.S. Securities and Exchange Commission.

• "Shares" and "Ordinary Shares" refer to the authorized share capital of Zapp Electric Vehicles Group Limited, as issued in connection with the Business Combination and subsequently.

• "U.K. Bribery Act" refers to the U.K. Bribery Act 2010.

• "UK GDPR" refers to U.K. General Data Protection Regulation and the U.K. Data Protection Act 2018.

• "U.S. Holder" refers to a beneficial owner of our securities that is, for U.S. federal income tax purposes: (i) a citizen or individual resident of the United States, (ii) a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof, or the District of Columbia, (iii) a trust subject to the control of one or more U.S. persons and the primary supervision of a U.S. court; or (iv) an estate the income of which is subject to U.S. federal income taxation regardless of its source.

• "Zapp" as used herein may refer to the Company, one or more of its subsidiaries, or the Zapp brand, as appropriate in context.

• "Zappers" refers to franchised, independent service agents.

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**IMPORTANT INFORMATION ABOUT IFRS AND NON-IFRS FINANCIAL MEASURES**

Our financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. We do not refer to any non-IFRS measures in this prospectus.

**TRADEMARKS, SERVICE MARKS AND TRADE NAMES**

Any Zapp logo and other trademarks or service marks of the Company appearing in this prospectus are the property of the Company or one of its subsidiaries or licensors. Solely for convenience, some of the trademarks, service marks, logos and trade names referred to in this prospectus are presented without the® and/or™ symbols, but such omission from such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors in respect of these trademarks, service marks and trade names. This prospectus contains additional trademarks, service marks and trade names of others. All trademarks, service marks and trade names appearing in this prospectus are, to our knowledge, the property of their respective owners. We do not intend to use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**MARKET, INDUSTRY AND OTHER DATA**

Certain industry data and market data included in this prospectus were obtained from independent third-party surveys, market research, publicly available information, reports of governmental agencies, and industry publications. Such data are based on and reflect a number of assumptions and limitations, and you are cautioned not to give undue weight to data and information obtained from these sources and referenced herein. We believe such data and information are helpful in gaining an understanding of the nascent electric vehicle industry and the markets in which we plan to operate, but caution you that investment in our Company's securities is subject to a high degree of risk and uncertainty due to a variety of factors, including those described below under the heading "Risk Factors." These and other factors could cause results to differ materially from those expressed or implied by data and other information compiled by independent parties and referenced herein.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains include certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "seeks," "projects," "intends," "plans," "may," "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this prospectus and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our future results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance, developments in the capital and credit markets, and the evolution of the industry and markets in which we intend to operate.

The forward-looking statements contained in this prospectus are based on our current expectations and beliefs concerning future developments. There can be no assurance that future developments will be those that we have anticipated. All forward-looking statements herein involve risks, uncertainties and/or potentially incorrect assumptions, which may cause our actual results and financial condition to be materially different from those expressed or implied by the forward-looking statements.

Many factors could cause our actual future results of operations and financial condition to be materially different from (and more negative than) those expressed, anticipated or implied by the forward-looking statements in this prospectus, including without limitation: (i) our ability to raise sufficient additional capital to continue to operate as a going concern, (ii) the effect of the public listing of our securities on our business relationships, performance, financial condition and business generally, (iii) the outcome of any legal proceedings that may be instituted against the Company or its subsidiaries, (iv) volatility in the price of our securities due to a variety of factors, including without limitation changes in the competitive and highly regulated industry in which we plan to operate, variations in competitors' performance and success, and changes in laws and regulations affecting our business, (v) our ability to implement business plans, meet forecasts and other expectations, and identify opportunities, (vi) the risk of slow growth and of downturns in the nascent and highly competitive electric vehicle industry, (vii) our ability to build the Zapp brand and consumers' recognition, acceptance and adoption of the Zapp brand, (viii) the risk that we may be unable to develop and manufacture electric vehicles of sufficient quality, on schedule and at scale, that would appeal to a large customer base, (ix) the risk that we have a limited operating history, have not yet released a commercially available electric vehicle and do not have experience manufacturing or selling a commercial product at scale, (x) the risk that we may not be able to manage our growth effectively, including our design, research, development and maintenance capabilities and (xi) other factors discussed under the heading "*Risk Factors*" in this prospectus.

viii

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The foregoing list of risk factors described above and set forth in the "Risk Factors" section below is not exhaustive. Other sections of this prospectus describe additional factors that could adversely affect our business, results of operations and financial condition. Should one or more of any such risks and/or uncertainties be adversely realized, or should any of our assumptions prove incorrect, actual results may vary in material negative respects from those expressed, anticipated or implied by the forward-looking statements herein. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this prospectus. We undertake no obligation, except as required by law, to revise publicly any forward-looking statement to reflect circumstances or events after the date of this prospectus or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks described below and in the other periodic reports we file from time to time with the SEC.

ix

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**PROSPECTUS SUMMARY**

*This summary highlights information contained in more detail elsewhere in this prospectus. This summary may not contain all the information that may be important to you, and we urge you to read this entire prospectus carefully, including the* "*Risk Factors,*" "*the Company*'*s Business*" *and* "*Management*'*s Discussion and Analysis of Financial Condition and Results of Operations*" *sections and our historical audited consolidated financial statements, including the notes thereto, included elsewhere in this prospectus, before deciding to invest in the Ordinary Shares.*

**Business Overview**

**Design-led electric personal urban mobility solutions**

We are on a mission to electrify personal urban mobility through the commercial development of Zapp, a British electric vehicles brand.

Our first product, the i300 electric urban motorcycle, was designed from the ground up leveraging the advantages of electrification, and we believe the resulting new vehicle architecture provides an attractive value proposition by combining performance specifications typically associated with larger "step-over" motorcycles with the convenience of a "step-through" form factor more suitable for urban environments.

This design-led approach extends beyond the product itself. Zapp seeks to provide a premium experience throughout the entire customer journey. With our long-standing passion for P2W vehicles, extensive market analysis, deep understanding of the technologies behind electrification required to design high-performance "EVP2W" vehicles, and focus on effective supply chain management, our aim is to establish a new:

• vehicle design and architecture;

• standard for vehicle practicality;

• customer purchase experience;

• customer ownership experience; and

• manufacturing model in the P2W sector that is asset-light and capital efficient.

We believe key company and product differentiators position Zapp to capture market share in a rapidly growing global P2W Market, which was approximately $118 billion in 2024. In addition to underlying organic growth in the demand for P2Ws, growth in sales of EVP2Ws is expected to outpace that of ICEP2W. Following improvements in electric vehicle technology, along with legislation in many countries restricting the use of ICE vehicles, we believe many consumers in the P2W Market today are ready to transition to an EVP2W.

***Our business model is built to scale***

We plan to utilize an asset-light and capital efficient business model. We had previously opened an ISO 9001:2015 certified micro-factory that could deliver up to 21,500 units per year from 12,000 square feet of space. While we no longer have access to that particular facility, this cost-effective micro-factory system can be replicated in other regions with high demand for EVP2Ws, including Europe, Southeast Asia and the Indian subcontinent, and subsequently be operated by us or transferred to a contract manufacturer to operate according to our specifications. We are currently assembling i300 in small batches at our facility in Bicester, and plan to open a new ISO 9001:2015 certified facility in Europe in order to produce inventory available for sale under ECWVTA.

Our exoskeleton design simplifies our manufacturing process. The i300 consists of fewer than 150 total component parts. Our vehicle assembly process requires only 105 steps*.*** This compares to other ICEP2W manufacturers that are estimated to require more than 2,000 components for each vehicle, which are assembled in up to 150 steps.

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***Our core design and technology innovations and product portfolio***

We aim to electrify personal urban mobility with a product portfolio that meets the needs of more urban riders.

Our proprietary exoskeleton architecture creates a brand DNA that we believe is easily identifiable by consumers. Our first product, the i300, has won nine international design awards, including the iF DESIGN AWARD, Red Dot Design Award, American Good Design® Award, German Design Award, European Product Design Award, Australian Good Design Award, Korean Good Design Award, Muse Design Award, and the A' Design Award. Furthermore, the Z-shaped exoskeleton provides significant performance benefits by lowering the center of gravity and overall weight of the vehicle relative to many key competitors' products.

The i300's award-winning design is further enhanced by our use of certain premium motorcycle components. The i300's product positioning and differentiation includes acceleration times of 0 to 30mph in 2.3 seconds and 0 to 50mph in 5.0 seconds as well as compact dimensions, offering greater urban agility and recognizable premium suspension and braking components. These product attributes will allow us to position ourselves as a premium British brand worldwide at a competitive price point.

We are also developing additional products targeting high-growth segments, including an additional P2W vehicle as well as an electric bicycle. We believe this strategy will meet the needs of more urban riders because it provides for a range of price points to improve affordability, acknowledges different rider requirements for vehicle specifications, and addresses more variability in rider lifestyle globally.

***Our portable battery packs eliminate reliance on dedicated charging infrastructure***

Our high volumetric energy density battery packs are fully portable, rather than being merely removable, and can be fully charged via any 220/110V wall socket in less than an hour using our fast charger.

Without the need for specialized charging infrastructure or battery swapping outlets, our battery packs alleviate consumer range anxiety and address the needs of daily commuters who do not wish to rely on public or private charging infrastructure. Each battery pack weighs only 13 pounds, or 6 kilograms, making them easy to carry and charge at the office, at home or anywhere else with a standard wall socket.

Two batteries are included as standard equipment on the i300 and may be used individually or in combination. An optional third battery may also be purchased by customers and stored in the under-seat storage box to further increase vehicle range.

***Our premium customer experience***

We are adopting a hybrid sales model and believe our differentiated customer experience will position Zapp to appeal to a broader P2W consumer base due to the following factors:

*Personalization:* Our website will offer automotive levels of personalization via an online vehicle configurator, which will allow customers to select and view extensive combinations for direct ordering without having to take the desired configuration to a local dealer.

*Drop-ship-direct-to-customers (DSDTC):* We anticipate that our DSDTC process will create a seamless customer experience for Zapp customers, from the first time they visit our website to the moment they take delivery of their vehicle at their requested destination. Where it makes sense, fulfillment will be handled by our Zappers (franchised delivery technicians) in our Zapp-branded delivery vans directly to the customer's location. Zappers will then follow through with easy-to-coordinate at-home vehicle maintenance throughout the period of ownership.

*Omnichannel:* We expect to use a multi-pronged marketing effort to establish our brand and drive customer demand. We anticipate selling direct to consumer via our e-commerce platform, which we plan to promote through diverse marketing efforts including digital, influencer, outdoor, live event and other forms of paid media. We also plan to expand our fixed-price, agency-based, physical retail point-of-sale program through authorized retailers in key urban centers.

*Order processing:* Our e-commerce platform will be configured to generate purchase orders, which will be distributed to the relevant production facility, our customer relationship management team, and our consumer leasing and insurance partners. We believe this will provide for a seamless experience for consumers within our DSDTC process.

***Gen-2 sustainability***

We place a strong emphasis on full-cycle sustainability in every aspect of our product lifecycle, including design, manufacturing, sourcing, end of life and battery recycling. We designed the i300 to have a low component count and a simplified assembly process, thus streamlining the manufacturing process and lowering the number of assembly steps and resources required per vehicle. Substantially all of our components can be recycled at the end of our product's life, including the batteries, which can be refurbished for second use.

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**Recent Developments**

***Loss of operational control of ZTH***

On May 2, 2025, the Company's directors informed Swin Chatsuwan that the board had lost confidence in him, had voted to place him on a leave of absence pending further action by the board, and had appointed David McIntyre, previously the Company's Chief Operating Officer, as Acting Chief Executive Officer. On or about May 5, 2025, the Company lost operational control of its indirect subsidiary ZTH, when it became clear that Mr. Chatsuwan was intent on exercising continued control over ZTH in breach of his fiduciary duties to the Company and in breach of the December 11, 2024 Shareholders Agreement between himself and Zapp UK governing the activities of ZTH. In the ensuing weeks, it became clear that Chief Brand Officer Belinda Vinke, Chief Strategy Officer Kiattipong Arrtachariya and Chief Design Officer Warin Thanawathee were acting in concert with Chatsuwan to defy the Company's board, in breach of their duties to the Company. Following prolonged, unsuccessful efforts by the Company's board and other executives to secure their renewed cooperation, the board voted unanimously on June 2, 2025 to terminate for cause Chatsuwan, Vinke, Arrtichariya and Thanawathee and to confirm the permanent appointment of David McIntyre as the Company's Chief Executive Officer.

As a result of these developments, the Company ceased to consolidate ZTH from May 5, 2025 and is pursuing all legal remedies available to it to seek redress from the four executives and regain operational control over ZTH or its assets.

***Delisting by Nasdaq***

On May 16, 2025, the Company received notification from Nasdaq, informing the Company that its securities would be delisted from the Nasdaq Capital Market. On May 20, 2025, the Company's Shares began trading on the OTC Pink Current Market. On August 7, 2025, the Company's Shares commenced trading on the OTCQB Venture Market.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "***JOBS Act***"). An emerging growth company may take advantage of specified reduced reporting and is exempt from other burdens that are ****otherwise generally applicable to public companies. These provisions include:

• the ability to include only two years of audited consolidated financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure;

• an exemption from the auditor attestation requirement with respect to our internal control over financial reporting pursuant to the Sarbanes-Oxley Act of 2002, as amended (the "  ***Sarbanes-Oxley Act*** ");

• if we no longer qualify as a foreign private issuer, (1) reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and (2) exemptions from the requirements of holding a non-binding advisory vote on executive compensation, including golden parachute compensation; and

• an exemption from compliance with the requirement that the Public Company Accounting Oversight Board has adopted that would otherwise require our independent registered public accounting firm to communicate "critical audit matters" in its report. A critical audit matter is any matter arising from the audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective or complex auditor judgment.

We may take advantage of these provisions for up to five years following the Closing of the Business Combination or, if earlier, the time that we cease to be an emerging growth company. We would cease to be an emerging growth company upon the earliest to occur of (1) the last day of the first fiscal year in which we have more than $1.235 billion in annual gross revenue, (2) the first day of the fiscal year following the first fiscal year in which, as of the last business day of our most recently completed second fiscal quarter, we have a non-affiliate market capitalization of more than $700 million, and (3) the date on which we have issued more than $1.0 billion of non-convertible debt over the previous three-year period. We may choose to take advantage of some but not all of these reduced burdens. We have taken advantage of reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you hold equity securities.

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**Implications of Being a Foreign Private Issuer**

Following the consummation of the Business Combination, we have reported under Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

• the rules under the Exchange Act requiring domestic filers to issue financial statements prepared in accordance with U.S. GAAP;

• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

• the sections of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and establishing liability for insiders who profit from trades made within a short period of time; and

• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, and current reports on Form 8-K upon the occurrence of specified significant events.

We are required to file with the SEC, within four months after the end of each fiscal year, or such applicable time as may be required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm. Our most recent annual report was filed on January 30, 2025.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States.

Foreign private issuers are also exempt from certain executive compensation disclosure rules applicable to U.S. domestic registrants. Thus, if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more extensive compensation disclosure requirements applicable to public companies that are neither emerging growth companies nor foreign private issuers and will continue to be permitted to follow our home country practice on such matters.

**Corporate Information**

Zapp Electric Vehicles Group Limited is an exempted company incorporated with limited liability under the laws of the Cayman Islands on November 15, 2022. The Company was formed for the sole purpose of effecting the Business Combination, which was consummated on April 28, 2023. Prior to the Business Combination, the Company owned no material assets and did not operate any business. The Company's Ordinary Shares are listed on the OTCQB Venture Market under the symbol "ZAPPF".

"Zapp" is a registered trademark of Zapp UK in the United Kingdom and other countries. Zapp UK, a wholly-owned subsidiary of Zapp EV, was first incorporated in 2017 and unveiled the proof-of-concept of Zapp's first product, the i300 motorcycle, in 2019.

The principal executive office of the Company is c/o Zapp Electric Vehicles (Sales) Limited, Building 149, The Command Works, Bicester Heritage, Old Skimmingdish Lane, Bicester, Oxfordshire, OX27 8FZ United Kingdom and its telephone number is +44 380 789 0949.

The Company's website address is <u>www.zappev.com</u>. The information accessible on the Company's website does not form a part of, and is not incorporated by reference in, this prospectus.

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**Risks Related to this Offering**

It is not possible to predict the actual number of Ordinary Shares we will issue to Yorkville under the Current SEPA, or the actual gross proceeds resulting from such issuances. Further, we may not have access to the full amount of proceeds nominally available under the Current SEPA.

The issuance of our Ordinary Shares to Yorkville will cause dilution to our existing shareholders, and the sale of the Ordinary Shares acquired by Yorkville, or the perception that such sales may occur, could cause the price of our Ordinary Shares to fall.

Investors who buy Ordinary Shares at different times will likely pay different prices.

Our management team will have broad discretion over the use of the net proceeds from our sale of Ordinary Shares to Yorkville, and you may not agree with how we use the proceeds and the proceeds may not be invested successfully.

***Summary of Risks Associated with Our Industry, Business, Operations and Financial Position***

Investing in our securities involves a high degree of risk. You should consider all the information contained in this prospectus before investing in our securities. These risks are discussed more fully in the section entitled "*Risk Factors*." If any of these risks are adversely realized, our business, financial condition or results of operations likely would be materially affected. These risks include, but are not limited to, the following:

• We are an early-stage company with a history of losses and expect to incur significant expenses and losses for at least the near and medium term. We may not achieve or maintain profitability in the foreseeable future or at all.

• We continue to face significant liquidity constraints and require additional external sources of capital to fund our operations and for our debt service and other obligations.

• We may seek to obtain future financing through the issuance of debt or equity, and such financing may not be available on commercially reasonable terms or at all, which may have an adverse effect on our shareholders or may adversely affect our business and financial condition.

• There is uncertainty regarding our ability to continue as a going concern.

• The global P2W market is highly competitive. Specifically, the EVP2W sector is rapidly growing and our products and services are and will be subject to strong competition from a growing list of established and new competitors.

• Our business and prospects depend significantly on our ability to build the Zapp brand and consumers' recognition, acceptance and adoption of the Zapp brand. We may not succeed in our efforts to build, maintain and strengthen the Zapp brand.

• We may experience delays in the design, manufacture, production, and launch of our vehicles, which could harm our business, financial condition, operating results and prospects

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• We may be unable to develop and manufacture vehicles of sufficient quality, on schedule and at scale, that would appeal to a large customer base.

• Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment.

• We depend on key suppliers to deliver vehicle components according to schedules, prices, quality, and volumes that are acceptable to us. We may be unable to effectively manage these suppliers. Uncertainties in the global economy may negatively impact suppliers and other business partners, which may interrupt the supply chain and require changes to our operations. These and other factors may adversely impact business, operating results, financial condition and prospects.

• Increases in costs or disruption of supply or shortages of basic materials could harm our business.

• Engaging contract manufacturers to manufacture our vehicles is subject to risks, including in respect of costs and manufacturing capabilities. If we are unable to maintain a relationship with contract manufacturers, our manufacturing costs may be adversely affected.

• We have a limited distribution network and do not have experience distributing directly to consumers. If we are unable to establish or maintain relationships with resellers or other retail partners or our authorized resellers or other retail partners are unable or ineffective in establishing or maintaining relationships with customers for our vehicles, our business, operating results, financial condition and prospects may be adversely affected.

• We may face challenges in expanding our business and operations internationally and our ability to conduct business in markets may be adversely affected by legal, regulatory, political, and economic risks.

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• If our vehicle owners modify our vehicles using third-party aftermarket products or otherwise, such vehicles may not operate properly, which may create negative publicity and could harm our business.

• If we are unable to establish and maintain confidence in our long-term business prospects among customers and analysts and within our industry, or are subject to negative publicity, then our business, operating results, financial condition and prospects may suffer materially.

• If we fail to offer high-quality customer service covering the delivery and after-sales care of our vehicles, or fail to maintain a superior customer support experience, our business and reputation will suffer.

• Our business may suffer if our products or features contain defects or fail to perform as expected. We may choose to or be compelled to undertake product recalls or take other similar actions, which could adversely affect our brand image, business, results of operations, financial condition and prospects.

• We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.

• We may be involved in legal proceedings in the ordinary course of our business. If the outcomes of such proceedings are adverse to us our business, results of operations, and financial condition may be adversely affected.

• We are or may be subject to risks associated with strategic alliances or acquisitions, which could require significant management attention, disrupt the business, dilute shareholder value and adversely affect our operating results.

• Any financial or economic crisis, or perceived threat of such a crisis, including a significant decrease in consumer confidence, may materially and adversely affect our business, results of operations and financial condition.

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• We have identified a material weakness in our internal control over financial reporting. If we fail to implement and maintain effective internal control over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.

• Unexpected termination of leases or failure to renew leases of any of our existing premises on acceptable terms or at all could materially and adversely affect our business.

• Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.

• As a result of our plans to expand operations, including to jurisdictions in which the tax laws may not be favorable, our effective tax rate may fluctuate, our tax obligations may become significantly more complex and subject to greater risk of examination by taxing authorities or we may be subject to future changes in tax law, and the impacts of such developments could adversely affect our after-tax profitability and financial results overall.

• We may grant options, RSUs and other types of awards under our equity compensation plans, which may result in increased share-based compensation expenses.

• We may be unable to complete ESG initiatives, in whole or in part, which could lessen opportunity for us to attract ESG-focused investors and partners.

• Our business, results of operations, financial condition and prospects may be adversely affected by pandemics and epidemics, natural disasters, actual or threatened war, terrorist activities, political unrest, and other outbreaks.

• We may need to defend ourselves against claims of infringement of intellectual property rights, which may be time-consuming and would cause us to incur substantial costs. We may incur significant costs and expenses in connection with protecting and enforcing our intellectual property rights, including through litigation.

• If we are unable to maintain, protect or enforce our rights in our proprietary technology, brands or other intellectual property, our competitive advantage, business, financial condition and results of operations could be harmed.

• We will depend initially on revenue generated from one model of EVP2W, the i300, and in the foreseeable future our revenue will depend on sales of a small number of EVP2W models.

• The unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EVs or the imposition of new or additional regulations, including local, municipal or country-specific regulations, on EVs or components contained in our vehicles could have a material adverse effect on our business, prospects, financial condition and operating results.

• The market price and trading volume of our Ordinary Shares may be volatile and could decline significantly.

• Because we are incorporated in the Cayman Islands, we conduct substantially all of our operations outside the U.S., and a majority of our directors and executive officers reside outside the U.S., you may face difficulties in protecting your interests and your ability to protect your rights through U.S. courts may be limited.

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**THE OFFERING**

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| | |
|:---|:---|
| ***Ordinary shares offered by the Selling Shareholder*** | An aggregate of 10,000,000 Ordinary Shares (including 7,204,742 Ordinary Shares sold as of the date of this prospectus). |
| ***Ordinary Shares outstanding*** | 18,595,529 Ordinary Shares (as of November 24, 2025) |
| ***Ordinary shares issued and outstanding after giving effect to the issuance of Ordinary Shares registered hereunder*** | 21,390,787 Ordinary Shares (based on 18,595,529 Ordinary Shares issued and outstanding as of November 24, 2025) |
| ***Use of proceeds*** | We will not receive any proceeds from the resale of Ordinary Shares included in this prospectus by the Selling Shareholder. However, we may receive up to $50.0 million in aggregate gross proceeds under the Current SEPA from issuances of Ordinary Shares that we may elect to make to Yorkville pursuant to the Current SEPA, from time to time in our discretion. Through November 24, 2025, we have received $7.6 million in gross proceeds from sales of Ordinary Shares to Yorkville pursuant to the Current SEPA. As of the date of this prospectus, we are unable to estimate the actual total amount of proceeds that we may receive under the Current SEPA, as this will depend on a number of factors, including the timing and prices at which we issue ordinary shares to Yorkville, market conditions and the trading price of our Ordinary Shares, our continued ability to meet the conditions set forth in the Current SEPA, and determinations by us as to the appropriate sources of funding for our company and our operations.<br> We expect to use the net proceeds that we receive from issuances of our Ordinary Shares to Yorkville under the Current SEPA for general corporate purposes. See "*Use of Proceeds*" and "*Risk Factors* — *Risks Relating to this Offering* — *Our management team will have broad discretion over the use of the net proceeds from the Pre-Paid Advance and our sale of Ordinary Shares to Yorkville, and the proceeds may not be utilized successfully.*" |
| ***Dividend policy*** | We have never declared or paid any cash dividends and have no plan to declare or pay any dividends on our Ordinary Shares in the foreseeable future. We currently intend to retain any earnings for future operations, development of new products and expansion into more countries. See the section titled "*Dividend Policy*." |
| ***Market for our Ordinary Share***s | Our Ordinary Shares are listed on the OTCQB Venture Market under the symbol "ZAPPF." |
| ***Risk factors*** | Investing in our securities involves a high degree of risk. See "*Risk Factors*" beginning on page 11 of this prospectus for a description of certain of the risks you should consider before investing in our Ordinary Shares. |

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**SUMMARY FINANCIAL DATA**

**Selected Consolidated Financial Information of the Company**

You should read the following discussion and analysis of the Company's financial condition and results of operations together with its consolidated financial statements and the related notes thereto and the unaudited pro forma condensed combined financial statements, each included elsewhere in this prospectus. The following discussion is based on the Company's financial information prepared in accordance with IFRS and the interpretations of the IFRS Interpretations Committee (IFRS IC) as issued by the IASB. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to the Company's plans and strategy for its business, includes forward-looking statements that involve risks and uncertainties. You should review the section titled "*Risk Factors*" for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

***Selected Data from the Consolidated Statement of Profit or Loss***

The following tables show information derived from the Company's consolidated statement of profit or loss for the years ended September 30, 2024, 2023 and 2022 as well as for the six months ended March 31, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| *($US 000's, except per share data)* | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2024** | **2023** | **2022** |
| Revenue | 17.4 |  |  |
| Cost of sales | (13.1) |  |  |
| **Gross profit** | 4.3 |  |  |
| Selling and distribution expenses | (325.8) | (1425.3) | (423.1) |
| General and administrative expenses | (5910.0) | (6372.7) | (3187.0) |
| **Operating loss** | (6231.5) | (7798.1) | (3610.1) |
| Finance expense, net | (1167.2) | (551.7) | (302.8) |
| Other expense | (1609.4) | (213747.7) | 335.3 |
| **Loss before tax** | (9008.1) | (222097.5) | (3577.6) |
| Income tax |  |  |  |
| **Loss for the year** | **(9008.1)** | **(222097.5)** | **(3577.6)** |
| Basic and diluted earnings per share | (2.56) | (92.99) | (1.80) |

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| | | |
|:---|:---|:---|
| *(in USD 000's, except per share data)* | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| Revenue |  |  |
| Cost of sales |  |  |
| **Gross profit** |  |  |
| Selling and distribution expenses | (178.1) | (220.4) |
| General and administrative expenses | (2554.9) | (2913.8) |
| **Operating loss** | (2733.0) | (3134.1) |
| Finance expense, net | (301.1) | (192.9) |
| Other expense | (428.8) | (1706.1) |
| **Loss before tax** | (3462.9) | (5033.1) |
| Income tax | (858.5) |  |
| **Loss for the period** | **(4321.4)** | **(5033.1)** |
| Basic and diluted earnings per share | (0.68) | (1.70) |

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***Selected Balance Sheet Data***

The following table shows information derived from the Company's balance sheet as of March 31, 2025 as we all as September 30, 2024 and 2023.

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| | | | |
|:---|:---|:---|:---|
| *($US 000's)* | **March 31, 2025** | **September 30, 2024** | **September 30, 2023** |
| **Assets** |  |  |  |
| Cash and cash equivalents | 1117.6 | 1565.1 | 823.2 |
| Other current assets | 2233.4 | 1890.0 | 1827.9 |
| Property, plant and equipment | 388.2 | 460.9 | 590.8 |
| Other non-current assets | 1357.4 | 1479.5 | 4099.9 |
| **Total assets** | **5096.6** | **5395.5** | **7341.8** |
| **Liabilities and Shareholders' deficit** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade, other payables and current liabilities | 26572.9 | 26885.0 | 23698.2 |
| Other non-current liabilities | 987.0 | 1026.9 | 2081.2 |
| **Total liabilities** | **27559.9** | **27911.9** | **25779.4** |
| **Shareholders' deficit** | **(22463.3)** | **(22516.4)** | **(18437.6)** |
| **Total liabilities and shareholders' deficit** | **5096.6** | **5395.5** | **7341.8** |

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***Selected Cash Flow Statement Data***

The following tables show selected information derived from the Company's consolidated statement of cash flows for the years ended September 30, 2024, 2023 and 2022 as well as for the six months ended March 31, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
| *(US$000's)* | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2024** | **2023** | **2022** |
| Net cash used in operating activities | (4883.9) | (6505.4) | (2802.9) |
| Net cash used in investing activities | (37.0) | (285.9) | (466.2) |
| Net cash from financing activities | 5597.3 | 5648.8 | 5070.0 |
| **Net increase / (decrease) in cash and cash equivalents** | **676.4** | **(1142.5)** | **1800.9** |
| Cash and cash equivalents at October 1, 2023, 2022 and 2021 | 823.2 | 1963.1 | 159.7 |
| Effect of exchange rate fluctuations on cash held | 65.5 | 2.6 | 2.5 |
| **Cash and cash equivalents at September 30, 2024, 2023 and 2022** | **1565.1** | **823.2** | **1963.1** |

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| | | |
|:---|:---|:---|
| *(US$000's)* | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2025** |
| Net cash used in operating activities | (2706.5) | (1524.7) |
| Net cash used in investing activities | (56.1) | (9.6) |
| Net cash from financing activities | 2402.8 | 1199.3 |
| **Net increase / (decrease) in cash and cash equivalents** | **(359.8)** | **(335.1)** |
| Cash and cash equivalents at October 1, 2024 and 2023 | 1565.1 | 823.2 |
| Effect of exchange rate fluctuations on cash held | (87.8) | (3.2) |
| **Cash and cash equivalents at March 31, 2025 and 2024** | **1117.6** | **485.0** |

---

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**RISK FACTORS**

*Investing in our securities involves a high degree of risk. In addition to the other information set forth in this prospectus, including the section entitled* "*Cautionary Note Regarding Forward-Looking Statements,*" *you should carefully consider the risk factors discussed below when considering an investment in our securities and any risk factors that may be set forth in the applicable prospectus supplement, any related free writing prospectus, as well as the other information contained in this prospectus, any applicable prospectus supplement and any related free writing prospectus. If any of the following risks occur, our business, financial condition, results of operations and prospects could be materially and adversely affected. In that case, the market price of our securities could decline and you could lose some or all of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations.*

**Risks Related to this Offering**

***It is not possible to predict the actual number of Ordinary Shares we will issue under the Current SEPA to Yorkville, or the actual gross proceeds resulting from those issuances. Further, we may not have access to the full amount nominally available under the Current SEPA.***

On July 11, 2024, we entered into the Current SEPA, pursuant to which Yorkville (i) agreed to advance to the Company, and in due course did advance, the Pre-Paid Advance in the principal amount of $4.0 million, as evidenced by the Promissory Notes, which are convertible into Ordinary Shares (as converted, the Conversion Shares) and (ii) agreed to subscribe for up to $50.0 million of our Ordinary Shares, in both respects subject to certain limitations and conditions set forth in the Current SEPA. Such conditions may prevent us from issuing Ordinary Shares to Yorkville in specified circumstances, but otherwise we have or will have discretion to issue Ordinary Shares to Yorkville from time to time in accordance with the Current SEPA.

Subject to the conditions of the Current SEPA, and save for the issuance of the Commitment Shares and issuance of Conversion Shares following receipt of an Investor Notice, we have the right to determine the timing and amount of any issuances of Ordinary Shares to Yorkville. Such timing and amounts have depended, and will depend, upon market conditions and other factors to be determined by us. We may ultimately decide to issue to Yorkville all or only some of the Ordinary Shares that we are entitled to issue to Yorkville pursuant to the Current SEPA.

Because the subscription price per Ordinary Share to be paid by Yorkville for the Ordinary Shares we elect to issue to Yorkville under the Current SEPA fluctuates based on the market prices of our Ordinary Shares prior to each Advance, it is not possible for us to predict, as of the date of this prospectus, the total number of Ordinary Shares we will issue to Yorkville under the Current SEPA, the average subscription price per Ordinary Share that Yorkville will pay for all shares so issued, or the aggregate gross proceeds that we will receive from all such issuances.

Moreover, although the Current SEPA provides that we may issue up to an aggregate of $50.0 million of our Ordinary Shares to Yorkville, only 10,000,000 Ordinary Shares (including the Commitment Shares) have been registered for resale by Yorkville under the Registration Statement. If we elect to issue to Yorkville all of such 10,000,000 Ordinary Shares, depending on the market price of our Ordinary Shares prior to each Advance, the actual gross proceeds from the sale of all such shares may be substantially less than the $50.0 million nominally available to us under the Current SEPA.

If it becomes necessary for us to issue to Yorkville under the Current SEPA more than the 10,000,000 Ordinary Shares (including the Commitment Shares) registered for resale under the Registration Statement in order to receive aggregate gross proceeds up to $50.0 million under the Current SEPA, we will need to file with the SEC one or more additional registration statements to register under the Securities Act the resale by Yorkville of any such additional Ordinary Shares we wish to issue, which the SEC must declare effective before we may effect such issuance(s).

The Current SEPA does not obligate Yorkville to subscribe for or acquire Ordinary Shares to the extent a proposed issuance, when aggregated with all other Ordinary Shares then owned by Yorkville, would result in Yorkville's beneficially owning more than 4.99% of the then outstanding Ordinary Shares.

***The issuance of our Ordinary Shares to Yorkville has caused and will cause dilution to our existing shareholders, and the sale of the Ordinary Shares acquired by Yorkville may have caused, and/or could cause, the price of our Ordinary Shares to fall.***

The Company's issuance of Ordinary Shares to Yorkville pursuant to the Current SEPA has materially increased the number of Ordinary Shares issued and outstanding, resulting in dilution of the interests of other holders of our Ordinary Shares. As and when we issue such shares, Yorkville may resell all, some, or none of them at its discretion, subject to the Current SEPA. Depending on a number of factors, including market liquidity and overall trading volumes, such sales by Yorkville, or the perception that such sales are occurring and may occur, may have caused and could in future cause the trading price of our Ordinary Shares to fall.

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***Investors who buy Ordinary Shares at different times will likely pay different prices.***

At various points in time as and when we are obliged to or elect to issue Ordinary Shares pursuant to the Current SEPA, Yorkville is entitled to resell all or some (or none) of such shares at different times and prices, at its discretion. Accordingly, investors who purchased or will purchase Ordinary Shares from Yorkville in this offering at different times and prices will likely experience different levels of dilution thereafter (in some cases substantial dilution), and realize different outcomes in their investment results. In particular, investors may experience a decline in the value of Ordinary Shares they have purchased from Yorkville in the event of future issuances to Yorkville at prices lower than the market prices such investors previously paid.

***Our management team will have broad discretion over the use of the net proceeds from the Pre-Paid Advance and our sale of Ordinary Shares to Yorkville, and the proceeds may not be utilized successfully.***

Our management team has broad discretion as to the use of the net proceeds from the Pre-Paid Advance and from our issuances of Ordinary Shares to Yorkville, including using such proceeds for purposes other than those contemplated as of the date of this prospectus. Accordingly, purchasers of Ordinary Shares will be relying on the judgment of our management team in respect of the use of such proceeds, and will not have the opportunity, as part of their investment decision, to assess whether the proceeds are being used effectively. Any failure of our management team to utilize such funds successfully could have a negative impact on our business, financial condition, and operating results.

**Risks Related to Zapp**'**s Business and Industry**

***We are an early-stage company with a history of losses and expect to incur significant expenses and losses for at least the near and medium term. We may not achieve or maintain profitability in the foreseeable future or at all.***

We have incurred net losses since our inception, including losses of $9.0 million and $222.1 million for the years ended September 30, 2024 and September 30, 2023, respectively and a loss of $4.3 million for the six months ended March 31, 2025. We believe that we will continue to incur operating and net losses in the future until at least the time we begin significant sales and deliveries of our vehicles, which has been delayed to date and may occur later than we currently expect or not at all. We may not be profitable for at least the near and medium term as we invest in our business, build capacity and ramp-up operations, and we cannot assure you that we will ever achieve or be able to maintain profitability in the future. Even if we are able to successfully develop our vehicles and attract customers, there can be no assurance that we will be financially successful. For example, as we expand internationally and expand our vehicle portfolio, including the introduction of lower-priced vehicles, we will need to manage costs effectively to achieve our expected margins. Failure of the Company to become profitable within a reasonable timeframe or at all could materially and adversely affect the value of your investment in our securities. Our ability to achieve profitability will depend on the successful development, commercial introduction and consumer acceptance of our vehicles including our first product, the i300 urban electric motorcycle, and our services, which may not occur. Our business also will at times require significant amounts of working capital to support the development of additional vehicle models and service platforms. An inability to generate positive cash flow in the near term may adversely affect our ability to raise needed capital for our business on reasonable terms, diminish supplier or customer willingness to enter into transactions with us, and have other adverse effects that may negatively impact our viability as a business in the medium and longer term. There can be no assurance that we will achieve positive cash flow in the near future or at all.

***We continue to face significant liquidity constraints and require additional external sources of capital to fund our operations and for our debt service and other obligations.***

Since inception, we have relied on a combination of debt and equity financing to fund our operations. Until the full commercial launch and significant customer deliveries of our expanded product portfolio, which we anticipate will allow us to begin generating cash from operations, we will continue to rely on external financing to fund our operations. There can be no assurance that we will be able to obtain such additional financing on commercially reasonable terms, or at all.

In order to minimize cash outflows, we have implemented strategies to conserve cash, such as delaying the settlement of payment obligations with a number of key suppliers, including professional services providers, and other payments related to the Business Combination, which has resulted in our trade and other payables totaling $21.7 million at March 31, 2025. We expect that our cash flows from operating activities will continue to be insufficient to cover operating expenses and interest payments, and that we therefore will need other capital resources this year to fund our operations, debt service and other obligations as they become due, including the settlement of deferred payment obligations related to the Business Combination.

If we are unable to secure further extensions or forbearance in respect of our obligations to our suppliers or to generate sufficient revenues from sales, we will need other external sources of capital to fund our operations, including through either debt or equity financing transactions, which may not be available on commercially reasonable terms, or at all. If such actions are not successful, and we are unable to continue to delay payments by assent of certain major creditors, we may not have sufficient liquidity to continue operations beyond the first quarter of 2026.

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***We may seek to obtain future financing through the issuance of debt or equity, and such financing may not be available on commercially reasonable terms or at all, which may have an adverse effect on our shareholders or may adversely affect our business and financial condition.***

If we raise funds through the issuance of additional debt, including convertible debt or debt secured by some or all of our assets, holders of such debt securities will have rights, preferences and privileges senior to those of holders of our Shares in the event of liquidation. Moreover, whether we issue additional debt or not, it is possible, in the event of liquidation, that payment of creditor claims may leave no assets remaining to compensate holders of Shares. If we raise funds through the issuance of additional equity, whether through private placements or public offerings, including under the Current SEPA, such an issuance would dilute the ownership of any shareholders that do not participate in the issuance. There can be no assurance that we will be able to obtain debt or equity financing in a timely manner and on terms that are acceptable to us or at all. If we are unable to obtain any needed additional funding, we may be required to reduce the scope of, delay or eliminate some or all of our business plans, including without limitation our planned research, development, production and marketing activities and product launch timing, any of which steps could materially harm our business.

Furthermore, the terms of any additional debt securities we may issue in the future may impose restrictions on our operations, which may include limiting our ability to incur additional indebtedness, pay dividends on or repurchase our share capital and/or make certain acquisitions or investments. In addition, we may become subject to debt covenants requiring us to satisfy certain financial tests and ratios, and our ability to satisfy such covenants may be affected over time by events outside of our control.

***There is uncertainty regarding our ability to continue as a going concern.***

We do not anticipate that our cash flows from operating activities will be sufficient to cover operating expenses and interest payments for the duration of the current fiscal year. While we expect to have sufficient cash resources to facilitate the assembly of the Oxford Street launch edition of the i300 in the United Kingdom in 2025, including liquidity realized under the Current SEPA, we are limited in the amount of proceeds from the Current SEPA that may be utilized to settle payment obligations relating to the Business Combination. We therefore will require additional sources of financing to satisfy such obligations. There can be no assurance that we will be able to obtain such additional financing on acceptable terms or at all. As a result of the foregoing, the report of our independent registered public accounting firm in our Annual Report on Form 20-F for the year ended September 30, 2024 contained an explanatory paragraph relating to our ability to continue as a going concern. This uncertainty may materially and adversely affect the market price of our Ordinary Shares and our ability to raise new capital.

***We are a new entrant into an early-stage industry. As we scale and expand our business, we may not be able to adequately control the costs of our operations.***

We have a short operating history in the electric powered two-wheel vehicle (EVP2W) industry, which is continuously evolving. We have only delivered a limited number of vehicles commercially and do not yet have experience as an organization in high volume manufacturing, distribution and sales of vehicles. We intend to utilize manufacturers and retailers with, respectively, extensive experience in production and sales of vehicles at scale. The EVP2W industry is in its early stages, however, and there can be no assurance that utilizing such experienced partners will result in sales of our vehicles at scale. We will require significant capital to develop and grow our business, including developing and producing our vehicles, establishing or expanding design, research and development, production and building our brand. We have incurred and expect to continue incurring significant expenses, including research and development expenses, selling and distribution expenses, and general and administrative expenses as we scale our operations, identify and commit resources to investigate new areas of demand and incur costs as a public company, all of which will impact our profitability. Our ability to become profitable in the future is dependent on the design, development and marketability of our product portfolio, while also controlling costs to achieve expected margins. If we are unable to efficiently design, develop, market, deploy, distribute and service our vehicles while simultaneously controlling costs, our margins, profitability and prospects could be materially and adversely affected.

***The global P2W market is highly competitive. Specifically, the EVP2W sector is rapidly growing and our products and services are and will be subject to strong competition from a growing list of established and new competitors.***

Both the internal combustion engine (ICE) powered two-wheel vehicle (P2W) and EVP2W industries are highly competitive, and we will be competing for sales with both ICE-focused companies and EV-focused companies. Several major P2W companies have EVP2Ws available today and other current and prospective motorcycle manufacturers are also developing EVP2Ws. Factors affecting competition include product performance and quality, technological innovation, customer experience, brand differentiation, product design, pricing and manufacturing scale and efficiency. Increased competition may lead to lower vehicle unit sales and downward price pressure and adversely affect our business, prospects, financial condition and operating results. We also expect competition for EVs to intensify due to increased demand and a regulatory push for alternative fuel vehicles, continuing globalization and consolidation in the worldwide automotive industry. Further, as a result of new entrants in the EV market, we may experience increased competition for components and other parts of our vehicles, which may have limited or possibly single-source supply.

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***Our future growth and success are highly dependent upon consumers***' ***adoption of, and their demand for, EVP2Ws and our battery solutions in a sector that is highly competitive, cyclical and volatile.***

Our future growth is dependent on consumers' willingness to adopt EVP2Ws and choose our products over those of other EVP2W manufacturers. Demand for EVP2Ws may be affected by factors directly impacting EVP2W prices or the cost of purchasing and operating EVP2Ws such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in downward price pressure and adversely affect our business, operating results, financial condition and prospects.

In addition, demand for our vehicles will depend heavily upon the adoption by consumers of alternative fuel vehicles in general and EVs in particular. The market for such vehicles is rapidly evolving and characterized by changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards, and changing consumer tastes and behaviors.

Other factors that may influence the adoption of alternative fuel vehicles, and specifically EVs, include:

• perceptions about EV quality, safety, design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of EVs, whether or not such EVs are produced by us or other manufacturers;

• perceptions about EV safety in general, in particular safety issues that may be ascribed to the use of advanced technology, including EV systems and battery safety;

• so-called "range anxiety," which may increase over time due to the decline of an EV's range resulting from deterioration of battery function;

• the availability of new energy vehicles;

• the availability of service and charging stations for EVs;

• the costs and challenges of installing home charging equipment, including for multi-family, rental and densely populated urban housing;

• the environmental consciousness of consumers, and their adoption of EVs;

• the occurrence of negative incidents, or perception that negative incidents have occurred, with respect to our or our competitors' EVs resulting in adverse publicity and harm to consumer perceptions in EVs generally;

• the higher initial upfront purchase price of EVs, despite lower cost of ongoing operating and maintenance costs, compared to ICE vehicles;

• perceptions about and the actual cost of alternative fuel;

• regulatory, legislative and political changes; and

• macroeconomic factors.

Furthermore, our vehicles utilize portable battery packs which do not require dedicated charging infrastructure. While we believe that our portable battery packs differentiate our vehicles, there can be no assurance that consumers will adopt our battery solutions. If potential customers do not find our battery solutions attractive, the competitiveness of our vehicles, our market penetration, and, in turn, our business, prospects, financial condition and operating results may be materially and adversely impacted.

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***Our business and prospects depend significantly on our ability to build the Zapp brand and consumers***' ***recognition, acceptance and adoption of the Zapp brand. We may not succeed in our efforts to build, maintain and strengthen the Zapp brand.***

Our business and prospects are heavily dependent on our ability to develop, maintain and strengthen the Zapp brand. If we do not continue to establish, maintain and strengthen our brand, we may lose the opportunity to build a critical mass of customers. Promoting and positioning our brand will likely depend significantly on our ability to provide high-quality vehicles and engage with our customers as intended. In addition, our ability to develop, maintain and strengthen the Zapp brand will depend heavily on the success of our customer development and branding efforts. Such efforts mainly include building a community of customers engaged with our branding initiatives, including through our authorized resellers, at automotive shows and events, city pop-up stores and guerilla roadshows, as well as engaging celebrity talent, social media influencers or brand ambassadors or other brand partnerships. Such efforts may not achieve the desired results and we may be required to change our customer development and branding practices, which could result in substantially increased expenses. There is no assurance that such efforts would yield brand awareness or consumer adoption of our vehicles. If we do not develop and maintain a strong brand, our business, prospects, financial condition and operating results may be materially and adversely impacted.

In addition, if negative incidents occur or are perceived to have occurred, whether or not such incidents result from fault on our part, we could be subject to adverse publicity. In particular, given the popularity of social media, any negative publicity, whether true or not, could quickly proliferate and harm consumer perceptions and confidence in the Zapp brand. Furthermore, there is the risk of potential adverse publicity related to our partners whether or not such publicity is related to their collaboration with us. Our ability to successfully position our brand could also be adversely affected by perceptions about the quality of our competitors' vehicles.

In addition, from time to time, our vehicles may be evaluated and reviewed by third parties. Any negative reviews, reviews which compare our vehicles unfavorably to competitors, or even negative opinions among reader comments following such reviews, could adversely affect consumer perception about our vehicles, no matter their accuracy.

***We may experience delays in the design, manufacture, production, and launch of our vehicles, which could harm our business, financial condition, operating results and prospects.***

The future success of our business depends and will depend on our ability to execute on our plans to develop, produce, market and sell our vehicles. Many EV companies have experienced delays in the design, production and commercial release of new products. To the extent we delay the launch of our vehicles, our growth prospects could be adversely affected as we may fail to establish or grow our market share. While we have produced the initial units of i300 ourselves, it remains our intention to rely on contract manufacturers for the manufacturing of vehicles as we scale and enter additional markets. We could experience delays, including if such contract manufacturers do not meet agreed upon timelines or experience capacity constraints. Additionally, we and our contract manufacturers rely on third-party suppliers for the provision and development of the key components and materials used in our vehicles. To the extent our suppliers experience delays in providing us or our contract manufacturers with or developing necessary components, we could face delays in delivering vehicles on our planned timelines.

***We may be unable to develop and manufacture vehicles of sufficient quality, on schedule and at scale, that would appeal to a large customer base.***

Our business depends in large part on our ability to develop, market, produce and sell our vehicles. The continued development of and the ability to sell our vehicles at scale, including the i300 and future models, are and will be subject to risks, including with respect to:

• our ability to secure the necessary funding;

• our ability to develop and launch vehicles at scale and at attractive profit margins for our business;

• our ability to negotiate and execute definitive agreements, and maintain arrangements on reasonable terms, with our various suppliers for hardware or services necessary to engineer or manufacture parts or components of our vehicles, with our resellers to sell our vehicles, and with our franchisees to deliver and service our vehicles;

• securing necessary components, services or licenses on acceptable terms and in a timely manner;

• delays by us in delivering final component designs to our suppliers;

• our and our contract manufacturers' ability to accurately produce vehicles within specified design tolerances;

• quality controls that prove to be ineffective or inefficient;

• defects in design and/or manufacture that cause our vehicles not to perform as expected or that require repair, field actions, product recalls or design changes;

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• delays, disruptions or increased costs in our third-party suppliers' supply chain, including raw material supplies;

• other delays, backlog in manufacturing and research and development of new models, and cost overruns;

• obtaining required regulatory approvals and certifications;

• compliance with environmental, safety and similar regulations; and

• our ability to attract, recruit, hire, retain and train skilled employees.

Historically, P2W customers have expected manufacturers periodically to introduce new and improved vehicle models. To meet these expectations, we intend to introduce new vehicle models and enhanced versions of existing models. The EVP2W market is in its early stages and quickly evolving. As a new entrant in a young industry, we inherently have limited experience in designing, testing, manufacturing, marketing, selling and servicing vehicles and therefore cannot assure you that we will be able to meet customer expectations. Any of the foregoing could have a material adverse effect on our business, prospects, financial condition and operating results.

***If we fail to achieve unit sales expectations, our business, prospects, financial condition and operating results could be adversely impacted.***

While we have made a small number of initial deliveries of the i300 and have received expressions of interest in our vehicles from potential resellers and customers, there is no guarantee that such interest will translate into significant unit sales. We have received only a limited number of paid reservations for our vehicles, all of which are subject to cancellation prior to delivery of the vehicle. The wait from the time a reservation is made until the time the vehicle is delivered could also impact user decisions on whether to ultimately make a purchase, due to potential changes in preferences, competitive developments and other factors. If we encounter delays in the delivery of our current or future vehicle models, a significant number of reservations may be cancelled. As a result, no assurance can be made that existing and/or future reservations will ultimately result in final purchases and deliveries of the vehicle.

Our ability to achieve unit sales expectations will be fundamental to our future success in existing and new markets and our market share. We cannot assure you that we will be able to achieve unit sales expectations. If we are unable to achieve unit sales expectations our business, prospects, financial condition and operating results could be adversely impacted.

***Our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of your investment.***

We are a company with a very short operating history and have not generated significant revenue from sales of our vehicles or other products and services to date. As an early stage business, there is no historical basis for making judgments on the demand for our vehicles, our ability to develop, produce and deliver vehicles, or our profitability in the future. It is difficult to predict our future revenues and appropriately budget for our expenses; trends that may emerge in the quickly evolving EV industry may be outside our visibility and may adversely affect our business. You should consider our business prospects in light of the risks and challenges we face as a new entrant in an early-stage industry, including with respect to our ability to: continuously advance our vehicle technologies; develop safe, reliable and quality vehicles that appeal to customers; deliver and service a large volume of vehicles; achieve profitability; build a globally recognized and respected brand; expand our vehicles lineup; navigate evolving regulatory environments; improve and maintain our operational efficiency; manage supply chains effectively; adapt to changing market conditions, including technological developments and changes in competitive landscape; and manage our growth effectively.

While we are currently focusing on the i300, we expect our product lineup to expand beyond the i300 and that we will introduce new models in other categories or using other technologies in which we have less experience and accordingly we may need to adjust our strategies and plans from time to time to remain competitive.

If we fail to address any or all of these risks and challenges, our business may be materially and adversely affected.

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***As we continue to grow, we may not be able to effectively manage our growth, including with respect to our design, research, development and maintenance capabilities, which could negatively impact our brand and financial performance.***

We intend to expand our operations significantly, which will require hiring, training and retaining new personnel, controlling expenses, establishing facilities, and implementing administrative infrastructure, systems, and processes. Our future operating results depend to a large extent on our ability to manage this expansion and growth successfully. Risks that we face in undertaking this expansion include, among others:

• attracting and hiring skilled and qualified personnel to support our expanded operations at existing facilities or operations at any facilities we may construct or acquire in the future;

• managing a larger organization with a great number of employees in different divisions and geographies;

• training and integrating new employees into our operations to meet the growing demands of our business;

• controlling expenses and investments in anticipation of expanded operations;

• establishing or expanding design, research, development, contract manufacturing, sales, servicing and maintenance capabilities;

• managing regulatory requirements, permits and labor issues and controlling costs in connection with the construction of additional facilities or the expansion of existing facilities; and

• implementing and enhancing administrative infrastructure, systems and processes.

Furthermore, we have no experience to date in high volume production of our vehicles and we cannot be certain that we will be able to partner effectively with reliable contract manufacturers and reliable sources of component supply, and thereby meet the quality, price, engineering, design and production standards, as well as the production volumes, required to market our vehicles successfully and expand our operations. Any failure to achieve and manage our growth effectively could negatively impact our brand, results of operations and financial performance.

***We depend on key suppliers to deliver vehicle components according to schedules, prices, quality, and volumes that are acceptable to us. We may be unable to effectively manage these suppliers. Uncertainties in the global economy may negatively impact suppliers and other business partners, which may interrupt the supply chain and require changes to our operations. These and other factors may adversely impact business, operating results, financial condition and prospects.***

Our success will be dependent upon our or our contract manufacturers' ability to enter into supplier agreements and maintain relationships with existing and future suppliers of products critical to the production of our vehicles. Supply agreements entered into with suppliers in the future may have provisions whereby such agreements can be terminated in various circumstances, including potentially without cause. If key suppliers terminate agreements and/or become unable to provide, or experience delays in providing, needed components, we may have difficulty finding replacement components. Additionally, our products contain parts that we purchase from limited-source suppliers, for which few or no immediate or readily available alternative exists. While we believe that we would be able in such case to establish alternate supply relationships and can obtain or engineer replacement components, we may be unable to do so quickly (or at all) at acceptable prices, volume and/or quality levels. In addition, unexpected changes in business conditions, supplier pricing and materials pricing, including due to inflation of raw material costs, labor issues, wars, trade policies, natural disasters, health epidemics such as the global COVID-19 pandemic, trade and shipping disruptions, port congestions and other factors beyond our or our suppliers' control could affect current and future suppliers' ability to remain solvent, operational and able to deliver the components we need. The unavailability of any supplier or component could result in production delays, product design changes and loss of access to important technology and tools for producing and supporting our products, as well as impact our capacity expansion and our ability to fulfill our obligations to customers. Moreover, significant increases in our production or product design changes by us may in the future require us to procure additional components in a short amount of time. Our suppliers may not be willing or able to sustainably meet our timelines or our cost, quality and volume needs, which may require us to replace them with other sources. Any such disruptions could affect our ability to produce and deliver vehicles and negatively affect our business, results of operations and financial condition.

Also, if a supplied vehicle component becomes the subject of a product recall, we may be required to source an alternative component to remedy the issue(s) that led to such recall, which could increase our costs and divert management attention.

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If we or our contract manufacturing partners do not enter into long-term supply agreements with fixed or otherwise agreed pricing for our parts or components, we and our contract manufacturers may be exposed to fluctuations in prices of components, materials and equipment. Agreements for the purchase of battery cells contain or are likely to contain pricing provisions that are subject to adjustments based on changes in market prices of key commodities. Substantial increases in the prices for such components, materials and equipment would increase our operating costs and could reduce our margins if we cannot recoup such increased costs. Any attempts to increase the announced or expected prices of our vehicles in response to increased costs could be viewed negatively by our potential customers and could adversely affect our business, operating results, financial condition and prospects.

***Increases in costs or disruption of supply or shortages of basic materials could harm our business.***

We and our suppliers may experience increases in the cost of or a sustained interruption in the supply of parts and materials. Any such cost increase, supply interruption or shortage could materially and negatively impact our business, operating results, financial condition and prospects. We and our suppliers use various materials in our businesses and products, including, for example, lithium-ion battery cells, semiconductors, aluminum and steel, and the prices for these materials fluctuate. The available supply of these materials may be unstable, depending on market conditions and global demand. For example, recent conflicts in Ukraine, the Middle East and the Red Sea area may cause disruptions to and delays in our operations, including shortages and delays in the supply of certain parts, including materials and equipment necessary for the production of our vehicles, and the various internal designs and processes we may adopt in an effort to remedy or mitigate impacts of such disruptions and delays may result in higher costs. There have been very sizable increases in recent months in the cost of key metals, including lithium, nickel, aluminum and cobalt, with volatility in pricing expected to persist for the foreseeable future. In addition, our business also depends on the continued supply of battery cells for the battery packs used in our vehicles. We are exposed to multiple risks relating to lithium-ion battery cells. These risks include, but are not limited to:

• any increases in the cost, or any decrease in the available supply, of materials used in the cells;

• disruption in the supply of cells due to quality issues or recalls by battery cell manufacturers;

• inability to contract with large suppliers who have existing long-term relationships with other EV companies; and

• fluctuations in the value of any foreign currencies in which battery cell and related raw material purchases are or may be denominated relative to the U.S. dollar.

We may have limited operational flexibility in the event of any disruption in the supply of battery cells, which could lead to disruptions in the production of our vehicles.

As in the case of batteries, semiconductors are an important component of the electrical architecture of our vehicles, controlling wide aspects of their operability and in turn subjecting us to a risk of shortages and long lead times in their supply. Many of the key semiconductors used in our vehicles come from limited-source suppliers, such that a disruption or shortage of production in respect of any such manufacturer or supplier may result in increased chip delivery lead times, delays in the production of our vehicles, and increased costs incurred to source alternative semiconductor suppliers. In addition, we may be required to incur additional costs and expenses in the event that new chip suppliers must be onboarded on an expedited basis.

Substantial increases in the prices of materials used in the production of our products, such as those charged by battery cell or semiconductor chip suppliers, would increase our operating costs and could reduce our margins. For example, due to the global semiconductor supply shortages, other supply chain issues, and the current inflationary environment in the United States and globally, the cost of input materials, components and processes required to produce our vehicles is expected to increase, and we may need to increase the prices of our vehicles in response to these cost pressures. Price increases and other measures taken by us to offset higher costs could materially and adversely affect our reputation and brand, result in negative publicity, a loss of customers and sales, and adversely affect our business, operating results, financial condition and prospects. In addition, a growth in popularity of EVs without a significant expansion in battery cell production capacity could result in shortages which would result in increased materials costs to us, and would impact our projected manufacturing and delivery timelines, and adversely affect our business, operating results, financial condition and prospects.

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***Engaging contract manufacturers to manufacture our vehicles is subject to risks, including in respect of costs and manufacturing capabilities. If we are unable to maintain continuous and productive relationships with contract manufacturers, our manufacturing costs may be adversely affected.***

A key aspect of our business is our asset-light operating model under which we intend to rely principally on contract manufacturers to produce our vehicles. We intend to engage with long-term contract manufacturing partners to provide manufacturing, procurement, logistics and distribution services for our vehicles. If contract manufacturers fail to perform or meet our expected quality standards, timelines, capacity requirements, costs, manufacturing capabilities or manufacturing footprint, we may need to engage other third-party contract manufacturers or expand our own in-house manufacturing capabilities, which could cause us to incur significant cost, expense and production/delivery delays. As we do not currently have alternate contract manufacturing arrangements in place, it could if necessary take time to transition to one or more other contract manufacturers and there is no guarantee that such alternative(s) would meet our capacity, capability, health and safety, and/or quality requirements, legal compliance standards or requirements, or otherwise provide an effective and acceptable manufacturing solution. Any of the foregoing circumstances and risks could adversely affect our business, operating results, financial condition and prospects.

***We do not yet have a distribution network and do not have experience distributing directly to consumers. If we are unable to establish or maintain relationships with resellers or other retail partners, or our authorized resellers or other retail partners are unable or ineffective in establishing or maintaining relationships with customers for our vehicles, our business, operating results, financial condition and prospects may be adversely affected.***

We employ a go-to-market business model whereby our revenue will be generated by sales through our online platform, authorized retailers and online resellers. We have signed multiple letters of intent with numerous authorized retailers as of the date of this prospectus. However, all of these arrangements will require renegotiation at later stages as we begin our global product rollout, and some or all of these arrangements may be terminated or may not materialize into next-stage contracts or long-term contractual relationships. In addition, we do not currently have arrangements in place that will allow us to realize our global expansion plans. If we are unable to enter into acceptable contract arrangements with an adequate number of resellers in a timely manner, or at all, or if we fail to maintain such arrangements, our business, operating results, financial condition and prospects may be materially and adversely affected.

We will depend on the capability of such retail partners to develop and implement effective retail sales plans to help create demand among retail purchasers for our vehicles and related products and services that the retail partners may purchase from us. We intend to provide our retail partners with specific training and programs to assist them in selling our products, but there can be no assurance that these steps will be effective in building value adding commercial relationships. If our retail partners are not able to establish, maintain and strengthen our brand, we may lose the opportunity to build a critical mass of customers. Moreover, our retail partners' ability to develop, maintain and strengthen their relationships with customers for vehicles will depend heavily on our ability to provide high-quality vehicles as well as the success of our brand development and marketing efforts. Our business and prospects depend significantly on our ability to build the Zapp brand and consumers' recognition, acceptance, and adoption of the Zapp brand. We may not succeed in continuing to maintain and strengthen the Zapp brand.

Some of such retail partners may also market, sell and support product offerings that may be competitive with ours, may devote more resources to the marketing, sales and support of such competitive offerings or may have incentives to promote other offerings to the detriment of our own. Our retail partners' actions could subject us to lawsuits, potential liability and reputational harm if, for example, one or more of our retail partners misrepresents the functionality of our vehicles to customers or violates applicable laws or our or their corporate policies. Even absent such issues, if our retail partners are unsuccessful in selling our vehicles, or if we are unable to enter into arrangements with and retain a sufficient number of capable retail partners in each of the regions in which we plan to market and sell our vehicles, our business, operating results, financial condition and prospects could be adversely affected.

Furthermore, in certain urban areas, we intend to deliver our vehicles directly through "Zappers" who are franchised, independent delivery and service agents. We do not have experience in distributing directly to customers nor do we currently have such franchisee arrangements in place. Our failure to enter into acceptable franchise arrangements in a timely manner, or at all, could result in delivery delays and adversely affect our business, operating results, financial condition and prospects.

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***Our ability to attract, train and retain executives and other qualified employees, including key members of management, is critical to our business, results of operations and future growth.***

Our business and future success is substantially dependent on the continued services and performance of our key executives, senior management and other personnel, including personnel with relevant experience or expertise in the engineering and automotive sectors. Under our current employment arrangements, such persons may choose to terminate their employment with us at any time. The loss of the services of any of our key employees or any significant portion of our workforce could disrupt our operations and/or delay the development, introduction and rollout of our products and services. We cannot assure you that we will be able to retain these employees or find adequate replacements. When skilled personnel leave us, a lengthy period of time may be required to hire and train suitable replacement staff. Our ability to compete effectively depends on our ability to attract new employees and to retain and motivate our existing employees. We may be required to increase our levels of employee compensation more rapidly than in the past to remain competitive in attracting the quality of employees that our business requires. If we do not succeed in attracting well-qualified employees or retaining or motivating existing employees, our business, results of operations, financial condition and prospects could be adversely affected.

Employees may leave us or choose other employers over us due to various factors, such as a very competitive global labor market for talented individuals with automotive engineering or technology experience, or due to negative publicity related to us or our products. In regions where we have or will have operations, there is strong competition for individuals with skill sets needed for our business, including specialized knowledge of EVs, engineering, design and other expertise. We compete for talent with both mature and prosperous companies with greater financial resources as well as start-ups and emerging companies that promise short-term growth opportunities.

***We expect to incur research and development costs and devote significant resources to developing new products, which may significantly reduce our profitability without leading to new revenue.***

Our future growth depends on penetrating new markets, adapting existing products to customer requirements, and introducing new products that achieve market acceptance. If we are unable to do those things in a timely and cost-effective manner, we may lose our competitive position, our products may become dated, and our business, results of operations and financial condition could be adversely affected.

Our success in new markets will depend on a variety of factors, including but not limited to our ability to develop new products, new product features and services that address the customer requirements in such markets, attract a customer base and gain acceptance in such markets, and compete with new and existing competitors. Developing our products is expensive, and investments in product development may involve a long payback cycle. Our results of operations will be impacted by the timing and size of such investments, which may take several years to generate positive returns, if ever.

Additionally, future market share gains may take longer than planned and cause us to incur significant costs. Difficulties in any of our new product development efforts or our efforts to enter adjacent markets could adversely affect our business, operating results and financial condition.

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***We may face challenges in expanding our business and operations internationally and our ability to conduct business in markets may be adversely affected by legal, regulatory, political, and economic risks.***

Our business plan includes operations in the UK, France and other countries in Europe, and subsequent expansion into other international markets including countries in North America and Asia. We will face risks associated with any potential international operations, including possible unfavorable legal, regulatory, political and economic risks, which could harm our business. We anticipate having international operations and subsidiaries that are subject to the legal, political, regulatory and social requirements and economic conditions in these jurisdictions. Furthermore, conducting and launching operations on an international scale requires close coordination of activities across multiple jurisdictions and time zones and consumes significant management resources. We will be subject to a number of risks associated with international business activities that may increase our costs, impact our ability to sell our vehicles and require significant management attention.

These risks include:

• conforming our vehicles to various national regulatory requirements where our vehicles are sold and serviced, which requirements may change over time;

• expenditures related to foreign legal proceedings and liability;

• difficulties in staffing and managing foreign operations, including managing different cultural expectations;

• difficulties establishing relationships with, or disruption in the supply chain from, international suppliers;

• difficulties attracting customers in new markets;

• difficulties in attracting effective distributors, dealers or sales agents, as the case may be;

• foreign government taxes, regulations and permit requirements, including foreign taxes that we may not be able to offset against taxes imposed upon us in jurisdictions where we operate, and foreign tax and other laws limiting our ability to repatriate funds to the Cayman Islands;

• fluctuations in foreign currency exchange rates and interest rates, including risks related to any foreign currency swap or other hedging activities we may undertake;

• government trade policies, restrictions, tariffs and price or exchange controls;

• foreign labor laws, regulations and restrictions;

• changes in diplomatic and trade relationships, including a potential trade war between China and the United States;

• laws and business practices favoring local companies;

• difficulties procuring and/or protecting intellectual property rights;

• consumer adoption of the Zapp brand versus competing brands;

• political instability, natural disasters, war or events of terrorism and health epidemics; and

• the strength of international economies.

If we fail to successfully address and manage these risks, our business, operating results, financial condition and prospects could be adversely affected.

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***If our vehicle owners modify our vehicles using third-party aftermarket products or otherwise, such vehicles may not operate properly, which may create negative publicity and could harm our business.***

Motorcycle enthusiasts may seek to alter our vehicles to modify their performance in ways which could compromise vehicle safety and security systems. Customers also may customize their vehicles with aftermarket parts that may likewise compromise safety. We do not test, nor do we endorse, such changes or products. In addition, customers may attempt to modify our vehicles' charging systems in ways that can compromise vehicle systems or risk injury. Such unauthorized modifications could reduce the safety and security of our vehicles, and any injuries resulting from such modifications could result in adverse publicity, which may negatively affect our brand and thus harm our business, operating results, financial condition and prospects.

***If we are unable to establish and maintain confidence in our long-term business prospects among customers and analysts and within our industry, or are subject to negative publicity, then our business, operating results, financial condition and prospects may suffer materially.***

Customers may be less likely to purchase our vehicles if they are not convinced that our business will succeed or that our service and support and other operations will continue in the long term. Similarly, suppliers and other third parties may be less likely to invest time and resources in developing business relationships with us if they are not convinced that our business will succeed. Accordingly, in order to build and maintain our business, we must maintain confidence among customers, suppliers, analysts, ratings agencies and other parties in our vehicles, long-term financial viability and business prospects. Maintaining such confidence may be complicated by certain factors, including many that may be outside of our control, such as: our limited operating history; customer unfamiliarity with our vehicles and EVP2Ws in general; any delays in scaling production, delivery and service operations to meet demand; competition and uncertainty regarding the future of our vehicles and EVP2Ws in general; and our production and sales performance compared with market expectations.

***Our financial results may vary significantly from period to period due to fluctuations in our operating costs, product demand, and other factors.***

We expect our period-to-period financial results to vary based on our operating costs and product demand, which we anticipate will fluctuate as we continue to design, develop, produce and distribute new vehicles. Additionally, our revenue from period to period may fluctuate as we build our global distribution, add new derivative products based on market demand and margin opportunities, and introduce new or existing products in new markets.

Moreover, our revenue from period to period may fluctuate due to seasonality. As a seller of P2Ws, we expect to be impacted by seasonality, primarily by weather. Sales of two-wheeled vehicles tend to slow in colder months and increase during warmer months. In Europe we expect revenue to be higher in the months of March through September, correlating with higher deliveries, and when we plan to offer most of our potential customer ride experiences. During the months of October through February, we expect revenue to be lower as we focus on building the next season's order bank. Such seasonality may cause our revenue to vary from quarter to quarter which can make forecasting more difficult and may adversely affect our ability to predict financial results accurately.

As a result of these factors, we believe that quarter-to-quarter comparisons of our financial results may not necessarily be meaningful and that such comparisons cannot be relied upon as indicators of future performance. Moreover, our varying financial results may not meet the expectations of equity research analysts, ratings agencies or investors, who may mainly focus on sequential quarterly financial results. If any of this occurs, the trading price of our Shares may experience significant volatility.

***We may collect and process certain information about our customers and their vehicles and are subject to various privacy and consumer protection laws.***

We may collect, receive, store, transmit and otherwise process different types of information about or related to a range of individuals, including our future customers, website visitors, our employees, job applicants and employees of other companies that we do business with (such as our vendors and suppliers). In addition to the information we will collect from our customers to complete a sale or transaction, we may in the future use our vehicles' onboard electronic systems to capture information about each vehicle's use, such as location, charge time, battery usage, mileage and driving behavior, among other things, to aid us in providing services including EV diagnostics, repair, maintenance, insurance, roadside assistance and vehicle emergency services. Our customers may choose not to provide this data, which may diminish their ownership experience and in turn impact our reputation among consumers. Possession and use of our customers' vehicle use and other information may subject us to legislative and regulatory burdens and risks that could require notifications of data breach, restrict our use of such information, and hinder our ability to acquire new customers or market to existing customers. If customers allege that we have improperly released or disclosed their sensitive personal data, we could face legal claims, lawsuits and reputational harm. If third parties improperly obtain and use sensitive personal data of our customers, we may be required to expend significant resources to resolve these problems.

As we expand our operations, we will be required to comply with increasingly complex and rigorous regulatory standards enacted to protect business and personal information in various jurisdictions in North America, Europe, and Asia. Such regulations may impose additional regulatory obligations regarding the handling of personal information and further provide certain individual privacy rights to persons whose data is processed.

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Data protection and privacy-related laws and regulations are evolving and may result in ever increasing regulatory and public scrutiny and escalating levels of enforcement and sanctions. For example, the EU has adopted the GDPR. These laws (and other laws to be enacted in the future) impose additional regulatory obligations regarding the handling of personal data and further provide certain individual privacy rights to persons whose data is processed by covered organizations.

We are or will be subject to the GDPR and the UK data protection regime consisting primarily of the UK GDPR. The GDPR, the national implementing legislation in EU member states, and the UK GDPR impose stringent data protection requirements, some of which are different from requirements under data privacy laws in other jurisdictions.

The GDPR/UK GDPR also generally prohibits the transfer of personal data subject to those regimes outside of the EU/UK unless a lawful data transfer solution has been implemented or a data transfer derogation applies. Recent legal developments in Europe have created complexity and uncertainty regarding transfers of personal information from the EU and the UK to other countries. In addition, as supervisory authorities in the EU and UK continue to issue further guidance relating to the processing of personal information, including the transfer of data, we could suffer additional costs or be subject to complaints or regulatory investigations or fines if there are allegations of non-compliance, and if we are otherwise unable to transfer personal data between and among countries and regions in which we operate, it could affect the manner in which we provide our services, the geographical location or segregation of our relevant systems and operations, and could adversely affect our financial results. Loss, retention or misuse of certain information and alleged violations of laws and regulations relating to privacy and data security, and any relevant claims, may expose us to potential liability and may require us to expend significant resources on data security and in responding to and defending such allegations and claims.

We may also become subject to evolving EU and UK privacy laws on cookies and e-marketing. In the EU and the UK, regulators are increasingly focusing on compliance with requirements in the online behavioral advertising ecosystem, and current national laws that implement the ePrivacy Directive may be replaced by an EU regulation known as the ePrivacy Regulation which will significantly increase fines for non-compliance. In the EU and the UK, informed consent is required for the placement of most cookies or similar technologies technologies that store information, or access information stored, on a user's device and for direct electronic marketing. The GDPR also imposes conditions on obtaining valid consent, such as a prohibition on pre-checked consents and a requirement to ensure separate consents are sought for each type of cookie or similar technology. While the text of the ePrivacy Regulation is still under development, a recent European court decision, regulators' recent guidance and recent campaigns by a not-for-profit organization are driving increased attention to cookies and tracking technologies. There is also a generally increasing awareness of how Internet user data is being used by companies, focused in particular on the use of cookies to collect or aggregate information about Internet users' online browsing activity. If regulators start to enforce the strict approach in recent guidance, this could lead to substantial costs, require significant systems changes, limit the effectiveness of our marketing activities in the EU, divert the attention of our technology personnel, adversely affect our margins, increase costs and subject us to additional liabilities. Regulation of cookies and similar technologies, and any decline of cookies or similar online tracking technologies as a means to identify and potentially target users, may lead to broader restrictions and impairments on our marketing and personalization activities, may require significant changes to our business and may negatively impact our efforts to understand users.

Additionally, other countries outside of Europe and the United States, including countries we operate in or may in the future operate in, are considering enacting legislation implementing data protection requirements or imposing cross-border data transfer restrictions or laws requiring local data residency. Non-compliance with such laws and regulations could result in significant penalties (for example, fines for certain breaches of the GDPR or the UK GDPR are up to the greater of €20 million/£17.5 million or 4% of total global annual turnover), restrictions on the conduct of our business and the manner in which we interact with our customers, and other regulatory sanctions. In addition, we may also face civil claims including class action type litigation (where individuals have alleged to suffered harm), potentially leading to significant liabilities, as well as associated costs, diversion of internal resources, and reputational harm. These possibilities, if adversely borne out, could have a negative impact on our business, results of operations and financial condition as well as reputational harm among consumers, investors, and strategic partners.

Although we make reasonable efforts to comply with all applicable data protection laws and regulations, our interpretations and efforts may prove to be insufficient or incorrect. We also make public statements about our use and disclosure of personal information through our privacy policy, information provided on our website and other public statements. Although we endeavor to ensure that such public statements are accurate and complete, we may at times fail to do so and be subject to potential regulatory or other legal action as a result. In addition, concerns or complaints about our data privacy and security practices (even if unfounded), or any failure, real or perceived, by us to comply with our posted privacy policies or with any legal or regulatory requirements, standards, certifications or orders or other privacy or consumer protection-related laws and regulations applicable to us, could cause our customers, riders and users to reduce their use of our products and services.

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In addition, the regulatory framework for data privacy issues worldwide is currently evolving and is likely to remain uncertain for the foreseeable future, and it is possible that applicable laws and regulations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another and may conflict with other rules or our practices. Any failure or perceived failure by us to comply with applicable privacy and data security laws and regulations, our privacy policies, or our privacy-related obligations to users or other third parties, or any compromise of security that results in the unauthorized access to or transfer of personal information or other customer data, may result in governmental enforcement actions, litigation or public statements against us by consumer advocacy groups or others and could cause our customers and users to lose trust in us, which would have an adverse effect on our reputation and business. We may also incur significant expenses to comply with privacy, consumer protection and security standards and controls imposed by laws, regulations, industry standards or contractual obligations.

Any significant change to applicable laws, regulations, enforcement or industry practices regarding the use or disclosure of our users' data, or regarding the manner in which the express or implied consent of users for the use and disclosure of such data is obtained could require us to modify our services and features, possibly in a material and costly manner, may subject us to legal claims, regulatory enforcement actions and fines, and may limit our ability to develop new services and features that make use of the data that our users voluntarily share with us.

***If we fail to offer high-quality customer service covering the delivery and after-sales care of our vehicles, or fail to maintain a superior customer support experience, our business and reputation will suffer.***

We aim to provide consumers with a high-quality customer service experience, including at-home delivery of orders and after-sales services. Our services may fail to meet our customers' expectations, which could adversely affect our business, reputation and results of operations.

We intend to make deliveries and provide after-sale services primarily via franchised, independent service agents called "Zappers." We cannot be certain that we will be able to enter into well-functioning arrangements with such third-party agents. In the early stages of our product rollout, we and such Zappers will have little or no experience in servicing our vehicles. Servicing EVP2Ws is different in many ways from servicing ICE vehicles and requires specialized skills, including high voltage training and servicing techniques. There can be no assurance that our after-sale service arrangements will adequately address the service requirements of our customers to their satisfaction, or that we and our franchisees will have sufficient resources to meet these service requirements in a timely manner as the volume of vehicles we deliver increases. Any failure to quickly resolve issues and provide effective support, or a market perception that we do not maintain effective and responsive support, could adversely affect our brand and reputation, our ability to retain customers or sell additional products and services to new and existing customers. In any such circumstances, our business, results of operations, financial condition and prospects could be adversely affected.

***Our industry and its technology are rapidly evolving and may be subject to unforeseen changes. Developments in alternative technologies or improvements in current competitive technologies, including alternatives to electricity as a fuel source, may adversely affect the demand for our vehicles.***

We may be unable to keep up with changes in EV technology or alternatives to electricity as a fuel source and, as a result, our competitiveness may suffer. Developments in alternative technologies, such as advanced diesel, hydrogen, ethanol, fuel cells or compressed natural gas, or improvements in the fuel economy of the ICE or the cost of gasoline, may materially and adversely affect our business and prospects in ways we do not currently anticipate. Existing and other battery cell technologies, fuels or sources of energy may emerge as customers' preferred alternative to our vehicles. Any failure by us to develop new or enhanced technologies or processes, or to react to changes in existing technologies, could materially delay our development and introduction of new and enhanced alternative fuel vehicles and EVs, which could result in the loss of competitiveness of our vehicles, decreased revenue, and a loss of market share to competitors. Our research and development efforts may not be sufficient to adapt to changes in alternative fuel and EV technology. As technologies change, we plan to upgrade or adapt our vehicles with the latest technology. However, our vehicles may not compete effectively with alternative systems if we are not able to source and integrate the latest technology into our vehicles. Additionally, the introduction and integration of new technologies into our vehicles may increase our costs and capital expenditures required for the production of our vehicles and, if we are unable to implement such technologies in a cost effective manner, our business, operating results, financial condition and prospects could be materially and adversely affected.

***Our business may suffer if our products or features contain defects or fail to perform as expected. We may choose to or be compelled to undertake product recalls or take other similar actions, which could adversely affect our brand image, business, results of operations, financial condition and prospects.***

If our vehicles or battery packs contain design or manufacturing defects that cause them not to perform as expected or that require repair, our ability to develop, market and sell our products and services may be harmed, and we may experience delivery delays, product recalls, product liability, breach of warranty and consumer protection claims and significant expenses as a result. Although we are protected under back-to-back warranties with our contract manufacturer and our suppliers, and will maintain warranty reserves to cover warranty-related claims on our vehicles and battery packs once our vehicles enter production, we cannot be certain that the terms of these warranties can sufficiently shield us from potential liabilities when they arise or that our reserves will be sufficient to cover future warranty claims.

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Furthermore, our vehicles utilize software in their dashboards, which may contain latent defects or errors or be subject to external attacks. Although we will attempt to remedy any issues we observe in our vehicles as effectively and rapidly as possible, such efforts may not be timely, may hamper production or may not completely satisfy our customers. While we perform extensive internal testing on our vehicles and features, we currently have a limited frame of reference by which to evaluate their long-term quality, reliability, durability and performance characteristics when operating in the field. There can be no assurance that we will be able to detect and fix all defects in our vehicles prior to their sale and delivery to customers.

Any recall involving our products, or even of a EVP2W competitor's product, may result in adverse publicity, damage our brand image, and adversely affect our business, operating results, financial condition and prospects. Such recalls, where necessitated by systems or components engineered or manufactured by us or our suppliers, may involve significant expense, the possibility of lawsuits, and diversion of management's attention and other resources, which could adversely affect our brand image and our business, operating results, financial condition and prospects.

***We are subject to cybersecurity risks to our various systems and software and any material failure, weakness, interruption, cyber event, incident or breach of security could prevent us from effectively operating our business.***

We are at risk for interruptions, outages and breaches of (a) operational systems, including business, financial, accounting, product development, data processing or production processes, owned by us or our third-party vendors or suppliers; (b) facility security systems, owned by us or our third-party vendors or suppliers; (c) in-product technology, owned by us or our third-party vendors or suppliers; (d) the integrated software in our vehicles; (e) our website; or (f) customer data that we process or our third-party vendors or suppliers process on our behalf. In addition, we and our third-party vendors or suppliers that host our data may encounter attempted attacks on their networks that may take a variety of forms, including denial of service attacks, infrastructure attacks, botnets, malicious file attacks, cross-site scripting, credential abuse, ransomware, bugs, viruses, worms, and malicious software programs. All of these types of cyber incidents can give rise to a variety of losses and costs, including legal exposure and regulatory fines, damages to reputation, and others. These incidents could also materially disrupt operational systems; result in loss of intellectual property, trade secrets, other proprietary or competitively sensitive information and data generally (including personal information); compromise certain information of customers, employees, suppliers, riders, users or others; harm our reputation or brand; or affect the performance of our in-product technology and the integrated software in our vehicles.

A cyber incident could be caused by disasters, insiders (through inadvertence or with malicious intent) or malicious third parties (including nation-states or nation-state supported actors) using sophisticated, targeted methods to circumvent firewalls, encryption and other security defenses, including hacking, fraud, trickery or other forms of deception. The techniques used by cyber attackers change frequently, are becoming increasingly diverse and sophisticated, and may be difficult to detect for long periods of time. Although we maintain information technology measures designed to protect us against intellectual property theft, data breaches and other cyber incidents, such measures will require updates and improvements, and we cannot guarantee that such measures will be adequate to detect, prevent or mitigate cyber incidents. The implementation, maintenance, segregation and improvement of these systems requires significant management time, support and cost. Moreover, there are inherent risks associated with developing, improving, expanding and updating current systems, including the disruption of our data management, procurement, production execution, finance, supply chain and sales and service processes. These risks may affect our ability to manage our data and inventory, procure parts or supplies or produce, sell, deliver and service our vehicles and battery solutions, adequately protect our intellectual property or achieve and maintain compliance with, or realize available benefits under, applicable laws, regulations and contracts. We cannot be sure that these systems upon which we rely, including those of our third-party vendors or suppliers, will be effectively implemented, maintained or expanded as planned. If we do not successfully implement, maintain or expand these systems as planned, our operations may be disrupted, our ability to accurately and timely report our financial results could be impaired, and deficiencies may arise in our internal control over financial reporting, which may impact our ability to certify our financial results. Moreover, our proprietary information, intellectual property or personal information that we hold could be compromised or misappropriated and our reputation may be adversely affected. If these systems do not operate as we expect them to, we may be required to expend significant resources to make corrections or find alternative sources for performing these functions.

A significant cyber incident could impact production capability, disrupt our operations, harm our reputation, cause us to breach our contracts with other parties or subject us to regulatory actions or litigation, any of which could materially affect our business, prospects, financial condition and operating results.

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We also work with partners and third-party service providers or vendors that collect, store and process such data on our behalf and in connection with our products and services. There can be no assurance that any security measures that we or our third-party service providers or vendors have implemented will be effective against current or future security threats. While we have developed systems and processes designed to protect the availability, integrity, confidentiality and security of our systems and our customers', website visitors', employees' and others' data, our security measures or those of our third-party service providers or vendors could fail and result in security incidents, including unauthorized access to or disclosure, acquisition, encryption, modification, misuse, loss, destruction or other compromise of such data. If a compromise of such data were to occur, we may have liability under our contracts with other parties and under applicable law for damages and incur penalties and other costs to respond to, investigate and remedy such an incident. Various laws require us to provide notice to customers, regulators, or other agencies when certain sensitive information has been compromised as a result of a security breach. There are significant differences between the laws of the various jurisdictions, and as a result compliance in the event of a widespread data breach could be complicated and costly. Depending on the facts and circumstances of such an incident, these damages, penalties, fines and costs could be significant. Such an event could harm our reputation and result in litigation against us. Any of these results could materially adversely affect our business, prospects, financial condition and operating results.

***Vehicle retail sales depend heavily on affordable interest rates, credit risk, and availability of credit for vehicle financing; a substantial increase in interest rates or decrease in availability of credit could materially and adversely affect our business, prospects, financial condition and operating results.***

In certain regions, including Europe and North America, financing for new vehicle sales was available at relatively low interest rates for several years due to, among other things, accommodative government monetary policies. As government policies have tightened and interest rates have increased, market rates for new vehicle financing have risen as well, which may make our vehicles less affordable to customers or steer customers to less expensive vehicles (be it of other brands or lower cost Zapp models, if available), adversely affecting our operating results and financial condition. Additionally, if financial service providers tighten lending standards or restrict their lending to certain classes of credit, customers may not desire or be able to obtain financing to purchase our vehicles. As a result, a substantial increase in customer interest rates or tightening of lending standards could have a material adverse effect on our business, operating results, financial condition and prospects.

***Our vehicles make use of lithium-ion battery cells; lithium-ion battery cells have been observed to catch fire or vent smoke and flame, which could, among other things, cause harm to others, result in property damage and reputational damage, and subject us to lawsuits that could have a negative effect on our financial condition and the battery***'***s range and life will deteriorate with usage and time.***

The battery packs used in our vehicles make use of lithium-ion cells which, if not properly managed or subject to environmental stresses, can rapidly release the energy they contain by venting smoke and flames in a manner that can ignite nearby materials as well as other lithium-ion cells. While the battery pack is designed to include measures that prevent overheating that would result in such incidents, a field or testing failure of battery packs could occur, which could result in bodily injury or death and could subject us to lawsuits, product recalls or redesign efforts, all of which would be time consuming and expensive and could harm our brand image and results of operation. Also, negative public perceptions regarding the suitability of lithium-ion cells for automotive applications, the social and environmental impacts of mineral mining or procurement associated with the constituents of lithium-ion cells, or any future incident involving lithium-ion cells, such as a vehicle or other fire, could materially and adversely affect our reputation and business.

***We may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims.***

We may become subject to product liability claims, which could harm our financial condition and liquidity. The P2W and EVP2W industries experience an abundance of product liability claims. We face the risk of significant monetary exposure to claims in the event our vehicles do not perform as expected or contain design, manufacturing, or warning defects, and to claims without merit, or in connection with malfunctions resulting in personal injury or death. Moreover, a product liability claim could generate substantial negative publicity about our vehicles and business and inhibit or prevent commercialization of other future vehicles, which would have a material adverse effect on our financial condition and liquidity. Any insurance coverage might not be sufficient to cover all potential product liability claims. Any lawsuit seeking significant monetary damages either in excess of our coverage, or outside of our coverage, may have a material adverse effect on our reputation and financial condition and liquidity. We may not be able to secure additional product liability insurance coverage on commercially acceptable terms or at reasonable costs when needed, particularly if we face liability for our products and are forced to make a claim under our policies.

***Our insurance coverage strategy may not be adequate to protect us from all business risks.***

We may be subject, in the ordinary course of business, to losses resulting from product liability, accidents, acts of God and other claims against us, for which we may have inadequate insurance coverage. Our insurance policies may include significant deductibles or self-insured retentions, policy limitations and exclusions, and we cannot be certain that our insurance coverage will be sufficient to cover all future losses or claims against us. A loss that is uninsured or which exceeds applicable coverage limits may require us to pay substantial amounts, which may harm our financial condition and operating results.

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***We may be involved in legal proceedings in the ordinary course of our business. If the outcomes of such proceedings are adverse to us our business, results of operations, and financial condition may be adversely affected.***

We may be involved in litigation and other contentious matters from time to time, the outcome of which could have a material adverse effect on our business, prospects, financial condition and operating results. Claims arising out of actual or alleged violations of law could be asserted against us by individuals and entities, either individually or through class actions, and by governmental entities in civil or criminal investigations and/or administrative proceedings. These claims could be asserted under a variety of laws, including but not limited to consumer finance laws, consumer protection laws, tort laws, environmental laws, intellectual property laws, privacy laws, labor and employment laws, securities laws and employee benefit laws. We may also become subject to allegations of discrimination or other similar misconduct, which, regardless of the ultimate outcome, may result in adverse publicity that could harm our brand, reputation and operations. Claims may also arise out of actual or alleged breaches of contract or other actual or alleged acts or omissions by or on behalf of us. These actions could expose us to adverse publicity and to substantial monetary damages and legal defense costs, injunctive relief and criminal and civil fines and penalties, including but not limited to suspension or revocation of licenses to conduct business. Even if we are successful in defending against legal claims, litigation could result in substantial costs and demand on management resources.

***We are subject to anti-corruption, anti-bribery, anti-money laundering, financial and economic sanctions and similar laws, and noncompliance with such laws can subject us to administrative, civil and criminal fines and penalties, collateral consequences, remedial measures and legal expenses, all of which could adversely affect our business, results of operations, financial condition, and reputation.***

We are subject to anti-corruption, anti-bribery, anti-money laundering and similar laws and regulations in various jurisdictions in which we conduct or in the future may conduct activities, including the FCPA, the U.K. Bribery Act, and other anti-corruption laws and regulations. The FCPA and the U.K. Bribery Act prohibit us and our officers, directors, employees and business partners acting on our behalf, including agents, from corruptly offering, promising, authorizing or providing anything of value to a "foreign official" for the purposes of influencing official decisions or obtaining or retaining business or otherwise obtaining favorable treatment. The FCPA also requires companies to make and keep books, records and accounts that accurately reflect transactions and dispositions of assets and to maintain a system of adequate internal accounting controls. The U.K. Bribery Act also prohibits non-governmental "commercial" bribery and soliciting or accepting bribes. A violation of these laws or regulations could adversely affect our business, results of operations, financial condition and reputation. Our policies and procedures designed to ensure compliance with these regulations may not be sufficient and our directors, officers, employees, representatives, consultants, agents, and business partners could engage in improper conduct for which we may be held responsible.

Our business also must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council and other relevant sanctions authorities. Our global operations may expose us to the risk of violating, or being accused of violating, anti-corruption laws and economic and trade sanctions laws and regulations. Our failure to comply with these laws and regulations may expose us to reputational harm as well as significant penalties, including criminal fines, imprisonment, civil fines, disgorgement of profits, injunctions and debarment from government contracts, as well as other remedial measures. Investigations of alleged violations can be expensive and disruptive. Any non-compliance by our employees or representatives could result in our being held responsible, which could adversely and materially affect our reputation, business, operating results and financial condition.

In addition, non-compliance with anti-corruption, anti-bribery, anti-money laundering or financial and economic sanctions laws could subject us to whistleblower complaints, adverse media coverage, investigations and severe administrative, civil and criminal sanctions, collateral consequences, remedial measures and legal expenses, all of which could materially and adversely affect our business, reputation, operating results and financial condition.

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***We and our supply chain partners are subject to numerous regulations. Unfavorable changes to, or failure by us, or our supply chain partners to comply with these regulations could substantially harm our business, prospects, financial condition and operating results.***

We and our vehicles, and vehicles in general, as well as our third-party suppliers are or will be subject to substantial regulation under foreign, federal, state and local laws. We continue to evaluate requirements for licenses, approvals, certificates and governmental authorizations necessary to manufacture, sell, deploy or service our vehicles in the jurisdictions in which we plan to operate and, to the extent we have not already, intend to take such actions necessary to comply. We may experience difficulties in obtaining or complying with various licenses, approvals, certifications and other governmental authorizations necessary to manufacture, sell, deploy or service our vehicles in any of these jurisdictions. If we or our third-party suppliers are unable to obtain or comply with any of the licenses, approvals, certifications or other governmental authorizations necessary to carry out our operations in the jurisdictions in which we or they currently operate, or those jurisdictions in which we or they plan to operate in the future, our business, prospects, financial condition and operating results could be materially adversely affected. We expect to incur significant costs in complying with these regulations. Regulations related to the EV and alternative energy vehicle industries are evolving and we face risks associated with changes to these regulations, including, but not limited to, increased support for alternative fuel systems, which could have an impact on the acceptance of our vehicles and increased sensitivity by regulators to the needs of established automobile and motorcycle manufacturers, which could lead them to pass regulations that could reduce the compliance costs of such established manufacturers or mitigate the effects of government efforts to promote alternative fuel vehicles.

To the extent the laws change, our vehicles may not comply with or be positioned to take advantage of applicable laws and regulations, which may have an adverse effect on our business. Compliance with changing regulations could be burdensome, time consuming and expensive. To the extent compliance with new regulations is cost prohibitive, our business, operating results and financial condition could be adversely affected.

***We are or may be subject to risks associated with strategic alliances or acquisitions, which could require significant management attention, disrupt the business, dilute shareholder value and adversely affect our operating results.***

We may from time to time consider entering into strategic alliances, including joint ventures, minority equity investments or other transactions, with various third parties to further our business purpose. These alliances could subject us to a number of risks, including risks associated with sharing proprietary information, with non-performance by the third party and with increased expenses in establishing new strategic alliances, any of which may materially and adversely affect our business. We may have limited ability to monitor or control the actions of these third parties and, to the extent any of these strategic third parties suffers negative publicity or harm to their reputation from events relating to their business, we may also suffer negative publicity or harm to our reputation by virtue of our association with any such third party.

When appropriate opportunities arise, we may acquire additional assets, products, technologies or businesses that are complementary to our existing business. In addition to possible shareholder approval, we may need approvals and licenses from relevant government authorities for the acquisitions and to comply with any applicable laws and regulations, which could result in increased delay and costs, and may disrupt our business strategy if we fail to do so. Furthermore, acquisitions and the subsequent integration of new assets and businesses into our own require significant attention from our management and could result in a diversion of resources from our existing business, which in turn could have an adverse effect on our operations. Acquired assets or businesses may not generate the financial results we expect. Acquisitions could result in the use of substantial amounts of cash, potentially dilutive issuances of equity securities, the occurrence of significant goodwill impairment charges, amortization expenses for other intangible assets and exposure to potential unknown liabilities of the acquired business. Moreover, the costs of identifying and consummating acquisitions may be significant.

***Any financial or economic crisis, or perceived threat of such a crisis, including a significant decrease in consumer confidence, may materially and adversely affect our business, results of operations and financial condition.***

The global macroeconomic environment is challenging. The expansionary monetary and fiscal policies adopted by the central banks and financial authorities of some of the world's leading economies, including the United States, have resulted in higher than trend inflation across the world. While inflation has fallen in most major economies over the last 18-24 months, the risk of renewed inflationary pressures and the resulting impact on economic growth remains. It is unclear whether these challenges will be contained and what effects they each may have. Any prolonged slowdown in economic growth might lead to tighter credit markets, increased market volatility, sudden drops in business and consumer confidence and dramatic changes in business and consumer behaviors. Credit risks of customers and suppliers and other counterparty risks may also increase.

Sales of our vehicles depend in part on discretionary consumer spending and are even more exposed to adverse changes in general economic conditions, including inflation. In response to their perceived uncertainty in economic conditions, consumers might delay, reduce or cancel purchases of our vehicles and our results of operations may be materially and adversely affected.

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***We have identified a material weakness in our internal control over financial reporting. If we fail to implement and maintain effective internal control over financial reporting, we may be unable to accurately report our results of operations, meet our reporting obligations and/or prevent fraud.***

Although we are not yet subject to the attestation requirements of Section 404 of the Sarbanes-Oxley Act, in connection with the audit of our consolidated financial statements as of and for the year ended September 30, 2024, our management and our independent registered public accounting firm identified deficiencies in our internal control over financial reporting largely arising from our having too few staff within our operations with sufficient knowledge of, and experience in, technical accounting and reporting matters. These deficiencies included: (a) a lack of formal records relating to internal control procedures and segregation of duties surrounding our financial statement close process; (b) a lack of formal inventory management procedures and inadequate application thereof; (c) inadequate segregation of duties within the transaction approval process; and (d) our controls and monitoring activities not being effective to ascertain whether the components of our internal control are present and functioning. We concluded that, in the aggregate, the deficiencies represented a material weakness in our internal control over financial reporting. A deficiency in internal controls exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of the company's financial reporting. The Public Company Accounting Oversight Board, or PCAOB, has defined a material weakness as a deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the financial statements will not be prevented or detected on a timely basis.

While we have identified measures to remedy the material weakness, we have not yet implemented all of these measures and cannot predict the success of such measures or the time it will take to remedy such deficiencies, assuming we are able to do so. We may incur significant costs in the implementation of such measures, which may place a significant strain on our management, operational and financial resources and systems for the foreseeable future, and can give no assurance that these measures will remediate the material weakness in internal control or that additional significant deficiencies or material weaknesses in our internal control over financial reporting will not be identified in the future. We intend as an "emerging growth company" to take advantage of applicable exemptions from certain reporting requirements that are applicable to most other public companies, including, but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act (requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting). This may mean that any remedial measures we take to remedy control deficiencies will not be independently verified until such time as we no longer qualify as an "emerging growth company".

Our failure to implement and maintain effective internal control over financial reporting could result in errors in our financial statements that may lead to a restatement of our financial statements or cause us to fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our Ordinary Shares. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting of our Shares, regulatory investigations and civil or criminal sanctions.

The growth and expansion of our business may place a significant strain on our operational and financial resources in the future. Further growth of our operations to support our customer base, our platform and our internal controls and procedures may not be adequate to support our operations. We may not be able to successfully implement requisite improvements to our internal control systems, controls and processes, such as system access and change management controls, in a timely or efficient manner. Our failure to improve our systems and processes, or their failure to operate in the intended manner, whether as a result of the growth of our business or otherwise, may result in our inability to accurately forecast our revenue and expenses, or to prevent certain losses. Moreover, the failure of our systems and processes could undermine our ability to provide accurate, timely and reliable reports on our financial and operating results and could impact the effectiveness of our internal control over financial reporting.

***Unexpected termination of the lease or failure to renew the lease of our existing premises on acceptable terms could materially and adversely affect our business.***

We currently lease the premises we use as a manufacturing facility and corporate office. We cannot assure you that we will be able to renew the relevant lease agreement without substantial additional cost or increases in the rent payable by us. If the subject lease agreement is renewed at a rent substantially higher than the current rate, or current favorable terms granted by the lessor(s) are not extended, our business and results of operations may be adversely affected.

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***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.***

We may be subject to taxes by tax authorities in the markets in which we plan to operate. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

• allocation of expenses to and among different jurisdictions;

• changes in the valuation of our deferred tax assets and liabilities;

• expected timing and amount of the release of any tax valuation allowances;

• tax effects of share-based compensation;

• costs related to intercompany restructurings;

• changes in tax laws, tax treaties, regulations or interpretations thereof; or

• lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.

***As a result of our plans to expand operations, including to jurisdictions in which the tax laws may not be favorable, our effective tax rate may fluctuate, our tax obligations may become significantly more complex and subject to greater risk of examination by taxing authorities or we may be subject to future changes in tax law, and the impacts of such developments could adversely affect our after-tax profitability and financial results overall.***

Because we have significant expansion plans, our effective tax rate may fluctuate in the future. Future effective tax rates could be affected by our operating results before taxes, changes in the composition of operating income and earnings in countries or jurisdictions with differing tax rates, including as we expand into additional jurisdictions, changes in deferred tax assets and liabilities, changes in accounting and tax standards or practices, changes in tax laws, changes in the tax treatment of share-based compensation, and our ability to structure our operations in an efficient and competitive manner.

Due to the complexity of multinational tax obligations and filings, we may have a heightened risk related to audits, examinations or administrative appeals by taxing authorities. Outcomes from current and future tax audits, examinations or administrative appeals could have an adverse effect on our after-tax profitability and financial condition. Additionally, several tax authorities have increasingly focused attention on intercompany transfer pricing with respect to sales of products and services and the use of intangibles. Tax authorities could disagree with our intercompany charges, cross-jurisdictional transfer pricing or other matters and assess additional taxes. If we do not prevail in any such disagreements, our profitability may be affected.

Our after-tax profitability and financial results may also be adversely impacted by changes in the relevant tax laws and tax rates, treaties, regulations, administrative practices and principles, judicial decisions and interpretations thereof, in each case, possibly with retroactive effect. For example, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS recently entered into force among the jurisdictions that have ratified it. Additionally, many countries and organizations, such as the Organization for Economic Cooperation and Development, are also actively considering changes to existing tax laws or have proposed or enacted new laws that could increase our tax obligations in countries where we do business or cause us to change the way we operate our business. These recent changes and proposals could negatively impact our taxation, especially as we expand our relationships and operations internationally

***We may grant RSUs and other types of awards under equity compensation plans, which may result in increased share-based compensation expenses.***

We have granted and intend to grant share-based compensation to employees, directors and consultants to retain their services, incentivize their performance and align their interests with our shareholders' interests. We believe the granting of share-based compensation is important to our ability to attract and retain key personnel and employees, and we may grant substantial additional share-based compensation to employees in the near term and in the future. As a result, our expenses associated with share-based compensation may increase, which may have an adverse effect on our operating results and financial condition.

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***We may be unable to complete ESG initiatives, in whole or in part, which could lessen opportunity for us to attract ESG-focused investors and partners.***

There has been increased focus, including by consumers, investors, employees and other shareholders, as well as by governmental and non-governmental organizations, on environmental, social and governance matters generally and with regard to our industry specifically. We have undertaken, and plan to continue undertaking, ESG initiatives. Any failure by us to meet our commitments or loss of confidence on the part of customers, investors, employees, brand partners and other shareholders as it relates to our ESG initiatives could negatively impact our brand, our business, prospects, financial condition and operating results. These impacts could be difficult and costly to overcome, even if such concerns were based on inaccurate or misleading information.

In addition, achieving our ESG initiatives may result in increased costs in our supply chain, fulfillment, and/or corporate business operations, and could deviate from our initial estimates and have a material adverse effect on our business and financial condition. In addition, standards and research regarding ESG initiatives could change and become more onerous both for us and our third-party suppliers and vendors to meet successfully. Evolving data and research could undermine or refute our current claims and beliefs that we have made in reliance on current research, which could also result in costs, a decrease in revenue, and negative market perception that could have a material adverse effect on our business and financial condition.

A variety of organizations measure the performance of companies on such ESG topics, and the results of these assessments are widely publicized. In addition, investments in funds that specialize in companies that perform well in such assessments are increasingly popular, and major institutional investors have publicly emphasized the importance of such ESG measures to their investment decisions. Topics taken into account in such assessments include, among others, the company's efforts and impacts on climate change and human rights, ethics and compliance with law and the role of the company's board of directors in supervising various sustainability issues. In light of investors' increased focus on ESG matters, there can be no certainty that we will manage such issues successfully, or that we will successfully meet investors' ESG expectations or achieve our financial goals.

Finally, while we may create and publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines involved in measuring and reporting on many ESG matters.

***Certain data and information in this prospectus were obtained from third-party sources and were not independently verified by us. Accordingly, you should not place undue reliance on such information.***

Industry data, projections and estimates in this prospectus are subject to inherent uncertainty as they necessarily require certain assumptions and judgments. Certain facts, forecasts and other statistics relating to the industries in which we compete have been derived from various public data sources and other third-party industry reports and surveys. The industries that we operate in may not grow at the rate projected by market data, or at all. Any failure of the industries that we operate in to grow at the projected rate may have a material adverse effect on our business, financial condition and results of operations. Furthermore, if any one or more of the assumptions underlying the market data is later found to be incorrect, actual results may differ from the projections based on these assumptions. Data and information contained in such third-party publications and reports may be collected using third-party methodologies, which may differ from the data collection methods used by us. In addition, these industry publications and reports generally indicate that the information contained therein is believed to be reliable, but do not guarantee the accuracy and completeness of such information.

***Our business, results of operations, financial condition and prospects may be adversely affected by pandemics and epidemics, natural disasters, actual or threatened war, terrorist activities, political unrest, and other outbreaks.***

We face various risks related to public health issues, including epidemics, pandemics and other outbreaks. We also face various risks related to natural disasters, including hurricanes, earthquakes, tsunamis or other natural disasters. Such public health issues or natural disasters could disrupt our business operations, reduce or restrict our supply of materials and services, result in us incurring significant costs to protect our employees and facilities or result in regional or global economic distress, which may materially and adversely affect our business, financial condition and operating results. Actual or threatened war, including the conflicts in Ukraine and the Middle East, terrorist activities, political unrest, civil strife and other geopolitical uncertainty could have a similar adverse effect on our business, prospects, financial condition and operating results. Any one or more of these events may impede our production and delivery efforts and adversely affect our sales results, which could materially and adversely affect our business, financial condition and operating results.

Specifically, difficult macroeconomic conditions, such as decreases in per capita income and level of disposable income, increased and prolonged unemployment, or a decline in consumer confidence could have a material adverse effect on the demand for our vehicles. Under difficult economic conditions, potential customers may seek to reduce spending by forgoing our vehicles for other traditional options, increase use of public and mass transportation options or choose to keep their existing vehicles.

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We are also vulnerable to natural disasters and other calamities. Although we use third party service providers to host our data offsite, our backup system does not capture data on a real-time basis and we may be unable to recover certain data in the event of a server failure. We cannot assure you that any backup systems will be adequate to protect us from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, break-ins, war, riots, terrorist attacks or similar events. Any of the foregoing events may give rise to interruptions, damage to our property, delays in production, breakdowns, system failures, technology platform failures or Internet failures, which could cause the loss or corruption of data or malfunctions of software or hardware as well as adversely affect our business, prospects, financial condition and operating results.

***We may need to defend ourselves against claims of infringement of intellectual property rights, which may be time-consuming and would cause us to incur substantial costs. We may incur significant costs and expenses in connection with protecting and enforcing our intellectual property rights, including through litigation.***

Companies, organizations, or individuals, including our competitors, may currently hold or obtain in the future patents, trademarks or other proprietary or intellectual property that would prevent, limit or interfere with our ability to make, use, develop, sell or market our vehicles, components or other goods and services, which could make it more difficult for us to operate our business. From time to time, we may receive communications from holders of patents, trademarks, trade secrets or other intellectual property or proprietary rights alleging that we are infringing, misappropriating, diluting or otherwise violating such rights. Such parties may bring suits against us alleging infringement or other violation of such rights, or otherwise assert their rights and urge us to take licenses to their intellectual property. While we endeavor at all times to avoid infringing the rights of others, we may unknowingly do so. In the event that a claim relating to intellectual property is asserted against us, our suppliers or our third-party licensors, or if third parties not affiliated with us hold patents that relate to our products or technology, we may need to seek licenses to such intellectual property or seek to challenge those patents. Even if we are able to obtain a license, it could be non-exclusive, thereby giving our competitors and other third parties access to the same technologies licensed to us. In addition, we may be unable to obtain these licenses on commercially reasonable terms, if at all, and our challenge of third-party patents may be unsuccessful. Litigation or other legal proceedings relating to intellectual property claims, regardless of merit, may cause us to incur significant expenses and could distract our technical and management personnel from their normal responsibilities. Further, if we are determined to have infringed upon a third party's intellectual property, we may be required to do one or more of the following:

• cease selling, incorporating certain components into, or using vehicles or offering goods or services that incorporate or use the intellectual property that we allegedly infringe, misappropriate, dilute or otherwise violate;

• pay substantial royalty or license fees or other damages;

• seek a license from the holder of the allegedly infringed intellectual property, which license may not be available on reasonable terms, or at all;

• redesign or reengineer our vehicles or other technology, goods or services, which may be costly, time-consuming or impossible; or

• establish and maintain alternative branding for our products and services.

In the event of a successful claim of infringement against us and our failure or inability to obtain a license to the infringed technology or other intellectual property on acceptable terms, our business, prospects, financial condition and operating results could be materially and adversely affected. In addition, any litigation or claims, whether or not valid, could result in substantial costs, negative publicity and diversion of resources and management attention.

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***If we are unable to maintain, protect or enforce our rights in our proprietary technology, brands or other intellectual property, our competitive advantage, business, financial condition and results of operations could be harmed.***

Our failure to obtain or maintain adequate protection of, or prevent others from unauthorized use of, our intellectual property could harm our competitive advantage, business, financial condition and results of operations. We rely on a combination of patent, trade secret, trademark and other intellectual property laws, employee and third-party nondisclosure agreements, intellectual property licenses, and other contractual rights, to establish and protect our rights in our technology and intellectual property.

We also rely on unpatented proprietary technology. It is possible that others will independently develop the same or similar technology or otherwise obtain access to our unpatented technology. To protect our trade secrets and other proprietary information, our policy is to require that relevant employees, consultants, advisors and collaborators enter into confidentiality agreements. We cannot assure you that these agreements will provide meaningful protection for our trade secrets, know-how or other proprietary information in the event of any unauthorized use, misappropriation or disclosure of such trade secrets, know-how or other proprietary information. If we are unable to maintain the proprietary nature of our technologies, our competitive position, business, financial condition and results of operations could be harmed.

We rely on our trademarks, trade names, and brand names to distinguish our products from those of our competitors, and have registered or applied to register certain of these trademarks. We cannot assure you that our trademark applications will be approved. Third parties may also oppose our trademark applications, or otherwise challenge our use of our trademarks. In the event that our trademarks are successfully challenged, we could be forced to rebrand our products, which could result in loss of brand recognition, and could require us to devote resources to advertising and marketing new brands. Further, we cannot assure you that competitors will not infringe our trademarks, or that we will have adequate resources to enforce our trademarks.

Despite our efforts to protect our intellectual property, third parties may attempt to copy or otherwise obtain and use our intellectual property or seek court declarations that our intellectual property is invalid or unenforceable, or that they do not infringe upon our intellectual property. Monitoring unauthorized use of our intellectual property is difficult and costly, and the steps we have taken or may take in the future in an effort to prevent infringement or misappropriation may not be successful. From time to time, we may have to resort to litigation to enforce our intellectual property, which could result in substantial costs and diversion of our resources. We have registered the "Zapp" logo as trademarks in the UK and EU, as well as certain other jurisdictions. Additionally, we are the registered proprietors of the registered EU and UK trademarks for the word mark "ZAPP." We have been involved in a number of opposition proceedings in the relevant intellectual property offices in the UK and certain countries in Europe regarding third parties' registrations of the Zapp name as a trademark. As of the date of this prospectus, we have threatened legal action against a UK-based entity due to its infringing use of a logo containing the word "Zapp" in the UK in connection with their business, including on their vehicles and other items upon which the logo appears. We have also filed opposition proceedings against such entity's trademark applications pertaining to such logo in the UK. As the entity appears recently to have altered its business model and ceased of its own accord to conduct a consumer-facing business, the subject dispute may be moot, but if not, and we are unable to resolve such dispute in an amicable manner or on terms acceptable to us, we may be required to litigate to protect our rights, which may be expensive, could cause a diversion of resources, and may not be successful.

Patent, trademark, trade secret and other intellectual property laws vary significantly throughout the world. Further, policing the unauthorized use of our intellectual property in foreign jurisdictions may be costly, difficult or even impossible. Failure to adequately protect our intellectual property could result in our competitors offering similar products, potentially resulting in the loss of some of our competitive advantage and a decrease in our revenue which would adversely affect our business, prospects, financial condition and operating results.

***Our use of*** "***open source***" ***software could subject our proprietary software to general release, adversely affect our ability to sell our products and services, and subject us to possible litigation, claims or proceedings.***

We use open source software in connection with the development and deployment of our products and services, and we expect to continue to use open source software in the future. Companies that use open source software in connection with their products have, from time to time, faced claims challenging the use of open source software and/or compliance with open source license terms. As a result, we could be subject to actions by parties claiming ownership of what we believe to be open source software or claiming noncompliance with open source licensing terms. Some open source software licenses may require users who distribute proprietary software containing or linked to open source software to publicly disclose all or part of the source code to such proprietary software and/or make available any derivative works of the open source code under the same open source license, which could include proprietary source code. In such cases, the open source software license may also restrict us from charging fees to licensees for their use of our software. While we monitor the use of open source software and try to ensure that open source software is not used in a manner that would subject our proprietary source code to these requirements and restrictions, such use could inadvertently occur, in part because open source license terms are often ambiguous and have generally not been interpreted by U.S. or foreign courts.

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***We will depend initially on revenue generated from one model of EVP2W, the i300, and in the foreseeable future our revenue will depend on sales of a small lineup of EVP2W models.***

Initially, our business will depend on the sales and success of the i300. For the foreseeable future, we will depend on revenue generated from a limited number of models. Historically, motorcycle customers have come to expect a variety of vehicle models offered in a company's fleet and new and improved vehicle models to be introduced frequently. Given that for the foreseeable future our business will depend on a limited number of models, to the extent a particular model is not well received by the market, our sales volume, business, prospects, financial condition and operating results could be materially and adversely affected.

***The unavailability, reduction or elimination of government and economic incentives or government policies which are favorable for EVs or the imposition of new or additional regulations, including local, municipal or country-specific regulations, on EVs or components contained in our vehicles could have a material adverse effect on our business, prospects, financial condition and operating results.***

Any reduction, elimination, ineligibility, unavailability or discriminatory application of government subsidies, favorable trade policies and free trade agreements and economic incentives that we currently or expect to receive because of policy changes, or the reduced need for such subsidies and incentives due to the perceived success of the EV or other reasons, may result in the diminished competitiveness of the alternative fuel and EV industry generally or our vehicles in particular. Conversely, applicable laws and regulations, including local, municipal or country-specific laws and regulations, may impose additional barriers to EV adoption, including additional costs. Any of the foregoing could materially and adversely affect the growth of the alternative fuel P2W markets and our business, prospects, financial condition and operating results.

While certain tax credits and other incentives for alternative energy production, alternative fuel, and EVs have been available in the past, there is no guarantee these programs will be available in the future. If current tax incentives are not available in the future, our business, prospects, financial condition and operating results could be harmed.

***Fluctuations in foreign currency exchange rates will affect our financial results, which we report in U.S. Dollars.***

We operate in multiple jurisdictions and plan to expand to additional jurisdictions, which exposes us to the effects of fluctuations in currency exchange rates. We expect to earn revenue denominated in Pounds Sterling, Euros and U.S. dollars, among other currencies, while our costs and expenses are incurred in a variety of foreign currencies. Fluctuations in the exchange rates between the various currencies that we use could result in expenses being higher and revenue being lower than would be the case if exchange rates were stable or if we were operating and reporting in one currency. We have not but may in the future choose to enter into hedging arrangements to manage foreign currency transaction exposures, but such activity may not completely eliminate fluctuations in our operating results due to currency exchange rate changes. Hedging arrangements are inherently risky, and could expose us to additional risks that could adversely affect our business, prospects, financial condition and operating results. We cannot assure you that movements in foreign currency exchange rates will not have a material adverse effect on our results of operations in future periods.

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**Risks Related to Ownership of our Securities**

***The market price and trading volume of our Ordinary Shares may be volatile and could decline significantly.***

The OTCQB Venture Market, on which our Ordinary Shares are listed, and other stock markets have from time-to-time experienced significant price and volume fluctuations. The market prices of our Shares may be volatile and could decline significantly. In addition, the trading volumes in our Shares may fluctuate and cause significant price variations to occur. There can be no assurance that the market price of our Ordinary Shares will not fluctuate widely or decline significantly in the future in response to a number of factors, including, among others, the following:

• the adverse realization of any of the risk factors presented in this prospectus;

• actual or anticipated differences in our estimates, or in the estimates of analysts, for our revenues, results of operations, cash flows, liquidity or financial condition;

• announcements by us or our competitors of significant business developments or setbacks;

• loss of customers;

• acquisitions or expansion plans;

• our involvement in litigation;

• sale of our Ordinary Shares or other securities in the future;

• market conditions in our industry;

• loss of key personnel;

• the trading volume of our Ordinary Shares;

• actual, potential or perceived control, accounting or reporting problems;

• changes in accounting principles, policies and guidelines;

• other events or factors, including but not limited to those resulting from infectious diseases, health epidemics and pandemics, natural disasters, war, acts of terrorism or responses to these events; and

• general economic and market conditions.

In addition, broad market and industry factors may materially harm the market price of our Ordinary Shares, regardless of our operating performance. Significant declines in the market price of a company's securities may lead to shareholder securities class action litigation. If at any time we face such litigation, we may incur substantial costs and diversion of management attention even if the claims asserted are of no merit.

***We may redeem your warrants prior to their exercise at a time that is disadvantageous to you, thereby making your warrants worthless.***

We have the ability to redeem the outstanding warrants at any time prior to their expiration, at a price of $0.10 per warrant upon a minimum of 30 days' prior written notice of redemption, provided that the last reported sales price of our Shares equals or exceeds $200.00 per share and is less than $360.00 per share (which may be further adjusted in future for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which we give proper notice of such redemption and provided certain other conditions are met, including that holders will be able to exercise their warrants on a "cashless" basis prior to redemption for a number of Shares determined based on the redemption date and the fair market value of the Shares.

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In addition, we have the ability to redeem the outstanding warrants (other than the private placement warrants) at any time at a price of $0.01 per warrant, provided that the last reported sales price of our Shares equals or exceeds $360.00 per share (which may be further adjusted in future for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which we give proper notice of such redemption and provided certain other conditions are met. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying Shares for sale under all applicable state securities laws. Redemption of the outstanding warrants could force you (i) to exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (ii) to sell your warrants at the then-current market price when you might otherwise wish to hold your warrants or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is likely to be substantially less than the market value of your warrants.

Notice of redemption shall be mailed by first class mail, postage prepaid, by us not less than thirty (30) days prior to the Redemption Date to the registered holders of the public warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. In addition, beneficial owners of the warrants will be notified of such redemption by our posting of the redemption notice to DTC.

***If securities or industry analysts do not publish research, publish inaccurate or unfavorable research, or cease publishing research about us, our share price and trading volume could decline significantly.***

The trading market for our Ordinary Shares depends, in part, on the research and reports that securities or industry analysts publish about us or our business. We may be unable to sustain coverage by well-regarded securities and industry analysts. If either none or only a limited number of securities or industry analysts maintain coverage of us, or if these securities or industry analysts are not widely respected within the general investment community, the demand for our Ordinary Shares could decrease, which might cause our share price and trading volume to decline significantly. In the event that we obtain securities or industry analyst coverage or, if one or more of the analysts who cover us downgrade their assessment of us or publish inaccurate or unfavorable research about our business, the market price and liquidity for our Ordinary Shares could be negatively impacted.

***We are an*** "***emerging growth company***" ***and the reduced SEC reporting requirements applicable to emerging growth companies may make our Ordinary Shares less attractive to investors, which could have a material adverse effect on our fundraising, including our growth prospects.***

We are an "emerging growth company" as defined in the JOBS Act and will remain such until the earliest to occur of (i) the last day of the fiscal year (a) following the fifth anniversary of the closing of the Business Combination, (b) in which we have total annual gross revenue of at least $1.235 billion or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares held by non-affiliates exceeds $700 million as of the last business day of our prior second fiscal quarter, and (ii) the date on which we issued more than $1.0 billion in non-convertible debt during the prior three-year period. We intend to continue to take advantage of exemptions from various reporting requirements that are applicable to most other public companies, whether or not they are classified as "emerging growth companies," including, but not limited to, an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting and reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Furthermore, even after we no longer qualify as an "emerging growth company," as long as we continue to qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including, but not limited to: the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of securities registered under the Exchange Act; the sections of the Exchange Act requiring insiders to file public reports of their ownership of Shares and trading activities and imposing liability for insiders who profit from round-turn trades made within a short period of time; the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information; and the requirement under the Exchange Act to file current reports on Form 8-K upon the occurrence of specified significant events. In addition, we will not be required to file annual reports and financial statements with the SEC as promptly as are U.S. domestic registrants. Furthermore, there is the risk that we do not file such annual reports and financial statements with the SEC timely. For example, due to certain delays in the audit of our financial statements for the fiscal year ended September 30, 2023, our annual report on Form 20-F for such fiscal year was not filed timely, and there is a risk that our future filings with the SEC may not be filed timely as well. Lastly, we are not required to comply with Regulation FD, which restricts the selective disclosure of material information.

As a result, our shareholders may not have access to certain information they deem important. We cannot predict if investors will find our Ordinary Shares less attractive owing to our reliance on these exemptions. If some investors do find our Ordinary Shares less attractive as a result, there may be a less active trading market for our Ordinary Shares, and the pricing thereof may be more volatile.

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***We qualify as a foreign private issuer within the meaning of the rules under the Exchange Act, and as such are exempt from certain provisions applicable to United States domestic public companies.***

Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q and current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. Press releases relating to financial results and material events are also furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC is less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers.

The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter and, accordingly, the next determination will be made with respect to us on March 31, 2026.

In the future, we could lose our status as a foreign private issuer under current SEC rules and regulations if more than 50% of our outstanding voting securities become directly or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of our directors or executive officers are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States. If we lose our status as a foreign private issuer in the future, we will no longer be exempt from the rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements as if we were a company incorporated in the United States. If this were to happen, we would likely incur substantial costs in fulfilling these additional regulatory requirements, including costs related to the preparation of financial statements in accordance with U.S. GAAP, and members of our management would likely have to divert time and resources from other responsibilities to ensuring these additional regulatory requirements are fulfilled.

***We report financial results under IFRS, which differs in certain significant respect from U.S. GAAP.***

We report financial results under IFRS. There are and there may in the future be certain significant material differences between IFRS and U.S. GAAP. As a result, our financial information and reported earnings for historical or future periods could be significantly different if they were prepared in accordance with U.S. GAAP. In addition, we do not intend to provide a reconciliation between IFRS and U.S. GAAP unless it becomes required under applicable law. As a result, you may not be able to meaningfully compare our financial statements under IFRS with those of companies that prepare financial statements under U.S. GAAP.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated in the Cayman Islands, we conduct substantially all of our operations outside the U.S., and a majority of our directors and executive officers reside outside the U.S.***

We are an exempted company incorporated with limited liability under the laws of the Cayman Islands, and conduct a majority of our operations outside the United States through our principal subsidiary, Zapp UK. Substantially all of our assets are located outside the United States. A majority of our officers and directors reside outside the United States and a substantial portion of the assets of those persons are located outside of the United States. As a result, it could be difficult for you to bring an action against us or against these individuals in the event that you believe that your rights have been infringed upon under applicable securities laws or otherwise. It also will be difficult to effect service of process upon our officers or directors and/or to enforce judgments obtained in United States courts against certain of our officers or directors. Even if you are successful in bringing such an action, the laws of the Cayman Islands and of the jurisdictions in Europe or Thailand in which our operations are substantially conducted could render you unable to enforce a judgment against our assets or the assets of our directors and officers.

In addition, our corporate affairs are governed by our Amended and Restated Memorandum and Articles of Association (our "Articles"), the Cayman Islands Companies Act and the common law of the Cayman Islands. The rights of shareholders to take action against company directors, actions by minority shareholders against to the Company, and the fiduciary duties of our directors to the Company are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England and Wales, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law may not be as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands has a different body of securities law than the United States, and some U.S. states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies and their shareholders may not have standing to initiate a shareholder derivative action in the United States.

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Shareholders of Cayman Islands exempted companies like our Company have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association, a list of the current directors of the company and the register of mortgages and charges) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our Articles to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but we are not obliged to make them available to the shareholders (subject to limited circumstances in which an inspector may be appointed to report on our affairs). This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

The courts of the Cayman Islands are unlikely (i) to recognize or enforce judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state securities laws; and (ii) in original actions brought in the Cayman Islands, to impose liabilities predicated upon the civil liability provisions of the federal securities laws of the United States or any state securities laws, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (for example, awards of punitive or multiple damages may well be held to be contrary to such public policy). Moreover, a Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are pending elsewhere.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as in the United States. To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.

As a result of all of the above, our shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as shareholders of a public company incorporated in the United States.

***Our Articles designate the Cayman Islands as the exclusive forum for certain litigation that may be initiated by our shareholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act, which could limit our shareholders***' ***ability to obtain a favorable judicial forum for disputes with us.***

Our Articles also provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Our Articles further provide that any person or entity purchasing or otherwise acquiring any interest in our Shares is deemed to have notice of and consented to the provisions of our Articles described above.

The forum selection provisions in our Articles may increase a shareholder's cost and limit the shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which may discourage lawsuits against us and our directors, officers and other employees. The enforceability of similar choice of forum provisions in other companies' certificates of incorporation, memorandum and articles of association and/or equivalent constitutional documents has been challenged in legal proceedings and there is uncertainty as to whether a court would enforce such provisions. In addition, investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. It is possible that a court could find such provisions to be inapplicable or unenforceable, and if a court were to find such provisions in our Articles to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could have adverse effect on our business, results of operations and financial condition.

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***It is not expected that we will pay dividends in the foreseeable future.***

It is expected that we will retain most, if not all, of our available funds and any future earnings to fund the development and growth of our business. In addition, we are a holding company and our subsidiaries are located in the UK and Europe. Part of our primary internal sources of funds to meet our cash needs will be dividends, if any, paid by our subsidiaries. The distribution of dividends from the subsidiaries in certain markets where we operate is subject to restrictions imposed by the applicable laws and regulations in those markets. As a result, it is not expected that we will pay any cash dividends to holders of our Ordinary Shares in the foreseeable future.

Our board of directors has complete discretion as to whether to distribute dividends. Even if the board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on the future results of operations and cash flow, capital requirements and surplus, the amount of distributions, if any, received by us from subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by the board of directors. There can be no assurance that our Shares will appreciate in value or that the trading price of the Shares will not decline. Holders should not regard or rely on an investment in our Shares as a source for any future dividend income.

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**CONVERTIBLE DEBT ISSUE AND COMMITTED EQUITY FINANCING**

On July 11, 2024, the Company entered into the Current SEPA with Yorkville, pursuant to which Yorkville advanced to the Company in three parts the Prepaid Advances in the principal amount of $4.0 million, which was evidenced by Promissory Notes, which are convertible into Ordinary Shares (as converted, the Conversion Shares). Each part of the Pre-Paid Advance was subject to the Original Issue Discount. The Original Issue Discount did not reduce the principal amount of the Promissory Notes. No Promissory Notes remain outstanding as of the date of this prospectus.

Pursuant to the Current SEPA, subject to the terms and conditions set forth therein, the Company has the right, but not the obligation, to issue to Yorkville, and Yorkville has the obligation to subscribe for Ordinary Shares for an aggregate subscription amount of up to $50.0 million, at any time from the date of the Current SEPA until February 10, 2027, unless earlier terminated pursuant to the Current SEPA, by delivering written notice to Yorkville. As of the date of this prospectus, we have issued an aggregate of 7,204,742 Ordinary Shares to Yorkville, consisting of (i) 2,449,746 Ordinary Shares issued following receipt of Investor Notices in satisfaction of $4.0 million of Promissory Notes and (ii) 4,754,996 Ordinary Shares following the delivery of Advance Notices to Yorkville by the Company for gross proceeds of $3.6 million.

Ordinary Shares to be issued to Yorkville from time to time under the Current SEPA will be sold by the Company at 97% of the Market Price for any three consecutive trading days commencing on the date of the Advance Notice. For the avoidance of doubt, the Market Price is the lowest daily VWAP of the Ordinary Shares during the Pricing Period.

Subject to the terms and conditions of the Current SEPA, we will control the timing and amount of issuances of Yorkville Ordinary Shares. Actual issuances of Yorkville Ordinary Shares will depend on a variety of factors over time, including our ability to meet the conditions set forth in the Current SEPA, the timing and prices at which we issue Yorkville Ordinary Shares, market conditions and the trading price of our Ordinary Shares, and determinations by us as to the appropriate sources of funding for the Company's operations.

The Current SEPA does not require or entitle Yorkville to subscribe for or acquire shares under the Current SEPA to the extent a proposed issuance, when aggregated with all other Ordinary Shares then owned by Yorkville, would result in Yorkville's beneficially owning more than 4.99% of the then outstanding Ordinary Shares.

The net proceeds under the Current SEPA to us will depend on the timing and prices at which we issue Ordinary Shares to Yorkville. We expect that any proceeds received by us from such issuances to Yorkville will be used for general corporate purposes. See "*Use of Proceeds*."

The Company paid a $50,000 commitment fee to Yorkville in consideration for its commitment to subscribe for shares pursuant to the Current SEPA.

**Conditions to Delivery of Advance Notices**

Our ability to deliver Advance Notices to Yorkville under the Current SEPA is subject to the satisfaction or waiver of certain conditions, including, among other things, the following:

• the board of directors having approved the transactions contemplated by the Current SEPA and related transactional documents;

• the accuracy in all material respects of our representations and warranties included in the Current SEPA;

• the Company having paid the Commitment Fee, to the extent it has come due;

• the effectiveness of this registration statement that includes this prospectus (and any one or more additional registration statements filed with the SEC that include Ordinary Shares that may be issued by us to Yorkville under the SEPA);

• the Company having filed with the SEC all reports, notices and other documents required under the Exchange Act and applicable SEC regulations during the twelve-month period immediately preceding the date of an Advance Notice;

• no Material Outside Event (as defined in the SEPA) shall have occurred or be continuing;

• the Company having performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Current SEPA to be performed, satisfied or complied with by the Company;

• the absence of any statute, regulation, executive order, decree, ruling or injunction by any court or governmental authority of competent jurisdiction which prohibits or directly, materially and adversely affects any of the transactions contemplated by the Current SEPA;

• trading in our Ordinary Shares shall not have been suspended by the SEC or FINRA;

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• the Company shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting additional deposits of the Ordinary Shares, electronic trading or book-entry services by DTC with respect to the Ordinary Shares is continuing, being imposed or contemplated;

• all of the Ordinary Shares issuable pursuant to the applicable Advance Notice shall have been duly authorized by all necessary corporate action of the Company;

• all Ordinary Shares relating to all prior Advance Notices required to have been received by the Investor under the Current SEPA by the date of the relevant Advance Notice shall have been delivered to Yorkville; and

• the representations contained in the applicable Advance Notice shall be true and correct in all material respects.

**No Short-Selling by Yorkville**

Yorkville has agreed that neither Yorkville nor its officers, affiliates, or any entity managed or controlled by Yorkville, shall engage in any short sales of our Ordinary Shares, provided that such persons may sell Ordinary Shares that Yorkville is unconditionally obligated to subscribe for pursuant to the Current SEPA.

**Termination of the Current SEPA**

Unless earlier terminated as provided in the Current SEPA, the Current SEPA will terminate automatically on the earliest to occur of:

• March 1, 2027; or

• the date on which Yorkville shall have made payment of Advances pursuant to the Current SEPA for Ordinary Shares equal to the Commitment Amount.

We have the right to unilaterally terminate the Current SEPA upon five trading days' prior written notice to Yorkville, provided that (i) there are no outstanding Advance Notices that have not been completed; (ii) there is no outstanding balance under a Promissory Note; and (iii) we have paid all amounts owed to Yorkville pursuant to the Current SEPA.

The Company and Yorkville may also terminate the Current SEPA at any time by mutual written consent.

**Effect of Issuances of Ordinary Shares under the Current SEPA on our Shareholders**

The Ordinary Shares issuable by us to Yorkville under the Current SEPA that are being registered under the Securities Act for resale by Yorkville under this prospectus are expected to be freely tradeable. The resale by Yorkville of a significant amount of such Ordinary Shares at any given time, or the perception that these sales may occur, could cause the market price of our Ordinary Shares to decline. Issuances of Ordinary Shares to Yorkville under the Current SEPA will depend upon market conditions and other factors. The Company may ultimately decide to issue to Yorkville all or only some of such Ordinary Shares pursuant to the Current SEPA.

At various points in time as and when we elect to issue Ordinary Shares to Yorkville pursuant to the Current SEPA, Yorkville will be entitled to sell all or some (or none) of such shares at different times and prices in its discretion, subject to the terms of the Current SEPA. Accordingly, investors who purchase Ordinary Shares from Yorkville in this offering at different times will likely pay different prices for those Ordinary Shares, and so may will likely experience different levels of dilution thereafter (and in some cases substantial dilution) and realize different outcomes in their investment results. In particular, investors may experience a decline in the value of the Ordinary Shares they purchase from Yorkville in this offering in the event of future issuances by us to Yorkville at prices lower than the market prices such investors previously paid for their Ordinary Shares.

Because the subscription price per Ordinary Share to be paid by Yorkville for the Ordinary Shares will fluctuate based on the market prices of our Ordinary Shares during the applicable pricing period, as of the date of this prospectus we cannot predict the number of Ordinary Shares that we will issue to Yorkville under the Current SEPA, the actual subscription prices per Ordinary Share to be paid by Yorkville for those Ordinary Shares, or the actual gross proceeds to be raised by us from those issuances.

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Although the Current SEPA provides that we may, in our discretion, from time to time after the effective date of this prospectus and during the term of the Current SEPA, direct Yorkville to subscribe for our Ordinary Shares in one or more Advances under the Current SEPA, for a maximum aggregate subscription price of up to $50.0 million, only 10,000,000 Ordinary Shares are being registered for resale under the registration statement of which this prospectus forms a part. 7,204,742 Ordinary Shares have already been issued to Yorkville for gross proceeds of $7.6 million. While the market price of our Ordinary Shares may fluctuate from time to time after the date of this prospectus and, as a result, the actual subscription price to be paid by Yorkville under the Current SEPA for Ordinary Shares, if any, may also fluctuate, it is possible that, in order for us to receive the full amount of Yorkville's commitment under the Current SEPA, we may need to issue more than the number of Ordinary Shares being registered for resale under the registration statement of which this prospectus forms a part.

Based on present circumstances, we would need to issue and sell to Yorkville far more than the remaining 2,796,258 Ordinary Shares being registered for resale under this prospectus in order to receive aggregate gross proceeds near or equal to the $50.0 million nominally available under the Current SEPA. Before seeking to do so, we must first file with the SEC one or more additional registration statements to register under the Securities Act the resale by Yorkville of any such additional Ordinary Shares, which the SEC must declare effective. The number of Ordinary Shares ultimately offered for resale by Yorkville depends upon the number of Ordinary Shares we ultimately issue to Yorkville under the Current SEPA.

The issuance of Yorkville Ordinary Shares pursuant to the Current SEPA does not affect the rights or privileges of our existing shareholders, but such issuances are dilutive of the economic and voting interests of our existing shareholders. In other words, while the number of Ordinary Shares that our existing shareholders own does not decrease as a result of issuances, the Ordinary Shares owned by existing shareholders represents an incrementally smaller percentage of our total issued Ordinary Shares after each issuance.

The following table sets forth the amount of gross proceeds, before deducting any discount to Yorkville or expenses payable by us, we would receive from Yorkville from our issuance of such number of Ordinary Shares to Yorkville for a maximum aggregate subscription amount of $50.0 million to Yorkville under the Current SEPA at varying subscription prices:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assumed Average Subscription Price Per Ordinary Share** |  | **Number of Ordinary Shares to be Issued if Full Subscription<sup>(1)</sup>** | **Percentage of Outstanding Shares After Giving Effect to the Issuance to Yorkville<sup>(2)</sup>** | **Gross Proceeds from the Issuance of Ordinary Shares to Yorkville Under the Current SEPA** |
| $0.01 | (3) | 2795258 | 13.1% | $27953 |
| $0.05 | (3) | 2795258 | 13.1% | $139763 |
| $0.065 | (3)(4) | 2795258 | 13.1% | $181692 |
| $0.10 | (3) | 2795258 | 13.1% | $279526 |
| $0.50 | (3) | 2795258 | 13.1% | $1397629 |
| $1.00 | (5) | 2795258 | 13.1% | $2795258 |
| $5.00 |  | 2795258 | 13.1% | $13976290 |

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(1) Excluding the 7,204,742 Ordinary Shares sold as of the date of this prospectus. Although the Current SEPA provides that we may sell up to US$50,000,000 of our Ordinary Shares to Yorkville, we are only registering 10,000,000 shares under the registration statement that includes this prospectus, including the 7,204,742 Ordinary Shares sold as of the date of this prospectus, which may or may not cover all of the shares we ultimately sell to Yorkville under the Current SEPA, depending on the subscription price per share. We have included in this column such number of Ordinary Shares that may be issued to Yorkville without regard to the Beneficial Ownership Cap. The assumed average subscription prices are solely for illustration and are not intended to be estimates or predictions of future share performance.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The denominator is based on 18,595,529 Ordinary Shares outstanding as of November 24, 2025, adjusted to include the issuance of the number of shares set forth in the second column that we would have issued to Yorkville, assuming the average subscription price in the first column. The numerator is based on the number of Ordinary Shares set forth in the second column.

&nbsp;&nbsp;&nbsp;&nbsp;(3) We may not issue to Yorkville more than 10,000,000 Ordinary Shares, including the 7,204,742 Ordinary Shares already issued to Yorkville, without amending this prospectus and the registration statement of which it forms a part.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Represents the closing price of our Ordinary Shares on the OTCQB Venture Market on November 24, 2025.

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**USE OF PROCEEDS**

Any Ordinary Shares offered by the Selling Shareholder pursuant to this prospectus will be sold by the Selling Shareholder for its own account. We will not receive any of the proceeds from these sales. As of the date of this prospectus, we have received $7.6 million in gross proceeds from sales of Yorkville Ordinary Shares pursuant to the Current SEPA. We further expect to receive proceeds from further issuances of Yorkville Ordinary Shares pursuant to the Current SEPA from time to time.

As of the date of this prospectus, we are unable to estimate the total amount of proceeds that we may receive under the Current SEPA, as it will depend on a number of factors, including our ability to meet the conditions set forth in the Current SEPA and the timing and prices at which we issue Ordinary Shares to Yorkville. See "*Convertible Debt Issue and Committed Equity Financing*" for a description of how the purchase price at which we issue Ordinary Shares to Yorkville is calculated pursuant to the Current SEPA.

We use and plan to use the net proceeds from issuances of Yorkville Ordinary Shares under the Current SEPA for general corporate purposes.

Our expected use of net proceeds going forward is based on our current intentions, plans and business condition, which could change in the future as circumstances evolve. As of the date of this prospectus, we cannot predict with certainty any or all of the particular uses of net proceeds to be received, or the amounts, if any, that we will actually spend on such uses. The amounts and timing of our actual use of the net proceeds has varied and will vary depending on numerous factors, including our ability to obtain additional financing and changes we may make to our business development plan. As a result, our management has and will have broad discretion in the application of such proceeds, which may include uses not set forth above, and investors will be relying on our judgment regarding the application of such net proceeds.

The Selling Shareholder will pay any brokerage fees or commissions and expenses it incurs for brokerage, accounting, tax or legal services or any other expenses incurred in selling its shares. We will bear the costs, fees and expenses incurred in effecting the registration for resale of the securities covered by this prospectus, including all registration and filing fees, listing fees, and fees and expenses of our counsel and our independent registered public accounting firm.

**DIVIDEND POLICY**

The Company has never declared or paid any cash dividends and has no plan to declare or pay any dividends on our Ordinary Shares in the foreseeable future. The Company currently intends to retain any earnings for future operations and expansion. In addition, we are a holding company and our operating subsidiaries are located in the United Kingdom and the European Union. Part of our primary internal sources of funds to meet our cash needs will be dividends, if any, paid by our subsidiaries. The distribution of dividends from the subsidiaries in certain markets where we operate is subject to restrictions imposed by the applicable laws and regulations in those markets. As a result, it is not expected that we will pay any cash dividends to holders of our Ordinary Shares in the foreseeable future.

Our board of directors has complete discretion as to whether to distribute dividends. Even if the board of directors decides to declare and pay dividends, the timing, amount and form of future dividends, if any, will depend on the future results of operations and cash flow, capital requirements and surplus, the amount of distributions, if any, received by us from subsidiaries, our financial condition, contractual restrictions and other factors deemed relevant by the board of directors. There can be no assurance that our Ordinary Shares will appreciate in value or that the trading price of the Ordinary Shares will not decline. Holders should not regard or rely on an investment in our Ordinary Shares as a source for any future dividend income.

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**THE COMPANY**'**S BUSINESS**

**Design-led electric personal urban mobility solutions**

We are on a mission to electrify personal urban mobility through the commercial development of Zapp, a British electric vehicles brand.

Our first product, the i300 electric urban motorcycle, was designed from the ground up leveraging the advantages of electrification, and we believe the resulting new vehicle architecture provides an attractive value proposition by combining performance specifications typically associated with larger "step-over" motorcycles with the convenience of a "step-through" form factor more suitable for urban environments.

This design-led approach extends beyond the product itself. Zapp seeks to provide a premium experience throughout the entire customer journey. With our long-standing passion for P2W vehicles, extensive market analysis, deep understanding of the technologies behind electrification required to design high-performance "EVP2W" vehicles, and focus on effective supply chain management, our aim is to establish a new:

• vehicle design and architecture;

• standard for P2W vehicle practicality;

• customer purchase experience;

• customer ownership experience; and

• manufacturing model in the P2W sector that is asset-light and capital efficient.

We believe key company and product differentiators position Zapp to capture market share in a rapidly growing global P2W Market, which was approximately $118 billion in 2024. In addition to underlying organic growth in the demand for P2Ws, growth in sales of EVP2Ws is expected to outpace that of ICEP2W. Following improvements in electric vehicle technology, along with legislation in many countries restricting the use of ICE vehicles, we believe many consumers in the P2W Market today are ready to transition to an EVP2W.

***Our business model is built to scale***

We plan to utilize an asset-light and capital-efficient business model. We have previously opened an ISO 9001:2015 certified micro-factory that could deliver up to 21,500 units per year from 12,000 square feet of space. While we no longer have access to that particular facility, this cost effective micro-factory system can be replicated in other regions with high demand for EVP2Ws, including Europe, Southeast Asia and the Indian subcontinent, and such facility(ies) subsequently operated by us or transferred to a contract manufacturer to operate according to our specifications. We are currently assembling the i300 in small batches at our facility in Bicester, England and plan to open a new ISO 9001:2015 certified facility within the European Union in order to produce inventory available for sale under ECWVTA.

Our exoskeleton design simplifies our manufacturing process. The i300 consists of less than 150 total component parts. Our vehicle assembly process requires only 105 steps*.*** This compares to other ICEP2W manufacturers that are estimated to require more than 2,000 components for each vehicle, which are assembled in up to 150 steps.

***Our core design and technology innovations and product portfolio***

We aim to electrify personal urban mobility with a product portfolio that meets the needs of more urban riders.

Our proprietary exoskeleton architecture creates a brand DNA that we believe is easily identifiable by consumers. Our first product, the i300, has won nine international design awards, including the iF DESIGN AWARD, Red Dot Design Award, American Good Design® Award, German Design Award, European Product Design Award, Australian Good Design Award, Korean Good Design Award, Muse Design Award, and the A' Design Award. Furthermore, the Z-shaped exoskeleton provides significant performance benefits by lowering the center of gravity and overall weight of the vehicle relative to many key competitors' products.

The i300's award-winning design is further enhanced by our use of certain premium motorcycle components. The i300's product positioning and differentiation includes acceleration times of 0 to 30mph in 2.3 seconds and 0 to 50mph in 5.0 seconds as well as compact dimensions, offering greater urban agility and recognizable premium suspension and braking components. These product attributes will allow us to position ourselves as a premium British brand worldwide at a competitive price point.

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We are also developing additional products targeting high-growth segments, including an additional P2W vehicle as well as an electric bicycle. We believe this strategy will meet the needs of more urban riders because it provides for a range of price points to improve affordability, acknowledges different rider requirements for vehicle specifications, and addresses more variability in rider lifestyle globally.

***Our portable battery packs eliminate reliance on dedicated charging infrastructure***

Our high volumetric energy density battery packs are fully portable, rather than being merely removable, and can be fully charged via any 220/110V wall socket in less than an hour using our fast charger.

Without the need for specialized charging infrastructure or battery swapping outlets, our battery packs alleviate consumer range anxiety and address the needs of daily commuters who do not wish to rely on public or private charging infrastructure. Each battery pack weighs only 13 pounds, or 6 kilograms, making them easy to carry and charge at the office, at home or anywhere else with a standard wall socket.

Two batteries are included as standard equipment on the i300 and may be used individually or in combination. An optional third battery may also be purchased by customers and stored in the under-seat storage box to further increase vehicle range.

***Our premium customer experience***

We are adopting a hybrid sales model and believe our differentiated customer experience will position Zapp to appeal to a broader P2W consumer base due to the following factors:

*Personalization:* Our website will offer automotive levels of personalization via an online vehicle configurator, which will allow customers to select and view extensive combinations for direct ordering without having to take the desired configuration to a local dealer.

*Drop-ship-direct-to-customers (DSDTC):* We anticipate that our DSDTC process will create a seamless customer experience for Zapp customers, from the first time they visit our website to the moment they take delivery of their vehicle at their requested destination. Where it makes sense, fulfillment will be handled by our Zappers (franchised delivery technicians) in our Zapp-branded delivery vans directly to the customer's location. Zappers will then follow through with easy-to-coordinate at-home vehicle maintenance throughout the period of ownership.

*Omnichannel:* We expect to use a multi-pronged marketing effort to establish our brand and drive customer demand. We can sell direct to consumer via our e-commerce platform. Our marketing efforts to expand the reach of our e-commerce platform will include digital, influencer, outdoor, live event and other forms of paid media. We also plan to expand our fixed-price, agency-based, physical retail point-of-sale program through authorized retailers in key urban centers.

*Order processing:* Our e-commerce platform will be configured to generate purchase orders, which will be distributed to the relevant production facility, our customer relationship management team, and our consumer leasing and insurance partners. We believe this will provide for a seamless experience for consumers within our DSDTC process.

***Gen-2 sustainability***

We place a strong emphasis on full-cycle sustainability in every aspect of our product lifecycle, including design, manufacturing, sourcing, end of life and battery recycling. We designed the i300 to have a low component count and a simplified assembly process, thus streamlining the manufacturing process and lowering the number of assembly steps and resources required per vehicle. Substantially all of our components can be recycled at the end of our product's life, including the batteries, which can be refurbished for second use.

**Our Market Opportunity**

According to Fortune Business Insights, the P2W Market, including both ICEP2Ws and EVP2Ws, was estimated to be $118 billion in 2024, of which $15 billion was sales of EVP2Ws, representing 13% penetration of electric vehicles. The P2W Market is expected to grow at a 6% CAGR from $118 billion in 2024 to $176 billion by 2032. During the same period, the EVP2W market is expected to increase at a CAGR of approximately 17% to $53 billion, reaching 30% penetration of electric vehicles.

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Zapp plans to establish itself as a premium brand in the countries in Europe where the most motorcycles are sold, which includes France, Italy, Spain, Germany, and the United Kingdom.

Of an estimated 58 million units sold globally in 2024, more than 80% of these purchases were in Asia. Zapp's plan to expand its product portfolio will target high-growth segments, including a more affordable product for India and countries in Southeast Asia.

Furthermore, we believe favorable regulatory tailwinds will accelerate the electrification of the P2W market. More and more cities, especially in Europe as well as Vietnam, are implementing fossil fuel prohibition and penalization for ICEP2Ws. In addition, financial incentives from local governments are expected to be an additional factor in driving adoption of EVP2Ws.

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| | |
|:---|:---|
| **Select European cities with a Low Emission Zone affecting ICEP2W** | &nbsp;&nbsp; **European countries with a target to ban ICE vehicles between 2030-2040** |
| Amsterdam | Denmark |
| Athens | France |
| Bergen | Iceland |
| Bristol | Ireland |
| Brussels | Netherlands |
| Copenhagen | Norway |
| Frankfurt | Slovenia |
| Glasgow | Spain |
| London | Sweden |
| Madrid | United Kingdom |
| Milan |  |
| Oslo |  |
| Oxford |  |
| Paris |  |
| Rome |  |
| Stockholm |  |

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**Our Strategy**

The key elements of our strategy include:

***Premium lifestyle brand positioning.*** Zapp aims to establish our premium lifestyle brand position in opinion-leader urban areas across Europe and Asia.

***Consumer financing available at point-of-sale.*** We have partnered with the Paris-based fintech firm Younited SA, which offers European ****customers its Younited Pay instant credit payment solution when completing an order. Younited Pay offers configurable payment plans that fit the customer's needs and preferences, including partial or full financing, with payments spread across a timeframe that the customer selects. The process is transparent, with no hidden fees or charges. We anticipate using similar partners offering similar services when launching distribution outside Europe.

***Daily commuter market opportunity.*** Our EVP2Ws target the daily urban commuter. With our pricing strategy, when combined with the availability ****of consumer financing, we believe these consumers will have options to purchase our products at an attractive monthly payment, which may also be competitively priced compared to monthly fares for using public transportation networks. Furthermore, we believe that the total cost of owning a Zapp EVP2W, considering savings from gasoline and maintenance costs, as well as in-city operating surcharges, will narrow the monthly payment difference compared to traditional ICEP2W vehicles.

***Recruitment of authorized retailers and online resellers.*** Our go-to-market approach is omnichannel, with both offline and online channels. We are ****seeking out and intending to appoint well-established retailers as our authorized resellers, thereby positioning our brand and products alongside their existing portfolio. In addition, they bring expertise in retailing premium branded products to consumers in their markets. Online resellers and affinity partners will be recruited to drive additional sales leads through their owned channels to our e-commerce site. In certain urban areas, Zappers will provide delivery and mobile service from Zapper Vans, through our DSDTC model.

***Responsible expansion of markets.*** Based on our research of premium P2W volume sales, favorable market characteristics and policies, and the ****status of certain countries as global opinion-leaders for premium P2W products, we plan to launch the Zapp brand and i300 vehicle in the United Kingdom, before wider expansion to include more countries in Europe, India and Southeast Asia.

***Upselling and brand extension strategy.*** In addition to our base vehicle unit sales, we plan to use option packages, accessories and personalization ****to upsell and drive additional revenue and profit per unit.

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**Our Vehicles**

***The i300***

The i300 offers the following features and benefits:

• *Stylish design* - The i300 was designed to balance form with function. The i300 components combine to create a striking design alongside **  high performance. The distinctive 'Z'-shaped exoskeleton, the rear swing arm, the upside-down front forks, four-piston brake calipers, fully floating cross-drilled disc brakes, single-sided rear swing arm and adjustable pushrod rear coilover suspension are all integrated design elements creating a stylish, eye-catching EVP2W in a step-through format. Many of the i300's features are normally found only on larger high performance road bikes.

• *Performance* – Our high powered electric motor enables the i300 to accelerate to 30 mph in 2.3 seconds and to 50 mph in 5.0 **  seconds, providing riders with large motorcycle-like acceleration.

• *Charging convenience* – The i300 comes with two compact, lightweight, portable battery packs each weighing 13 pounds (6 kilograms), with **  a leather carrying handle. These removable battery packs can be charged via any standard 220/110V domestic socket using the supplied charger, thus eliminating the need for dedicated charging infrastructure or battery swapping stations.

• *Roadholding* – The adjustable rear coilover suspension is coupled with ultra-low-profile tires. These features, along with a very low center of **  gravity, contribute to the i300's superb overall road handling.

• *Safety* – The i300 is equipped with a high-performance brake system that includes large diameter full floating cross-drilled brake discs, radial **  mounted four-piston calipers, and steel braided brake hoses.

• *Security* – The i300 will offer up to seven layers of security. Standard layers will include an RFID key, physical key, removable battery packs (with a **  lockable cover) and vehicle rain cover. For an additional cost, customers can purchase a brake disk lock with alarm, road wheel lock and chain, and GPS tracker.

• *Personalization* – Zapp places a strong emphasis on personalization. A wide range of options will be available, including seat colors, alloy **  wheels, carbon fiber elements, accessory frames, and carrier boxes.

• We have a patented interchangeable fender feature that allows consumers to personalize and change the color and patterns on the fender.

• The flexibility to incorporate the various design options at the time of order provides consumers the ability to incorporate their own personal preferences into the style of the Zapp vehicle.

• Our technology design, manufacturing process and consumer connectivity position the Company to evolve its range of product options as consumers' style preferences change.

• *Storage Options* – Unlike many EVP2Ws, which use under-seat space to store batteries, the i300's battery packs are stored in an underfoot **  compartment, allowing Zapp to offer under-seat storage options. Consumers will have an option to purchase an accessory frame or a 25.7 liter storage box.

**Approach to Manufacturing**

We have previously opened an ISO 9001:2015 certified micro-factory that could deliver up to 21,500 units per year from 12,000 square feet of space. While we no longer have access to that particular facility, this cost-effective micro-factory system can be replicated in other regions with high demand for EVP2Ws, including Europe, Southeast Asia and the Indian subcontinent, and such facility(ies) subsequently operated by us or transferred to a contract manufacturer to operate according to our specifications. We are currently assembling the i300 in small batches at our facility in Bicester, and plan to open a new ISO 9001:2015 certified facility within the European Union in order to produce inventory available for sale under ECWVTA.

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Our battery packs and chargers are manufactured according to our specifications by an established supplier based in China that supplies various electrical products to the U.S., EU and other markets. The relevant supplier agreement specifies that these products shall meet our design and quality specifications. Through our supply chain development process, we have identified other comparable manufacturers who can provide battery packs and chargers that meet our specifications, if necessary.

**Go-To-Market Strategy**

We plan to position Zapp as a premium, lifestyle brand that produces vehicles with innovative designs, dynamic performance and manufactured with high-tech, lightweight materials.

We plan to utilize an omnichannel sales and marketing approach through both offline and online referrals. The typical Zapp customer journey will begin through our digital platform. We plan to utilize social media, such as Instagram, Facebook and TikTok to educate customers regarding our brand and the value proposition of our products. Furthermore, we plan to leverage influencers and affinity partners as online resellers to broaden our reach to potential customers. These initial engagements aim to drive customers to our website to learn more about our story and our products. From there, the customer would have the option to either place an order online or visit our in-person locations. We believe that our DSDTC sales model, combined with a digitally enhanced premium experience through our website and a refined in-store experience, creates opportunities for us to tailor our service to each customer's purchase and ownership preferences. Our in-person and authorized retailer locations will serve as sales channels and as marketing tools in high-foot-traffic areas within urban areas. Customers will have the option to visit a store in person, make their inquiries entirely online, or a combination of the two experiences.

We plan to utilize third party authorized retailers located in high footfall locations and/or strategically placed near luxury brand outlets. The authorized retailers will serve as a point of sales for customers who still enjoy the in-person retail experience. The authorized retailer locations will be designed to allow potential customers the opportunity to test ride the i300 and experience its high-performance characteristics. Authorized retailers will act as agents and earn a fixed commission based on the price offered on our website. This will avoid haggling, which is reportedly a major negative customer experience.

We also plan to operate pop-up stores and roadshows from time to time and utilize online resellers and influencers as part of our marketing strategy. These activities will allow us to increase our physical and virtual touchpoints with customers in a cost-efficient manner and to leverage our direct-to-customer sales infrastructure. For example, we have previously held events at the Goodwood Festival of Speed in the UK and at Bicester Motion.

**Drop-Ship-Direct-To-Customer Process**

Purchase orders from all sales channels are consolidated through our e-commerce platform, which is directly linked to our customer relationship management, production and assembly systems. Purchase orders will be passed on to the assembly facility, which will manufacture our vehicles according to customer specifications. After assembly, our vehicles are then shipped to short-term warehouse facilities in end markets, where our service agents (Zappers) complete pre-delivery inspection and customer documentation before delivering the vehicles directly to our customers.

**Customer Service**

We plan to provide premium after-sales service to customers in certain urban areas through our franchised, Zapp-trained service agents (Zappers), who will operate our purpose-built mobile service vehicles. Customers will be able to book appointments with Zappers at customer-specified locations and times for a range of services. Each Zapper van will be equipped with a full tool set and spare parts inventory.

The i300 was designed to eliminate the routine maintenance or servicing typically associated with ICEP2W vehicles, apart from the annual inspection. Our Zappers will be equipped to perform annual inspections, as well as general maintenance, servicing and repairs. Our Zappers will also be qualified to upgrade and customize our customers' vehicles with various approved options and accessories, such as fenders or seats of varying colors.

Our Zapper strategy is designed to reduce customer wait times for any repairs or service, to eliminate unnecessary travel to service locations, and to improve overall customer satisfaction. We also believe this model drastically reduces cost, as we do not need to construct and operate dealerships or service centers.

**Sustainability** 

Our vehicles have been developed based on a commitment to full-cycle sustainability and minimizing environmental impact. Substantially all components of our vehicles are fully recyclable or reusable. Our exoskeletons are made from recyclable alloy and certain body parts are made from a range of sustainable materials. Additionally, our battery packs can be reused at energy storage farms after the end of their useful life as vehicle batteries.

The mobile service vehicles utilized by Zapper's for DSDTC deliveries and after-sales care are hybrid ICE-electric powered. We plan to transition these to fully electric vans.

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***Recyclability***

There are fewer than 150 components in the i300, in the following groups:

• *Metallic parts:* All the steel and aluminum parts of the vehicles are recyclable.

• *Electronics:* The i300 is manufactured with recyclable electronic components which are compliant with the Waste from Electrical and **  Electronic Equipment directive (Directive 2012/19/EU).

• *Tires:* The i300 is manufactured with tires made from a significant proportion of recyclable materials.

**Intellectual Property**

Intellectual property is critical to us and our commercial success depends on our ability to maintain and protect our portfolio of intellectual property and other proprietary technology.

As of September 30, 2024, we had applied for a total of 37 patents, design patents and utility/petty patents related to the design, architecture and innovations making up our EVP2Ws in various territories around the world, of which 20 have been granted. This includes the granting of two patents related to the Z-shaped exoskeleton and removable front fender. We intend to continue to regularly assess opportunities for seeking patent protection for those aspects of our technology, designs, and methodologies that we believe provide us with a meaningful competitive advantage.

We expect to develop additional intellectual property and proprietary technology in various areas of EVP2W, including designs, architectures (such as the exoskeleton) and construction materials, suspension, brakes and traction control, e-motors, controllers, battery packs and management systems.

We have registered the Zapp trademarks in the UK and EU, as well as certain other jurisdictions that we anticipate expanding into. We regularly assess whether additional trademark or patent applications or other intellectual property registrations are appropriate. We rely on a combination of patent, design, trademark, copyright, unfair competition, and trade secret laws, as well as limited access, confidentiality procedures and contractual arrangements and restrictions with our employees, consultants, and other third parties, to establish, maintain and protect our proprietary rights.

We cannot be certain that we will be able to adequately develop and protect our intellectual property rights, or that other companies will not claim that we are infringing upon their intellectual property rights. See "Risk Factors—Risk Relating to Zapp EV's Business and Industry—We may need to defend ourselves against intellectual property right infringement claims, which may be time-consuming and would cause us to incur substantial costs. We may incur significant costs and expenses in connection with protecting and enforcing its intellectual property rights, including through litigation." and "If we are unable to maintain, protect or enforce our rights in our proprietary technology, brands or other intellectual property, our competitive advantage, business, financial condition and results of operations could be harmed."

**Cybersecurity and Privacy**

We collect, use, handle, store, receive, transmit and otherwise processes different types of information about a range of individuals, including our customers, our employees and job applicants, and employees of companies we do business with (such as our partners and suppliers). As a result, we are and may become subject to existing and emerging laws and regulations related to the privacy, security and protection of such information.

Our operations in Europe and the United Kingdom are subject to laws, regulations and standards covering data protection, marketing and advertising, including the GDPR and the UK GDPR. The GDPR and UK GDPR regulate the processing of data relating to an identifiable individual (personal data) and impose stringent data protection requirements on organizations with significant penalties for noncompliance. We are committed to safeguarding the privacy of our customers and have adopted a data privacy policy that is compliant with GDPR and UK GDPR requirements. In addition, our customer relationship management tools have an integrated GDPR and UK GDPR compliance function.

The European Data Protection Board has also released data guidelines for connected vehicles, and the upcoming ePrivacy Regulation is in its final stages. Regulators and legislators in jurisdictions around the world continue to propose and enact more stringent data protection and privacy laws. New laws as well as any significant changes to applicable laws, regulations, interpretations of laws or regulations, or market practices regarding privacy and data protection or regarding the manner in which we seek to comply with applicable laws and regulations could require us to make modifications to our products, services, policies, procedures, notices and business practices. Many large geographies which may become important to our future success, including in North America and the Asia Pacific, have passed or are considering comparable data privacy legislation or regulations. Until prevailing compliance practices standardize, the impact of worldwide privacy regulations on our business could be negatively impacted.

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**Seasonality**

As a seller of EVP2Ws, we expect there to be an impact from seasonality, primarily due to weather. Orders for our vehicles are generally expected to be higher during warmer months and lower during winter or colder months.

For revenue from sales in urban areas with warmer climates and little cold weather, we anticipate seasonality will not be significant. In Europe we expect revenue to be higher in the months of March through September, correlating with higher deliveries and when we plan to offer most of our potential customer ride experiences. During the months of October through February, we will be more focused on brand building.

**Competition**

Both the ICEP2W and EVP2W industries generally are highly competitive, and we will be competing for sales with both ICE-focused companies and EV-focused companies. Several major P2W companies have EVP2Ws available today and other current and prospective motorcycle manufacturers are also developing EVP2Ws. Factors affecting competition include product performance and quality, technological innovation, customer experience, brand differentiation, product design, pricing and manufacturing scale and efficiency. Increased competition may lead to lower vehicle unit sales and downward price pressure and adversely affect our business, financial condition, operating results and prospects. We also expect competition for EVs to intensify due to increased demand and a regulatory push for alternative fuel vehicles, continuing globalization and consolidation in the worldwide automotive industry. Further, as a result of new entrants in the EV market, we may experience increased competition for components and other parts of our vehicles, which may have limited or possibly single-source supply.

Our future growth is dependent on consumers' willingness to adopt EVP2Ws and choose our products over those of other EVP2W manufacturers. Demand for EVP2Ws may be affected by factors directly impacting EVP2W prices or the cost of purchasing and operating EVP2Ws such as sales and financing incentives, prices of raw materials and parts and components, cost of fuel and governmental regulations, including tariffs, import regulation and other taxes. Volatility in demand may lead to lower vehicle unit sales, which may result in downward price pressure and adversely affect our business, operating results, financial condition and prospects.

In addition, demand for our vehicles will be highly dependent on the adoption by consumers of alternative fuel vehicles in general and EVs in particular. The market for such vehicles is rapidly evolving and characterized by changing technologies, competitive pricing and competitive factors, evolving government regulation and industry standards, and changing consumer tastes and behaviors.

Other factors that may influence the adoption of alternative fuel vehicles, and specifically EVs, include:

• perceptions about EV quality, safety, design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of EVs, whether or not such EVs are produced by us or other manufacturers;

• perceptions about EV safety in general, in particular safety issues that may be ascribed to the use of advanced technology, including EV systems and battery safety;

• range anxiety, including the decline of an EV's range resulting from deterioration over time in the battery's ability to hold a charge;

• the availability of new energy vehicles;

• the availability of service and charging stations for EVs;

• the costs and challenges of installing home charging equipment, including for multi-family, rental and densely populated urban housing;

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• the environmental consciousness of consumers, and their adoption of EVs;

• the occurrence of negative incidents, or perception that negative incidents have occurred, with respect to our or our competitors' EVs resulting in adverse publicity and harm to consumer perceptions in EVs generally;

• the higher initial upfront purchase price of EVs, despite lower cost of ongoing operating and maintenance costs, compared to ICE vehicles;

• perceptions about and the actual cost of alternative fuel;

• regulatory, legislative and political changes; and

• macroeconomic factors.

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**Employees**

Our employees have significant experience working in the automotive sector, including for well-respected OEMs and automotive engineering firms. As of September 30, 2024, we had 36 full-time employees, comprising 29 employees in Thailand and seven employees in Europe. Our employees are neither represented by a labor union nor subject to a collective bargaining agreement.

On May 2, 2025, the Company's directors informed Swin Chatsuwan that the board had lost confidence in him, had voted to place him on a leave of absence pending further action by the board, and had appointed David McIntyre, previously the Company's Chief Operating Officer, as Acting Chief Executive Officer. On or about May 5, 2025, the Company lost operational control of its indirect subsidiary ZTH, when it became clear that Mr. Chatsuwan was intent on exercising continued control over ZTH in breach of his fiduciary duties to the Company and in breach of the December 11, 2024 Shareholders Agreement between himself and Zapp UK governing the activities of ZTH. In the ensuing weeks, it became clear that Chief Brand Officer Belinda Vinke, Chief Strategy Officer Kiattipong Arrtachariya and Chief Design Officer Warin Thanawathee were acting in concert with Chatsuwan to defy the Company's board, in breach of their duties to the Company. Following prolonged, unsuccessful efforts by the Company's board and other executives to secure their renewed cooperation, the board voted unanimously on June 2, 2025 to terminate for cause Chatsuwan, Vinke, Arrtichariya and Thanawathee and to confirm the permanent appointment of David McIntyre as the Company's Chief Executive Officer.

**Facilities**

Our principal executive office is our experience center in Bicester Heritage Park in the United Kingdom, which consists of a full-service workshop and small scale manufacturing facility, retail store and office space of approximately 969 square feet of leased space. This location also serves as the global sales and technical training center for our network of authorized resellers and employees. We plan to use this experience center for customers to test ride our vehicles at a shared test track, as well as customize and order products. We are currently assembling i300 in small batches at this facility in Bicester, and plan to open a new ISO 9001:2015 certified facility in Europe to produce inventory available for sale under ECWVTA.

We believe that our current and planned facilities are adequate to meet our needs for the immediate future, and that, as needed, suitable additional space will be available to accommodate expansion of our operations.

**Regulatory Landscape**

We are, and will be, subject to extensive vehicle safety and testing and environmental regulations in the European Union, the United Kingdom and other jurisdictions in which we plan to sell vehicles. Government regulations regarding the sale of our vehicles are subject to future change. We cannot predict what effect, if any, such changes will have upon our business. Violations of these regulations may result in substantial civil and criminal fines, penalties and/or orders to cease the operations in violation or to conduct or pay for corrective work. In some instances, violations may also result in the suspension or revocation of permits and licenses.

Below is a brief description of the more material regulatory requirements in European Union and United Kingdom, which are two of the initial jurisdictions where we plan to sell our vehicles. We do not expect that regulatory requirements in other jurisdictions in which we may seek to sell our vehicles will be materially different than those described below

***Environmental, Health and Safety Regulations in the European Union***

*European Type Approval*. In order to sell vehicles in all EU member states without incurring significant costs and time to certify the product on a unit by unit basis, we are in the process of obtaining pre-approval from regulators to import and sell our EVs into the EU and countries that recognize EU certification or have regulatory regimes aligned with the EU. The process for certification in Europe is known as ECWVTA and requires us to demonstrate to a regulatory agency in an EU member state, referred to as the Competent Authority, that our vehicles meet all EU safety and emission standards.

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ECWVTA is accomplished through witnessed testing and inspection of one or more representative vehicles. In addition to such vehicle testing and inspection (comprising approximately 30 individual tests), the manufacturing facility is audited to ensure conformity of production ("CoP") to the approved type specifications. Once a vehicle is type-approved by the Competent Authority in an EU member state, all vehicles manufactured in conformity with such approval and CoP may be marketed and sold in all EU member states without further testing.

Any changes to an approved vehicle type must go through an updated type approval process by the Competent Authority.

In March 2025, Zapp received the required certificate from the National Standards Authority of Ireland confirming European Community Whole Vehicle Type Approval ("ECWTVA") for the i300.

Concurrently with the foregoing, we secured the relevant approval to sell initial inventory on a single vehicle basis in the United Kingdom.

*EU Emissions Regulations*. We believe Europe's regulatory environment is generally conducive to the development, production and sale of EVs. Through emission legislation, tax incentives and direct subsidies, EU and non-EU countries in Europe are taking a progressive stance in reducing carbon emissions in the transport sector which may lead to increasing demand for EVs.

This is reflected in the EU-wide target of a 90% reduction in greenhouse gas emissions from the transport sector by 2050 (compared to 1990 levels), as part of an economy-wide carbon-neutral target. Moving forward, the European Commission has proposed legislation that would (i) introduce a "cap and trade" carbon pricing system that would apply to the transport sector from 2026; and (ii) require increased levels of national greenhouse gas reduction commitments (which include the transport sector) pursuant to a revision of the Effort Sharing Regulation, as part of efforts to reduce EU emissions by 55% by 2030 (compared to 1990 levels).

*Hazardous Substances*. Should we expand into the EU, we would also be subject to regulations governing the proper handling, and disposal of products containing hazardous substances in the EU, including the EU Waste Framework Directive. In relation to our batteries, disposal would be governed by the Batteries Directive, which imposes, among other obligations, certain requirements in relation to the disposal of batteries, such as that producers of batteries and producers of other products that incorporate a battery are responsible for the waste management of batteries that they place on the market, in particular the financing of collection and recycling schemes.

***Environmental, Health and Safety Regulations in the United Kingdom***

The United Kingdom government has proposed that all new motorcycles are to be fully zero emissions at the tailpipe from 2035, or earlier if it is determined that a faster transition seems feasible. This proposal is subject to feedback from a consultation process which is currently ongoing, but reflects the UK's broader strategy to phase out new combustion engines in all transport (including heavy duty vehicles) by 2040.

**Legal Proceedings**

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business.

Zapp UK is party to a civil action captioned *SPAC Advisory Partners LLC v. Zapp Electric Vehicles Limited et al.*, No. 655171/2023, filed on October 19, 2023 in the Supreme Court of New York County, New York. Plaintiff's amended complaint in the action, filed March 26, 2024, asserts claims for breach of contract, account stated and supplemental claims arising from Zapp UK's alleged non-payment of $3,630,000 in fees allegedly due to plaintiff for advisory services rendered to Zapp UK in relation to the Business Combination. Plaintiff's amended complaint also purported to add the parent Company as a party defendant in the case. Zapp UK filed an answer to the operative complaint on May 8, 2024. On September 6, 2024, following service of the amended complaint upon it, the Company filed a motion to dismiss the same as against it on various grounds, including that the court lacks personal jurisdiction over it. On October 8, 2024, plaintiff's counsel filed its opposition to the Company's motion to dismiss and, contrary to applicable procedural rules, included in such opposition a cross-motion for partial summary judgment against Zapp UK. On March 14, 2025, following further briefing, the court granted the Company's motion to dismiss with prejudice and denied plaintiff's purported cross-motion directed at Zapp UK. As of the date of this prospectus, plaintiff has served discovery requests upon defendant Zapp UK, but by agreement of counsel defendant's time to respond has been extended until at least November 19, 2025. We believe Zapp UK has meritorious defenses to the claims asserted in the case, and it intends to continue to defend the matter vigorously.

However, if the foregoing proceedings are determined adversely to Zapp UK, such outcome could have a material adverse effect on our business and financial condition.

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**MANAGEMENT**'**S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION**

**AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of the Company*'*s financial condition and results of operations together with its consolidated financial statements and the related notes thereto included elsewhere in this prospectus. The following discussion is based on the Company*'*s financial information prepared in accordance with IFRS and the interpretations of the IFRS Interpretations Committee (IFRS IC) as issued by the IASB. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to the Company*'*s plans and strategy for its business, includes forward-looking statements that involve risks and uncertainties. You should review the section titled* "*Risk Factors*" *for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

**Overview of the Company**'**s Business**

We are on a mission to electrify personal urban mobility through the commercial development of Zapp, a British electric vehicles brand Our proprietary exoskeleton architecture creates a brand DNA that we believe is easily identifiable by consumers. Our first product, the i300, has won multiple international design awards, including the iF DESIGN AWARD, Red Dot Design Award, American Good Design® Award, German Design Award, European Product Design Award, Australian Good Design Award, Korean Good Design Award, Muse Design Award, and the A' Design Award. Furthermore, the exoskeleton provides significant performance benefits by lowering the center of gravity and overall weight of the vehicle relative to many key competitors' products.

The design of our i300 vehicle is further enhanced by our use of premium motorcycle components. The i300's product positioning and differentiation includes outstanding acceleration times of 0-30 mph in 2.3 seconds and 0-50 mph in 5.0 seconds as well as compact dimensions, offering greater urban agility and recognizable premium suspension and braking components. These product attributes allow us to position ourselves as a premium British brand worldwide at a competitive price point.

We plan to utilize an asset-light and capital efficient business model. We have previously opened an ISO 9001:2015 certified micro-factory that could deliver up to 21,500 units per year from 12,000 square feet of space. While we no longer have access to that particular facility, this cost-effective micro-factory system can be replicated in other regions with high demand for EVP2Ws, including Europe, Southeast Asia and the Indian subcontinent, and such facilities subsequently may be operated by us or transferred to a contract manufacturer to operate according to our specifications. We are currently assembling the i300 in small batches at our facility in Bicester, and plan to open a new ISO 9001:2015 certified facility within the European Union in order to produce inventory available for sale under ECWVTA.

**Results of Operations for the six months ended March 31, 2025 and 2024**

The following table sets forth a summary of our consolidated results of operations for each of the periods presented.

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| | | |
|:---|:---|:---|
| *(in USD)* | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| Revenue |  |  |
| Cost of sales |  |  |
| **Gross profit** |  |  |
| Selling and distribution expenses | (178070) | (220351) |
| General and administrative expenses | (2554893) | (2913759) |
| **Operating loss** | (2732963) | (3134110) |
| Finance income | 1820 | 574 |
| Finance expense | (302913) | (193503) |
| Other expense | (428803) | (1706090) |
| **Loss before tax** | (3462859) | (5033129) |
| Income tax | (858582) |  |
| **Loss for the period** | **(4321441)** | **(5033129)** |
| **Earnings per share** |  |  |
| Basic and diluted earnings per share | (0.68) | (1.70) |

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***Comparison of the six months ended March 31, 2025 and 2024***

***Revenue and Cost of Sales***

We anticipate the commencement of sales and deliveries in fiscal year 2026. We expect that most of our revenue will be derived from the direct sale of our vehicles and thereafter will also include other related products and services.

***Selling and distribution expenses***

Selling and distribution expenses consist of marketing and advertising expenses and import costs.

Selling and distribution expenses for the six months ended March 31, 2025 were $0.2 million, a decrease of approximately 19% from the six months ended March 31, 2024. The decrease is primarily due to a reduction in marketing spending as the commercial launch of i300 was delayed.

We expect our selling and distribution expenses to increase for the foreseeable future as we invest to support the growth of the business and the commercial launch of i300.

***General and administrative expenses***

General and administrative expenses consist of personnel-related expenses, expenses for third party professional services, including legal and audit and advisory services and general office-related costs as well as depreciation and amortization. Personnel-related expenses include salaries, benefits, travel expenses and share-based payment costs.

General and administrative expenses for the six months ended March 31, 2025 were $2.6 million, a decrease of $0.4 million, or 12% from the six months ended March 31, 2024. The decrease is primarily due to a reduction in professional fees resulting from a reduced requirement for legal advisory services during the period.

We expect underlying general and administrative expenses to increase for a number of years as we scale up production and operations. We will increase headcount, hiring additional engineers, designers and non-operational staff to invest in new vehicle model designs and development of technology in order to drive the growth of the business. We will also incur additional costs as a result of operating as a public company, including compliance with the rules and regulations of the SEC, legal, audit, additional insurance expenses, investor relations activities and other administrative and professional services.

***Operating loss***

As a result of the foregoing, we recorded an operating loss of $2.7 million, a decrease of $0.4 million, or 13% from the six months ended March 31, 2024.

***Finance income***

Finance income consists primarily of interest income on cash deposits and was not material in either period. We do not anticipate generating significant amounts of finance income for the foreseeable future as we intend to invest cash generated from operations in expanding the business.

***Finance expense***

Finance expense consists primarily of interest calculated on convertible loan notes and promissory notes and the unwind of discounting on leases and other financial liabilities.

Finance expense for the six months ended March 31, 2025 was $0.3 million, an increase of $0.1 million, or 57% from the six months ended March 31, 2024. The increase reflected the increased borrowing during the year resulting from the convertible notes issued in relation to the SEPAs and certain promissory notes issued in 2024.

***Other expense*** 

Other expense consists primarily of movements in the fair value of derivative financial assets and liabilities and foreign currency gains and losses.

Other expense for the six months ended March 31, 2025 was $0.4 million, a decrease of $1.3 million, or 75% from the six months ended March 31, 2024. The decrease was primarily attributable to a reduction in unrealised losses on derivatives.

***Loss for the period***

As a result of the foregoing, we recorded a loss before tax of $3.5 million, a decrease of $1.6 million, or 31% from the six months ended March 31, 2024.

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**Results of Operations for the years ended September 30, 2024 and 2023**

The following table sets forth a summary of our consolidated results of operations for each of the periods presented. A comparison for the year ended September 30, 2023 as compared to the year ended September 30, 2022 can be found in our annual report on Form 20-F for the year ended September 30, 2023 filed with the SEC on February 26, 2024.

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| | | |
|:---|:---|:---|
| *(in USD)* | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2024** | **2023** |
| Revenue | 17440 |  |
| Cost of sales | (13119) |  |
| **Gross profit** | 4321 |  |
| Selling and distribution expenses | (325787) | (1425334) |
| General and administrative expenses | (5910012) | (6372718) |
| **Operating loss** | (6231478) | (7798052) |
| Finance income | 2086 | 9292 |
| Finance expense | (1169261) | (561005) |
| Other expense | (1609428) | (213747726) |
| **Loss before tax** | (9008081) | (222097491) |
| Income tax |  |  |
| **Loss for the period** | (9008081) | (222097491) |
| **Earnings per share** |  |  |
| Basic and diluted earnings per share | (2.56) | (92.99) |

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***Comparison of years ended September 30, 2024 and 2023***

***Revenue and Cost of Sales***

We sold a limited number of vehicles in summer 2024 and therefore have not generated meaningful revenue to date. Once sales and deliveries commence at volume, which we anticipate will be in spring 2025, we expect that most of our revenue will be derived from the direct sale of our vehicles and thereafter will also include other related products and services.

***Selling and distribution expenses***

Selling and distribution expenses consist of marketing and advertising expenses.

Selling and distribution expenses decreased by $1.1 million in the year ended September 30, 2024 to $0.3 million primarily due to a $0.9 million reduction in marketing spending as the commercial launch of i300 was delayed to beyond the end of the financial year. Furthermore, selling and distribution related employee expenses reduced by $0.2 million due to a reduction in headcount.

We expect our selling and distribution expenses to increase for the foreseeable future as we invest to support the growth of the business.

***General and administrative expenses***

General and administrative expenses consist of personnel-related expenses, expenses for third party professional services, including legal and audit and advisory services and general office-related costs as well as depreciation and amortization. Personnel-related expenses include salaries, benefits, travel expenses and share-based payment costs. All costs related to the Business Combination were included within other expenses.

General and administrative expenses decreased by $0.5 million in the year ended September 30, 2024 to $5.8 million primarily due to a reduction in professional fees resulting from a reduced requirement for legal advisory services during the year.

We expect underlying general and administrative expenses to increase for a number of years as we scale up production and operations. We will increase headcount, hiring additional engineers, designers and non-operational staff to invest in new vehicle model designs and development of technology in order to drive the growth of the business, and as a result of operating as a public company, including compliance with the rules and regulations of the SEC, legal, audit, additional insurance expenses, investor relations activities and other administrative and professional services.

***Operating loss***

As a result of the foregoing, our operating loss decreased by $1.6 million in the year ended September 30, 2024 to $6.2 million.

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***Finance income***

Finance income consists primarily of interest income on cash deposits and was not material in either year. We do not anticipate generating significant amounts of finance income for the foreseeable future as we intend to invest cash generated from operations in expanding the business.

***Finance expense***

Finance expense consists primarily of interest calculated on convertible loan notes and promissory notes and the unwind of discounting on leases and other financial liabilities.

Finance expense increased by $0.5 million in the year ended September 30, 2024 to $1.0 million. The increase reflected the increased borrowing during the year resulting from the convertible notes issued in relation to the SEPAs and certain promissory notes issued in 2023.

***Other (expenses)/income***

Other (expenses)/income consists primarily of the expenses relating to the Business Combination, movements in the fair value of derivative financial assets and liabilities, and foreign currency gains and losses.

Other expenses amounted to $1.6 million in the year ended September 30, 2024 compared to $213.7 million in the year ended September 30, 2023. The expense in the year ended September 30, 2023 included $167.3 million of expenses related to the Business Combination and $48.6 million of fair value losses in relation to the FPA. The expense in the year ended September 30, 2024 includes $2.4 million of fair value losses in relation to the FPA.

***Loss for the year***

As a result of the foregoing, our loss for the year decreased by $213.1 million in the year ended September 30, 2024 to $9.0 million.

**Liquidity and Capital Resources**

Our primary liquidity requirements are to fund the rollout of our products, to service our debt and to fund other general corporate purposes. Our ability to generate cash from our operations depends on our future operating performance, which is dependent, to some extent, on general economic, financial, competitive, market, legislative, regulatory and other factors, many of which are beyond our control, as well as other factors include those discussed in this section and the section title *"Risk Factors"* included elsewhere in this prospectus. We expect to finance our operations and working capital requirements for the next 12 months from a combination of the issuance of securities, borrowings, cash generated through operations following our commercial rollout and a continued delay in settling payment obligations to a number of suppliers related to the Business Combination.

Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our Ordinary Shares. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

**Cash Flows for the six months ended March 31, 2025 and 2024**

The following table sets forth a summary of our consolidated statement of cash flows for each of the periods presented.

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| | | |
|:---|:---|:---|
| *(in USD)* | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | (2706507) | (1524744) |
| Net cash used in investing activities | (56099) | (9624) |
| Net cash from financing activities | 2402822 | 1199300 |
| **Net decrease in cash and cash equivalents** | **(359784**) | **(355068)** |
| Effect of exchange rate fluctuations on cash held | (87769) | (3183) |

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***Comparison of the six months ended March 31, 2025 and 2024***

***Net cash used in operating activities***

We had negative cash flow from operating activities during each of the six months ended March 31, 2025 and March 31, 2024. Our cash flows used in operating activities to date have primarily consisted of costs related to development of our products, payroll and professional advisory fees.

Net cash used in operating activities for the six months ended March 31, 2025 was $2.7 million compared to $1.5 million for the six months ended March 31, 2024. The increase primarily reflected additional spending on inventory.

***Net cash used in investing activities***

Our cash flows used in investing activities to date have primarily consisted of costs related to the acquisition of property, plant and equipment and intangible assets. They were not significant in either period.

***Net cash from financing activities***

Our cash flows from financing activities to date have primarily consisted of proceeds from share issuances and the receipt of debt funding, along with costs associated with the Business Combination.

Net cash from financing activities for the six months ended March 31, 2025 was $2.4 million, reflecting net proceeds from the issuance of shares of $2.5 million, offset by loan repayments and interest payments totalling $0.1 million.

Net cash from financing activities for the six months ended March 31, 2024 was $1.2 million, reflecting $0.7 million of loan funding and $0.6 million net proceeds from the issuance of shares offset by the payment of lease liabilities and interest paid of $0.1 million.

**Cash Flows for the years ended September 30, 2024 and 2023**

The following table sets forth a summary of our consolidated statement of cash flows for each of the periods presented.

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| | | |
|:---|:---|:---|
| *(in USD)* | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2024** | **2023** |
| Net cash used in operating activities | (4883904) | (6505423) |
| Net cash used in investing activities | (37002) | (285871) |
| Net cash from financing activities | 5597308 | 5648837 |
| **Net increase / (decrease) in cash and cash equivalents** | **676402** | **(1142457)** |
| Effect of exchange rate fluctuations on cash held | 65492 | 2593 |

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***Comparison of years ended September 30, 2024 and 2023***

***Net cash used in operating activities***

We had negative cash flow from operating activities during each of the years ended September 30, 2024 and September 30, 2023. Our cash flows used in operating activities to date have primarily consisted of costs related to development of our products, payroll and professional advisory fees.

Net cash used in operating activities for the year ended September 30, 2024 was $4.9 million. This primarily reflected spending on staffing of $3.8 million and spending on professional fees of $1.0 million.

Net cash used in operating activities for the year ended September 30, 2023 was $6.5 million. This primarily reflected spending on staffing of $3.6 million, spending on non-Business Combination-related professional fees of $1.6 million, spending on marketing of $0.9 million, and inventory purchases of $0.6 million.

***Net cash used in investing activities***

Our cash flows used in investing activities to date have primarily consisted of costs related to the acquisition of property, plant and equipment and intangible assets.

Net cash used in investing activities for the year ended September 30, 2024 was $36,000, primarily made up the acquisition of property, plant and equipment.

Net cash used in investing activities for the year ended September 30, 2023 was $0.3 million, including the acquisition of $0.2 million of property, plant and equipment and $0.1 million of intangible assets.

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***Net cash from financing activities***

Our cash flows from financing activities to date have primarily consisted of proceeds from share issuances and the receipt of debt funding, along with costs associated with the Business Combination.

Net cash from financing activities for the year ended September 30, 2024 was $5.6 million, reflecting net proceeds of $4.8 million from the issuance of convertible promissory notes pursuant to the SEPAs and proceeds from the issuance of shares of $1.4 million. These were offset by loan repayments and interest payments totaling $0.7 million.

Net cash from financing activities for the year ended September 30, 2023 was $5.6 million, reflecting $7.6 million of loan funding less payment of Business Combination-related professional fees of $1.7 million, the repayment of $0.1 million of existing loans and payment of lease liabilities of $0.1 million.

***Non-cash transactions***

During the year ended September 30, 2023, we incurred significant expenses in relation to non-cash items, notably share-based payment expenses totaling $157.7 million in relation to the Business Combination and fair value losses of $46.5 million.

**Contractual obligations and commitments**

The following table sets forth a summary of our undiscounted contractual obligations and other commitments at March 31 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Less than one year** | **1 to 5 years** | **Over 5 years** | **Total** |
| Bank loans | 15382 | 2550 |  | **17932** |
| Promissory notes | 3828833 |  |  | **3828833** |
| Promissory notes from related parties | 383097 |  |  | **383097** |
| Convertible notes | 500000 |  |  | **500000** |
| Lease liabilities | 107597 | 267917 | 66446 | **441961** |
| Accounts payable and accrued liabilities | 21179935 |  |  | **21179935** |
|  | **26014844** | **270469** | **66446** | **26351758** |

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***Bank loans***

We entered into a loan agreement for an amount of £50,000 in May 2020 with an interest rate of 2.5% per annum. As at March 31, 2025, £13,653 (approximately $17,637) was drawn down under such loan agreement, which we had utilized for general corporate purposes. Such amounts are repayable in monthly instalments until May 2026.

***Promissory notes***

On April 14, 2023, we issued a promissory note with a value of $1.0 million which bears interest at a rate of 15.0% per annum. This amount was repayable in April 2025 and remains outstanding at the date of this report.

In connection with the Business Combination, we assumed certain promissory notes. As at March 31, 2025, $3.3 million was outstanding under these promissory notes, of which approximately $0.6 million bear interest at a rate of 15.0% per annum and approximately $2.7 million are interest-free. The notes were repayable in April 2024 and remain outstanding at the date of this report.

On January 12, 2024, Zapp Scooters (Thailand) Company Limited issued a promissory note to Patchara Rattakul, a director of the Company, with a value of THB 10.0 million (approximately $287,000 at that date) which bears interest at a rate of 15.0% per annum and is repayable in January 2026.

The contractual obligations and commitments above include $0.3 million payable in interest over the remaining life of the promissory notes.

**Transaction liabilities**

Included within trade payables and accruals at March 31, 2025 is $18.0 million owed to certain suppliers of professional services in relation to the Business Combination which are all due for payment.

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**Capital Expenditures**

In the years ending September 30, 2025 and 2026, we do not expect to incur significant capital expenditures. We plan to utilize an asset-light and capital expenditure-light business model, enabled by our micro-factory system. This micro-factory system can be replicated in other regions with high demand for EVP2Ws, including Europe, Southeast Asia and the Indian subcontinent, and subsequently be operated by us or transferred to a contract manufacturer to operate according to our specifications. We are currently assembling i300 in small batches at our facility in Bicester, and plan to open a new ISO9001:2025 certified facility in Europe in order to produce inventory available for sale under ECWVTA. While this arrangement does not require us to invest a significant amount in capital expenditures, we do anticipate some investment required for these facilities as well as leasehold improvements at targeted pop up and permanent store locations to facilitate the marketing and sale of the Company's products.

**Trend Information**

During 2024 we secured the relevant approval to sell initial inventory on a single vehicle basis in the United Kingdom, which resulted in Zapp's first customer sales. In March 2025, Zapp received the required certificate from the National Standards Authority of Ireland confirming European While Vehicle Type Approval ("ECWVTA") for the i300. We are currently assembling i300 in small batches at our facility in Bicester, and plan to open a new ISO9001:2025 certified facility in Europe in order to produce inventory available for sale under ECWVTA.

We plan to launch the i300 and Zapp brand in the United Kingdom, before wider expansion to include more products and commercial launch in countries in Europe, India and Southeast Asia.

We have implemented strategies to conserve cash, including delays in the launch of brand-building and other marketing efforts in Europe. We plan to begin our marketing launch of the i300 in conjunction with commercial rollout targeting desired urban areas. Additionally, as we transition to an in-production company, we anticipate additional investment into the hiring of more people and other costs associated with operating a public company.

Our financial results would be impacted by adverse changes in rates of inflation, labor markets, shipping costs, and other risks described in "*Risk Factors.*"

**Off-Balance Sheet Arrangements**

We are not party to any off-balance sheet arrangements.

**Changes in Accounting Policies and Disclosures**

There were no changes in accounting policies and disclosures during the year ended September 30, 2024 or the six months ended March 31, 2025.

**Quantitative and Qualitative Disclosures about Market Risk**

We are exposed to market risks in the ordinary course of our business. These risks primarily include credit risk, liquidity risk, foreign currency risk and interest rate risk. See Note 21 - *Financial instruments* to our consolidated financial statements included elsewhere in this prospectus for further details.

**Critical Accounting Policies and Use of Estimates and Assumptions**

Our consolidated financial statements included elsewhere in this prospectus have been prepared in accordance with IFRS as issued by the IASB. Management must make certain estimates and assumptions that affect the amounts reported in the financial statements, based on experience, existing and known circumstances, authoritative accounting guidance and pronouncements and other factors that management believes to be reasonable, but actual results could differ materially from these estimates. The accounting policies and estimates that are critical to our business operations and understanding our financial results are described in Note 3 to the consolidated financial statements.

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**MANAGEMENT AND EXECUTIVE COMPENSATION**

The following table sets for the names, ages and positions of our directors and executive officers as of the date of this prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Anthony Posawatz | 65 | Chairman of the Board |
| David McIntyre | 53 | Chief Executive Officer and Director |
| Jeremy North | 64 | President and Director |
| Edouard Meylan | 48 | Non-Executive Director |
| Kenneth West | 67 | Independent Director |
| Patricia Wilber | 64 | Independent Director |
| David Sturgeon | 56 | Chief Financial Officer |
| Theodore Allegaert | 61 | Chief Legal Officer |

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***Anthony L Posawatz, P.E.*** serves as the non-executive Chairman of the Board of Directors of Zapp EV. He currently serves as CEO of Fermata ****Energy, a leading bi-directional technology company providing integrated V2X/V2G platform solutions for EV customers. He also serves as President and CEO of Invictus iCAR LLC, an automotive and technology innovation consulting firm. He has served on the boards of many new mobility and new energy companies over the last 12 years including publicly traded Beam Global (Nasdaq: BEEM) and Lucid Group, Inc. (Nasdaq: LCID). Previously, Mr. Posawatz served as President and CEO of Fisker Automotive from 2012-13. Prior to that, he held several leadership positions at General Motors ("GM") including Executive-in-Charge of Global Electric Vehicle Development and Vehicle Line Director of the Chevrolet Volt from 2006-12. While at GM, his teams garnered many awards including both Motor Trend "Car of the Year" and "Truck of the Year" honors, among others. He has been recognized for his industry leadership as an Automotive News All-Star, among other awards. Mr. Posawatz received his Master of Business Administration (MBA) from the Tuck School of Business at Dartmouth College on a GM Fellowship and Bachelor of Science in Mechanical Engineering from Wayne State University on a GM Scholarship.

***David McIntyre*** has served as Chief Executive Officer and a director of Zapp EV since June 2025. Previously, he serverd as the Company's Chief Operating Officer between August 2024 and May 2025. Prior to joining Zapp in 2021 as Chief Commercial Officer, ****he was the Regional Director (Asia-Pacific and China) of Group Lotus between 2019 and 2021 and the Chief Executive Officer of Simpson Marine Limited from 2017 to 2018. Mr. McIntyre joined Simpson Marine Limited from McLaren Automotive Ltd, where he was Managing Director of the Asia-Pacific region from 2015 to 2017. Previously, Mr. McIntyre has also served as Managing Director and Chief Executive Officer of Jaguar Land Rover Korea from 2012 to 2015 and General Manager (Asia-Pacific and China) at Bentley Motors from 2005 to 2012. Before relocating to the Asia-Pacific, he was Global Corporate Marketing Manager at Aston Martin Lagonda Ltd. From 2001 to 2005, and from 1997 to 2001, he served in several roles for Porsche, including in dealer development for Porsche Cars Great Britain, as Sales Manager for Latin America at Porsche AG, and Regional Marketing Manager for Porsche Latin America. Mr. McIntyre received his Bachelor of Science in International Business and Modern Languages (German) from Aston University.

***Jeremy North*** is a co-founder of Zapp and serves as the President and a Director of Zapp EV. Since December 2024, he also serves in an interim ****capacity as Chief Financial Officer of Advanced Electric Machines Limited. From 2016 until 2024, he served as Managing Director and Chief Financial Officer of CloudMade Limited, a 50/50 joint venture with Valeo SE. From 2011 to 2015, he served as Chief Financial Officer of Dearman Engine Company Limited. He also served as Chief Financial Officer of Highview Power Storage, between 2010 and 2013. Mr. North received his Bachelor of Arts (Politics) from Nottingham University and was a member of the Institute of Chartered Accountants in England and Wales from 1986 to 2003.

***Edouard Meylan*** serves as a Non-Executive Director of Zapp EV. He has served as Chief Executive Officer of H. Moser & Cie, a leading ****independent Swiss watch brand, since 2013. Mr. Meylan also currently serves on the board of directors of MELB Holding, Precision Engineering AG, Heinrich und Henri Moser Stiftung and MELB Luxe. Previously, Mr. Meylan was co-founder and co-Chief Executive Officer at Celsius X VI II SA, from 2008 to 2012. Prior to that, he served as General Manager of Desco de Schulthess from 2004 to 2006. Mr. Meylan began his career as Consultant at PricewaterhouseCoopers from 2001 to 2003. He received his Master of Science in Engineering from the Swiss Federal Institute of Technology and his Master of Business Administration from the Wharton School of the University of Pennsylvania.

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***Kenneth West*** serves as an Independent Director of Zapp EV. Mr. West served as a member of the board of directors of Fadel Inc. from June 2011 ****to January 2025 and was its Chairman between April 2023 and June 2024. He was a member of the board of directors of CIIG II from September 2021 through April 2023. From 2019 until March 2021, he was a member of the board of directors of CIIG Merger Corp., and from 2019 until July 2022 he was a member of the board of directors of FaZe Clan, the professional esports and entertainment organization. From 2017 until his retirement in June 2019, Mr. West served as Chief Financial Officer of Fareportal Inc., one of the largest online travel technology companies powering a next generation travel concierge service whose brands include CheapOair, OneTravel and Travelong. Mr. West served as Executive Vice President, Chief Financial Officer and Treasurer of Martha Stewart Living Omnimedia (NYSE:MSO) from 2011 to 2015. Mr. West previously served as Executive Vice President and Chief Financial Officer of Marvel Entertainment Inc., (NYSE:MVL) a brand-driven licensing and media company from 2002 to 2010. From 2010 to 2011, he served as an independent consultant to media and entertainment companies. Prior to 2002, Mr. West, a certified public accountant, was Chief Financial Officer of two middle-market, privately held companies, and spent over 15 years with the Stamford, Connecticut office of Ernst & Young LLP, principally in the auditing division. Mr. West received a B.S. from Carnegie Mellon University.

***Patricia Wilber*** serves as an Independent Director of Zapp EV. Ms. Wilber has served as a member of the board of directors of electroCore, Inc. ****since March 2022 and as a member of the board of directors of CIIG II from October 2022 through April 2023. Since November 2023, she has also served on the Board of Governors at Yale New Haven Hospital. Between July 2022 and March 2024, she served on the board of directors of Vibrant Emotional Health, a nonprofit organization. Ms. Wilber has been a Chief Marketing Officer, global business strategist, and board member who delivers organizational and cultural transformation for branding. She is a pioneer in new franchise models and branded partnerships. Ms. Wilber last served as the Executive Vice President, CMO, and Managing Director of Partnerships, EMEA, the highest position in the marketing department at Disney from 2015 to 2018, where she drove growth for Walt Disney Company's marquee brands by leading marketing and communications for Disney, Pixar, Star Wars, and Marvel. Additionally, she established and led EMEA's 40-country integrated marketing, franchise and partnership functions, including a major reorganization of the EMEA channels to boost growth and profitability by significantly reducing expenses. She served on the board of Euro Disney SCA from 2015 to 2018, and Magical Cruise Company, more commonly known as the Disney Cruise Line from 2013 to 2018. Ms. Wilber holds a B.A. in History from Brown University.

***David Sturgeon*** has served as Chief Financial Officer of Zapp EV since May 2023. Mr. Sturgeon currently serves on the board of directors at ****Quarterworld Capital Limited. Previously, Mr. Sturgeon held various roles at Central European Media Enterprises Ltd. (Nasdaq: CETV), a leading media and entertainment company in Central and Eastern Europe which was listed on Nasdaq until its sale in October 2020. At Central European Media Enterprises Ltd., Mr. Sturgeon held a series of senior financial positions from 2005-14, leading to his appointment as Executive Vice President and Chief Financial Officer from 2014-20. Earlier in his career, Mr. Sturgeon served as Head of Corporate Accounting from 2002-05 at Equant N.V. (NYSE: ENT), a provider of communications solutions to multinational companies. Mr. Sturgeon began his career at Arthur Andersen's Technology, Media and Communications practice, where he held a series of positions from 1990 to 2002. He is a Fellow of the Institute of Chartered Accountants in England and Wales. Mr. Sturgeon received his Master of Arts in Philosophy, Politics and Economics from St. Catherine's College, Oxford University.

***Theodore Allegaert*** has served as the Chief Legal Officer and Corporate Secretary of Zapp EV since March 2023. Mr. Allegaert is a U.S.-qualified ****lawyer with over twenty-five years of commercial legal experience, including thirteen years in private practice at preeminent firms in Silicon Valley and New York and a further decade of experience as senior in-house counsel at multinational companies. From 2017-20, he served as Chief Legal Officer at Nasdaq-listed Ferroglobe PLC in London (initially as Deputy), after previously serving as Deputy General Counsel of its Nasdaq-listed U.S. subsidiary Globe Specialty Metals, Inc. from 2011-15. From 2016 to early 2017, and from 2021-23, Mr. Allegaert was self-employed, serving as a contract general counsel and legal and compliance consultant to international businesses in Asia and the U.K. Mr. Allegaert holds a bachelor's degree from Columbia University and a Juris Doctor degree from The University of Chicago Law School.

**Family Relationships**

There are no family relationships between any of the persons who serve as executive officers and directors of Zapp EV.

**Board Structure**

The board of directors consists of six directors, four of whom qualify as independent directors. Our articles provide for a classified board of directors, with two directors in Class I (Patricia Wilber and David McIntyre), two directors in Class II (Kenneth West and Edouard Meylan) and two directors in Class III (Jeremy North and Anthony Posawatz).

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At our 2025 annual general meeting, the term of office of the Class II Directors shall expired. As no replacement Class II Directors were appointed at the meeting, the existing Class II Directors Messrs. West and Meylan were automatically re-appointed for a full term of three (3) years pursuant to Article 82 of the Company's articles. At our 2026 annual general meeting, the term of office of the Class III directors shall expire and Class III directors shall be eligible for election for a full term of three (3) years, unless replacement Class III Directors are nominated and appointed. At our 2027 annual general meeting, the term of office of the Class I directors shall expire and Class I directors shall be eligible for election for a full term of three (3) years, unless replacement Class I Directors are nominated and appointed. At each succeeding annual general meeting, directors shall be elected for a full term of three (3) years to succeed the directors of the class whose terms expire at such annual general meeting. Directors hold office until the expiration of the director's term, until a director's successor has been duly elected and qualified, or until such director's earlier death, resignation or removal.

**Board Committees**

Our Board has formed the following committees: an audit committee, a compensation committee and a nominating and corporate governance committee. The composition and responsibilities of each committee are described below. Our Board may also establish from time to time other committees that it deems necessary or desirable. Members serve on these committees until their resignation or until otherwise determined by our Board.

Pursuant to the Director Nomination Agreement, for so long as the Company maintains an audit committee, compensation committee or nominating committee, and the Founder holds the requisite number of Ordinary Shares as described in the Director Nomination Agreement, such committees shall each include at least one (1) Founder Director (but only to the extent such director (A) qualifies as an Independent Director and (B) with respect to membership on the Audit Committee or Compensation Committee, meets the heightened independence requirements applicable to audit committees and compensation committees, as applicable, under applicable SEC rules). We note, however, that the Founder severed all contact with the Company and its board of directors following his termination for cause as Company CEO and *de facto* resignation as a director. We therefore anticipate that the Founder will not seek to assert any claimed rights under the Director Nomination Agreement prior to its expiry on April 28, 2026.

***Audit Committee***

Our audit committee consists of Kenneth West, Anthony Posawatz and Patricia Wilber. Mr.West serves as chair of the audit committee and is the designated audit committee financial expert. Out audit committee is responsible for, among other things:

• overseeing accounting and financial reporting processes;

• ensuring compliance with legal and regulatory requirements;

• designing and implementing an internal audit function;

• reviewing the performance of the internal audit function and the independent auditor;

• the appointment, compensation, retention and oversight of the independent auditors and any other registered public accounting firm that is engaged;

• pre-approving audit and non-audit services to be provided by the independent auditor;

• reviewing and discussing with the independent auditor all relationships the independent auditor has with the business in order to evaluate the independent auditor's continued independence;

• reviewing and discussing with the independent auditor any audit problems or difficulties and management's response;

• reviewing and discussing with management and the independent auditor the annual and quarterly financial statements;

• overseeing the design and maintenance of internal controls over financial reporting and disclosure controls and procedures, as applicable;

• reviewing and discussing with management and the independent auditor any significant risks or exposures and policies and processes with respect to risk assessment and risk management; and

• establishing procedures for handling complaints regarding accounting, internal accounting controls and auditing matters. Each of Mr. West, Mr. Posawatz and Ms. Wilber qualify as independent directors.

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***Compensation Committee***

Our compensation committee consists of Kenneth West, Anthony Posawatz and Patricia Wilber. Mr. Posawatz serves as chair of the compensation committee. The compensation committee is responsible for, among other things:

• reviewing and approving the compensation paid to the Chief Executive Officer, including reviewing and approving corporate goals and objectives relevant to the compensation of the Chief Executive Officer;

• reviewing and making recommendations to the board of directors regarding the compensation of directors and other executive officers besides the Chief Executive Officer;

• administering equity-based compensation plans for employees and consultants; and

• reviewing and approving or making recommendations to the board of directors regarding incentive compensation and equity-based plans and arrangements.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee consists of Patricia Wilber and Edouard Meylan. Ms. Wilber serves as chair of the nominating and corporate governance committee. The nominating and corporate governance committee is responsible for, among other things:

• identifying and recommending nominees for election of directors;

• overseeing the evaluation of the members of the board of directors and management;

• reviewing environmental, social and governance strategy, initiatives, policies and risk oversight structure; and

• developing and recommending to the board of directors a set of corporate governance guidelines.

**Code of Ethics**

We have adopted a Code of Business Conduct and Ethics ("Code of Conduct") that applies to all our employees (whether permanent or temporary), contractors, officers and directors, including our principal executive, principal financial and principal accounting officers. Our Code of Conduct is intended to meet the definition of "code of ethics" under Item 16B of Form 20-F under the Exchange Act. We intend to disclose on our Company website any amendment to, or waiver of, any provision of our Code of Conduct that applies to our Directors or executive officers to the extent required under the rules of the SEC or Nasdaq. Our Code of Conduct is available on our website at https://ir.zappev.com/. The information contained on our website is not incorporated by reference in this prospectus.

**Compensation Committee Interlocks and Insider Participation**

Other than as indicated below, none of the members of the compensation committee is currently, or has been at any time, one of our officers or employees. None of our executive officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving as a member of our board of directors or compensation committee.

**Executive Officer and Board Member Compensation**

The compensation for each of our executive officers comprises a base salary and certain benefits in kind, which may include equity-based compensation. Our executive officers do not currently receive cash bonuses and we have not accrued any amount for such bonuses to our executive officers.

Total cash compensation paid and benefits in kind provided to our executive officers for the year ended September 30, 2024 was $1,098,058 (2023 - $1,168,934). Of this total amount, $9,318 (2023 - $9,332) was made in pension payments and $29,672 (2023 - $4,567) was payable in benefits.

Executive directors do not receive additional compensation in their capacity as Board members. Non-executive Board members are entitled to receive a combination of cash fees and equity awards. The total value payable in respect of the year ended September 30, 2024 was $836,500 (2023 - $418,250), all of which remained outstanding as of September 30, 2024.

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Each of our executive officers is party to a service agreement, either directly with the Company or one of its subsidiaries. The employment of the executive officers under these service agreements is for an indefinite period, but may be terminated by the employer for cause at any time without advance notice or for any other reason by giving specified prior written notice or by making a cash payment in lieu of notice, and an executive officer may terminate his or her employment at any time by giving the employer prior written notice. The service agreements with the executive officers also include confidentiality and non-disclosure provisions and non-competition and non-solicitation restrictions that apply during employment for certain periods following termination of employment.

**Equity Incentives**

At September 30, 2024 there was a total of 76,987 Zapp Electric Vehicles Group Limited Ordinary Shares underlying grants of outstanding options (including unvested options) that were held by the Company's executive officers and directors as a group, which included the following:

• Anthony Posawatz (Chairman and Independent Director), who owns less than 1% of our outstanding Ordinary Shares on an as-converted basis, had outstanding options to purchase Ordinary Shares at an effective exercise price of $15.69, with a grant date of November 7, 2022 and an expiration date of September 30, 2032;

• Jeremy North (President and Director) had outstanding options to purchase a total of 51,323 Ordinary Shares at an effective exercise price of $0.00045, with a grant date of October 15, 2019 and an expiration date of October 14, 2029;

• Edouard Meylan (Non-Executive Director), who owns less than 1% of our outstanding Ordinary Shares on an as-converted basis, had outstanding options to purchase Ordinary Shares at an effective exercise price of $15.69, with a grant date of November 7, 2022 and an expiration date of September 30, 2032; and

• David McIntyre (Chief Executive Officer), who owns less than 1% of our outstanding Ordinary Shares on an as-converted basis, had outstanding options to purchase Ordinary Shares at an effective exercise price of $15.69, with a grant date of October 1, 2021 and an expiration date of September 30, 2031;

The following summarizes the material terms of the options:

•  ***Transferability*** . The options are exercisable only by the option holder and are not assignable or transferable.

•  ***Exercise*** . The options are exercisable by notice in writing in whole or in part any time after they have vested.

•  ***Lapse*** . The options (or any unexercised part) will lapse and cease to be exercisable on the first to occur of the following: (i) the option is  **** ** transferred, assigned, mortgaged, charged or otherwise disposed of; (ii) the date the option holder's employment ceases (a) if the employment was terminated by reason of his misconduct; or (b) if the option is unvested on such date; (iii) expiry of the applicable period after the option holder's death; (iv) expiry of the applicable period after a Company Event; (v) the date on which the option holder becomes bankrupt or an interim order is made because he intends to propose a voluntary arrangement to his creditors; (vi) the date on which the option holder is deprived of legal or beneficial ownership of the option; (vii) the date on which the option holder makes or proposes any scheme or arrangement in relation to his debts with his creditors; or (viii) the tenth anniversary of the option grant date.

•  ***Death of the option holder*** . Upon the death of the option holder, all of the outstanding unvested options shall immediately vest, and the  **** ** option holder's personal representative will be able to exercise the relevant options within 12 months after the date of his death.

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•  ***Cessation of Employment*** . Upon cessation of the option holder's employment by reason of (i) injury, ill-health or disability; (ii) redundancy; (iii) the transfer of the option holder's employing entity outside the Zapp Electric Vehicles Group or (iv) any other reason apart from misconduct, the options may be exercised to the extent vested. The unvested portion of the option shall lapse on the employment cessation date.

•  ***Company Event*** . Upon the occurrence of a Company Event, the option (or any unexercised part) may be exercised during the applicable  **** ** period set out in the Exchange Option Agreement. Our directors have the discretion to determine whether the Company Event will accelerate the vesting of the options.

•  ***Capitalization Adjustment*** . In the event our ordinary share capital is varied (including by way of a capitalization, rights issue, sub-division,  **** ** consolidation or reduction), our directors may make adjustments (which they consider to be fair and reasonable) to (i) the number of Ordinary Shares subject to the options; and (ii) the exercise price per share of Ordinary Shares, provided that the total amount payable on the exercise of the option is not increased and the exercise price is not reduced below the nominal value of an Ordinary Share.

**Clawback Policy**

Pursuant to Exchange Act Rule 10D-1 and Nasdaq Rule 5608, the Company adopted on December 1, 2023 an Incentive Compensation Clawback Policy (the "Clawback Policy") providing that the Company will recover reasonably promptly the amount of erroneously awarded incentive-based compensation in the event that the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

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**DESCRIPTION OF SECURITIES AND ARTICLES OF ASSOCIATION**

*This section of the prospectus includes a description of the material terms of the Company*'*s Amended and Restated Memorandum and Articles of Association (*"*Articles*"*) and of applicable Cayman Islands law. The following description is intended as a summary only and does not constitute legal advice regarding those matters and should not be regarded as such. The description is qualified in its entirety by reference to the complete text of the Articles, which are attached as an exhibit to this prospectus. We urge you to read the full text of the Articles*.

The Company is a Cayman Islands exempted company (company number 395443) and its affairs are governed by the Amended Articles, the Cayman Companies Act and the common law of the Cayman Islands.

We have authorized share capital of $500,000 divided into 250,000,000 Ordinary Shares of a par value of $0.002 per share.

The Company currently has only one class of issued Ordinary Shares, which have identical rights in all respects and rank equally with one another.

As of November 24, 2025, there were 18,595,529 Ordinary Shares in the Company issued and outstanding.

**Ordinary Shares**

***General***

Holders of Ordinary Shares in the Company will be entitled to one vote for each share held of record on all matters to be voted on by shareholders.

None of the holders of Ordinary Shares in the Company have different voting rights from the other holders after the completion of this offering.

Holders of Ordinary Shares in the Company will not have any conversion, pre-emptive or other subscription rights and there will be no sinking fund or redemption provisions applicable to our Ordinary Shares.

***Dividends***

Subject to the foregoing, the payment of cash dividends in the future, if any, will be at the discretion of our board of directors and will depend upon such factors as earnings levels, capital requirements, contractual restrictions, the Company's overall financial condition, available distributable reserves and any other factors deemed relevant by our board of directors. Under Cayman Islands law, a Cayman Islands company may pay a dividend out of either profits (including retained earnings) or share premium, provided that in no circumstances may a dividend be paid if this would result in the Company being unable to pay its debts as they fall due in the ordinary course of its business.

Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon the Company's future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our board of directors may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Ordinary Shares. When making recommendations on the timing, amount and form of future dividends, if any, our board of directors will consider, among other things:

• the Company's results of operations and cash flow;

• the Company's expected financial performance and working capital needs;

• the Company's future prospects;

• the Company's capital expenditures and other investment plans;

• other investment and growth plans;

• dividend yields of comparable companies globally;

• restrictions on payment of dividend that may be imposed on us by financing arrangements; and

• the general economic and business conditions and other factors deemed relevant by our board of directors and statutory restrictions on the payment of dividends.

We are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Ordinary Shares.

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***Liquidation***

On a winding-up or other return of capital, subject to any special rights attaching to any other class of shares, holders of Ordinary Shares in the Company will be entitled to participate in any surplus assets in proportion to their shareholdings.

***Transfers of Shares***

Subject to the restrictions contained in the Amended Articles and the rules or regulations of the Designated Stock Exchange (as defined in the Amended Articles) or any relevant securities laws, any shareholders of the Company may transfer all or any of his or her Ordinary Shares in the Company by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the directors of the Company.

Subject to the rules of any Designated Stock Exchange on which the Ordinary Shares in the Company in question may be listed and to any rights and restrictions for the time being attached to any Ordinary Shares in the Company and/or preference shares in the Company, our directors shall not unreasonably decline to register any transfer of Ordinary Shares in the Company, and shall upon making any decision to decline to register any transfer of Ordinary Shares in the Company assign an appropriate reason therefor. If our directors refuse to register a transfer of any Ordinary Shares in the Company, the Company, within two (2) months after the date on which the transfer request was lodged with the Company, shall send to the transferor and transferee notice of the refusal, including the relevant reason for such refusal. In this context, it shall not be unreasonable for our directors to decline to register any transfer of an ordinary share in our Company if such transfer would breach or cause a breach of: (i) the rules of any Designated Stock Exchange on which the Ordinary Shares in the Company may be listed; or (ii) applicable law or regulation.

***Calls on Shares and Forfeiture of Shares***

Our board of directors may from time to time make calls upon shareholders for any amounts unpaid on Ordinary Shares in the Company. Any Ordinary Shares in the Company that have been called upon and remain unpaid are, after a notice period, subject to forfeiture.

***Redemption and Repurchase of Shares***

Subject to the provisions of the Cayman Companies Act, the Company may issue shares that are to be redeemed or are liable to be redeemed at the option of the shareholder or the Company. The redemption of such shares will be effected in such manner and upon such other terms as our directors determine before the issue of the shares. The Company may also purchase its own shares (including any redeemable shares) on such terms and in such manner as the directors may determine and agree with the relevant shareholder(s).

***Variations of Rights of Shares***

If at any time the share capital of the Company is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of the issued shares of the relevant class, or with the sanction of a resolution passed at a separate meeting of the holders of the shares of such class by a majority of two-thirds of the votes cast at such a meeting.

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**Differences in Company Law**

Cayman Islands companies are governed by the Cayman Companies Act. The Cayman Companies Act is modelled on English Law but does not follow recent English Law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the material differences between the provisions of the Cayman Companies Act applicable to us and laws applicable to companies incorporated in the United States and their shareholders.

***Mergers and Similar Arrangements***

In certain circumstances, the Cayman Companies Act allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (*provided* that is facilitated by the laws of that other jurisdiction).

Where the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must then be authorized by either (i) a special resolution (usually a majority of two thirds of the voting shares voted at a general meeting) of the shareholders of each company; and (ii) such other authorization, if any, as may be specified in such constituent company's articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company.

The consent of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Registrar of Companies of the Cayman Islands is satisfied that the requirements of the Cayman Companies Act (which includes certain other formalities) have been complied with, the Registrar of Companies of the Cayman Islands will register the plan of merger or consolidation.

Where the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its property or any part thereof; and (iv) that no scheme, order, compromise or other similar arrangement has been entered into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted.

Where the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company, with respect to the transfer have been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason why it would be against the public interest to permit the merger or consolidation.

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Where the above procedures are adopted, the Cayman Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence, that procedure is as follows: (i) the shareholder must give his written objection to the merger or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes to demand payment for his shares if the merger or consolidation is authorized by the vote; (ii) within 20 days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each shareholder who made a written objection; (iii) a shareholder must within 20 days following receipt of such notice from the constituent company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for payment of the fair value of his shares; (iv) within seven days following the date of the expiration of the period set out in paragraph (ii) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (v) if the company and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands courts to determine the fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated company.

Moreover, Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain circumstances, and schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely held companies, commonly referred to in the Cayman Islands as a "scheme of arrangement" which may be tantamount to a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and voting either in person or by proxy at an annual general meeting, or extraordinary general meeting summoned for that purpose. The convening of the meetings and subsequently the terms of the arrangement must be sanctioned by the Cayman Islands courts. While a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be expected to approve the arrangement if it satisfies itself that:

• the company is not proposing to act illegally or beyond the scope of its corporate authority and the statutory provisions as to majority vote have been complied with;

• the shareholders have been fairly represented at the meeting in question;

• the arrangement is such as a businessman would reasonably approve; and

• the arrangement is not one that would more properly be sanctioned under some other provision of the Cayman Companies Act or that would amount to a "fraud on the minority."

If a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would otherwise ordinarily be available to dissenting shareholders of United States corporations.

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***Squeeze-out Provisions***

When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Cayman Islands courts, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

Further, transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements of an operating business.

***Shareholders Suits***

Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability for such actions. In most cases, the Company will be the proper plaintiff in any claim based on a breach of duty owed to the Company, and a claim against (for example) the Company's officers or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

• a company is acting, or proposing to act, illegally or beyond the scope of its authority;

• the act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of votes which have actually been obtained; or

• those who control the company are perpetrating a "fraud on the minority."

A shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or are about to be infringed.

***Enforcement of Civil Liabilities***

The Cayman Islands has a different body of securities laws as compared to the United States and provides less protection to investors. Additionally, shareholders of Cayman Islands companies may not have standing to sue before the state or federal courts of the United States.

The courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and/or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

**Special Considerations for Exempted Companies**

We are an exempted company with limited liability under the Cayman Companies Act. The Cayman Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies of the Cayman Islands;

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• an exempted company's register of members is not open to inspection;

• an exempted company does not have to hold an annual general meeting;

• an exempted company may issue shares with no par value;

• an exempted company may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

• an exempted company may register as a limited duration company; and

• an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

***Indemnification of Directors and Executive Officers and Limitation of Liability***

Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as by purporting to provide indemnification against fraud or criminal liability. Our articles permit, and certain indemnification agreements in force and effect provide, indemnification of the Company's directors, corporate secretary, and other senior executive officers (but not including the Company's auditors) (each an "Indemnified Person") against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud as determined by a court of competent jurisdiction, in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. This standard of indemnification is generally similar to that permitted under, *e.g.*, the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be ostensibly be due to the Company's directors, executive officers or control persons under the foregoing provisions, the Company is informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and may therefore be unenforceable.

***Anti-Takeover Provisions in the Amended Articles***

Some provisions of the Amended Articles may discourage, delay or prevent a change of control of the Company or management that shareholders may consider favorable, including provisions that restrict the requisition of general meetings by shareholders holding less than 10% of the paid up voting share capital of the Company (as described further below) and restrict the appointment and removal of the directors of the Company by the shareholders except by way of an ordinary resolution (as described further below).

Such provisions could be applied to delay or prevent a change in control of the Company or make removal of management more difficult. This may cause the price of Ordinary Shares in the Company to fall.

However, under Cayman Islands law, the Company's directors may only exercise the rights and powers granted to them under the Amended Articles for a proper purpose and for what they believe in good faith to be in the best interests of the Company.

***Directors***' ***Fiduciary Duties***

Under Cayman Islands law, directors and officers of a company owe the following fiduciary duties:

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• duty to act in good faith and in what the director or officer believes to be in the best interests of the company as a whole;

• duty to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;

• directors should not improperly fetter the exercise of future discretion;

• duty of trusteeship of the company's assets;

• duty not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests; and

• duty to exercise independent judgment.

In addition to the above, directors also owe a duty of care which is not fiduciary in nature. This duty has been defined as a requirement to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge skill and experience of that director.

As set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing, or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by way of permission granted in amended and restated articles of association or alternatively by shareholder approval at general meetings.

***General Meetings of Shareholders***

Under our Articles, our directors may convene a general meeting at such time and place as they may determine. At least 14 clear days' notice in writing counting from the date of service by electronic means shall be given for any general meeting. The board of directors of the Company may call extraordinary general meetings, and must convene an extraordinary general meeting upon the requisition in writing of shareholders holding at least 10% of the paid up voting share capital of the Company. One or more shareholders holding at least a majority of the paid up voting share capital of the Company present in person or by proxy and entitled to vote will be a quorum for all purposes.

***Shareholder Resolutions in Writing***

Our articles permit the shareholders to pass ordinary resolutions and special resolutions in writing in lieu of a general meeting. Such written resolutions of the shareholders must be approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company, and the effective date of a resolution so adopted shall be the date on which such written instrument, or the last of such instruments, if more than one, is executed.

***Shareholder Requisition of General Meetings***

The Cayman Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our articles permit the Company's shareholders together holding at least 10% of the Company's paid up voting share capital to requisition a general meeting. As a Cayman Islands exempted company, the Company is not obliged by Cayman Islands law to call shareholders' annual general meetings, however our Articles provide for the calling of annual general meetings (as described above) and applicable Nasdaq rules require this.

***Matters Requiring Shareholder Approval by Special Resolution***

A "special resolution" (being a resolution (i) passed by a majority of not less than two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given, or (ii) passed by written resolution signed by all Shareholders), is required to:

• amend the articles;

• register the Company by way of continuation in a jurisdiction outside the Cayman Islands;

• merge or consolidate the Company by way of a Cayman Islands statutory merger;

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• reduce the Company's share capital or any capital redemption reserve in any manner authorized by law;

• change the Company's name;

• appoint an inspector to examine the affairs of the Company;

• recall a liquidation of the Company; or

• wind-up the Company voluntarily.

***Cumulative Voting***

As permitted under Cayman Islands law, our Articles do not provide for cumulative voting.

***Appointment and Removal of Directors***

Under our Articles, the Company's board may comprise of no more than seven (7) directors (or such greater number as may be approved by special resolution of the shareholders). The directors shall be appointed and removed by ordinary resolution of the shareholders. Directors may also be appointed (but not removed) by a resolution of the Company's board. The removal of a director by ordinary resolution may be for any reason and need not be for cause. A director will also cease to be a director if he or she (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his office by notice in writing; or (iv) is removed from office pursuant to any other provision of the articles.

The directors shall be divided into three (3) classes designated as Class I Directors, Class II Directors and Class III Directors, respectively. Directors have been assigned to each class in accordance with resolutions adopted by the directors, with each class serving for staggered three (3)-year terms commencing as follows:

(a) at the first annual general meeting of the Company following the Listing Date, on April 11, 2024, the term of office of the Class I Directors expired. As no replacement Class I Directors were appointed at the meeting, the existing Class I Directors were automatically re-appointed for a further term of three (3) years;

(b) at the second annual general meeting of the Company following the Listing Date, on October 8, 2025, the term of office of the Class II Directors expired. As no replacement Class II Directors were appointed at the meeting, the existing Class II Directors were automatically re-appointed for a full term of three (3) years; and

(c) at the third annual general meeting of the Company following the Listing Date, in 2026, the term of office of the Class III Directors shall expire and replacement Class III Directors may be appointed by ordinary resolution for a full term of three (3) years (or, if later, until the third annual general meeting of the Company to occur after such three (3) year term). If no replacement Class III Directors are appointed in accordance with the foregoing, the existing Class III Directors shall be automatically re-appointed for a further term of three (3) years.

***Transactions with Interested Shareholders***

Unlike, *e.g.*, the Delaware General Corporation Law, Cayman Islands law has no business combination statute whereby a company may be prohibited from engaging in certain business combinations with an "interested stockholder." Accordingly, the Company will not benefit from the types of protections typically afforded by such business combination statutes. Cayman Islands law does provide, however, that transactions between a company and its significant shareholders must be entered into in good faith, in the best interests of the company and for a proper corporate purpose, without constituting a fraud on the minority shareholders.

***Dissolution; Winding Up***

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

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Under our Articles, if the Company is wound up, the liquidator of the Company shall apply the Company's assets in such manner and order as the liquidator thinks fit in satisfaction of creditors' claims. The liquidator will distribute the remaining assets of the Company (if any) among the shareholders in proportion to their shareholding and may, with the sanction of an ordinary resolution of the shareholders, divide and distribute some or all of the remaining assets of the Company in specie or in kind.

***Variation of Rights of Shares***

Under our Articles, if at any time the share capital of the Company is divided into different classes of shares, the rights attached to any class (unless otherwise provided by the terms of issue of the shares of that class) may, subject to any rights or restrictions for the time being attached to any class, only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of the issued shares of the relevant class, or with the sanction of a resolution passed at a separate meeting of the holders of the shares of such class by a majority of two-thirds of the votes cast at such meeting.

***Amendment of Governing Documents***

As permitted by Cayman Islands law, our Articles may only be amended by a special resolution of the shareholders.

***Rights of Non-Resident or Foreign Shareholders***

There are no limitations imposed by the articles on the rights of non-resident or foreign shareholders to hold or exercise voting rights on the Company's shares. In addition, there are no provisions in the articles specifying or governing the ownership threshold above which shareholder ownership must be disclosed.

***Directors***' ***Power to Issue Shares***

Subject to applicable law and regulation, the Company's board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred, deferred, or other rights or restrictions.

***Inspection of Books***

Holders of the Company's shares have no general right under Cayman Islands law to inspect or obtain copies of the Company's register of members or the Company's corporate records.

***Changes in Capital***

The Company may from time to time by ordinary resolution:

• consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares;

• convert all or any of its paid up shares into stock and reconvert that stock into paid up shares of any denomination;

• subdivide its existing shares, or any of them, into shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in case of the share from which the reduced share is derived; and

• cancel any shares that, at the date of the passing of the subject resolution, have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

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**Enforceability of Civil Liability under Cayman Islands Law**

The courts of the Cayman Islands are unlikely (i) to recognize, or enforce against the Company, judgments of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any State; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against the Company predicated upon the civil liability provisions of the securities laws of the United States or any State, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and/or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. There is recent Privy Council authority (which is binding on the Cayman Islands court) in the context of a reorganization plan approved by the New York Bankruptcy Court which suggests that due to the universal nature of bankruptcy/ insolvency proceedings, foreign money judgments obtained in foreign bankruptcy/insolvency proceedings may be enforced without applying the principles outlined above. However, a more recent English Supreme Court authority (which is highly persuasive but not binding on the Cayman Islands court), has expressly rejected that approach in the context of a default judgment obtained in an adversary proceeding brought in the New York Bankruptcy Court by the receivers of the bankruptcy debtor against a third party, and which would not have been enforceable upon the application of the traditional common law principles summarized above and held that foreign money judgments obtained in bankruptcy/insolvency proceedings should be enforced by applying the principles set out above, and not by the simple exercise of the Courts' discretion. Those cases have now been considered by the Cayman Islands court. The Cayman Islands court was not asked to consider the specific question of whether a judgment of a bankruptcy court in an adversary proceeding would be enforceable in the Cayman Islands, but it did endorse the need for active assistance of overseas bankruptcy proceedings. The Company understands that the Cayman Islands court's decision in that case has been appealed and it remains the case that the law regarding the enforcement of bankruptcy/insolvency related judgments is still in a state of uncertainty.

***Anti-Money Laundering***—***Cayman Islands***

If any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the Cayman Islands, pursuant to the Proceeds of Crime Act (as amended) of the Cayman Islands if the disclosure relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority, pursuant to the Terrorism Act (as amended) of the Cayman Islands, if the disclosure relates to involvement with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise.

**Data Protection**—**Cayman Islands**

We have certain duties under the Data Protection Act (as amended) of the Cayman Islands (the "DPL") based on internationally accepted principles of data privacy.

**Privacy Notice**

***Introduction***

This privacy notice puts the Company's shareholders on notice that through your investment in the Company you will provide us with certain personal information which constitutes personal data within the meaning of the DPL ("personal data"). In the following discussion, the "company" refers to us and the Company's affiliates and/or delegates, except where the context requires otherwise.

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***Investor Data***

We will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPL, and will apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of the personal data and against the accidental loss, destruction or damage to the personal data.

In our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPL, while our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as our "data processors" for the purposes of the DPL or may process personal information for their own lawful purposes in connection with services provided to us.

We may also obtain personal data from other public sources. Personal data includes, without limitation, the following information relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification, credit history, correspondence records, passport number, bank account details, source of funds details and details relating to the shareholder's investment activity.

***Whom this Affects***

If you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit the content of this Privacy Notice to such individuals or otherwise advise them of its content.

***How We May Use a Shareholder***'***s Personal Data***

We, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

• where this is necessary for the performance of our rights and obligations under any purchase agreements;

• where this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

• where this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental rights or freedoms.

Should we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we will contact you.

***Why We May Transfer Your Personal Data***

In certain circumstances we may be legally obliged to share personal data and other information with respect to your shareholding with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They, in turn, may exchange this information with foreign authorities, including tax authorities.

We anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain entities located outside the United States, the Cayman Islands or the European Economic Area), who will process your personal data on our behalf.

***The Data Protection Measures We Take***

Any transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance with the requirements of the DPL.

We and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction of, or damage to, personal data. We shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights or freedoms or those data subjects to whom the relevant personal data relates.

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**Listing of our Securities**

The Company's Ordinary Shares are listed on the OTCQB Venture Market under the symbol "ZAPPF."

**Transfer, Transfer Agent and Registrar**

The transfer agent and registrar for the Company's Shares is Continental Stock Transfer & Trust Company.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

*The following is a description of certain related party transactions we have entered into since October 1, 2022 with any of our executive officers, directors or their affiliates and holders of more than 5% of our Ordinary Shares in the aggregate, which we refer to as related parties, other than the compensation arrangements which are described elsewhere in this prospectus.*

**Related Party Transactions**

On March 28, 2023, Zapp Scooters (Thailand) Company Limited ("ZTH") entered into an Asset Sale and Purchase Agreement with Zapp Manufacturing (Thailand) Limited, an affiliate of the Company, for the transfer of certain assets to ZTH in exchange for the settlement of debts owed by Zapp Manufacturing (Thailand) Limited to ZTH.

On March 30, 2023, ZTH entered into a Share Transfer Agreement with Swin Chatsuwan, our Founder, former Chief Executive Officer and a former director, for the transfer of all of its existing shares in Zapp Manufacturing (Thailand) Limited. Mr. Chatsuwan paid the Thai Bhat equivalent of $1,423 to ZTH for these shares.

ZTH leases property from Paragon Partners Company Limited, an entity controlled by Mr. Chatsuwan. During the year to September 30, 2024, we paid an aggregate rent of $30,749 to Paragon Partners Company Limited.

On January 12, 2024, ZTH issued a promissory note to our former Independent Director Patchara Rattakul with a value of THB 10.0 million (approximately $287,000 at the date of issuance), which bears interest at a rate of 15.0% per annum. The principal and interest due thereunder is payable in January 2026.

On April 29, 2024, pursuant to a finder's agreement dated January 19, 2024, the Company paid $44,000 to Orakorn Laoharutanun, the wife of Kiattipong Arttachariya, our former Chief Strategy Officer, for introducing new investors to the Company.

On December 11, 2024, Zapp UK entered into certain agreements with Mr. Chatsuwan pursuant to which Mr. Chatsuwan became the owner of 51% of the registered share capital of ZTH, while concurrently agreeing that Zapp UK, as directed by the Company, shall maintain financial and operational control over ZTH's business notwithstanding such majority ownership. We are advised by Thai counsel, however, that such purported transfer was not properly effected under Thai law and therefore was void *ab initio*.

**Review, Approval or Ratification of Transactions with Related Parties**

The Company adopted a Code of Business Conduct and Ethics that prohibits directors, executive officers and other Company personnel from engaging in transactions that may involve or result in a conflict of interest with the Company. The Company also has adopted a Related Party Transactions Policy requiring that the Company's board of directors or Audit Committee, as appropriate under the policy, review and approve any transaction a director, executive officer, major shareholder or other related party as defined in the policy, proposes to engage in with the Company (or will have a material interest in) , including any transaction that would require disclosure under Item 404(a) of Regulation S-K. In conducting such review, the Company's board or Audit Committee, as appropriate, must determine that the subject transaction is in the best interests of the Company and its shareholders and may impose such conditions on the Company or the related party as it deems appropriate in connection with any approval thereof.

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**PRINCIPAL SHAREHOLDERS**

The following table sets forth information relating to the beneficial ownership of Ordinary Shares as of November 24, 2025 by:

• each person known by the Company to be the beneficial owner of more than 5% of Ordinary Shares;

• each of the Company's executive officers and directors; and

• all of the Company's executive officers and directors as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power to receive the economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, shares that the person has the right to acquire within 60 days of November 24, 2025 are included, including shares underlying any option, warrant or other right or the conversion of any other security. However, these shares are not included in the computation of the percentage ownership of any other person.

The percentage of Ordinary Shares beneficially owned is computed on the basis of 17,095,529 Ordinary Shares issued and outstanding as of November 24, 2025.

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| | | |
|:---|:---|:---|
| **Name of beneficial shareholder** | **Shares beneficially owned** | **Shares beneficially owned** |
|  | **Ordinary Shares** | **% of Ordinary Shares** |
| **5% Holders:** |  |  |
| Swin Chatsuwan<sup>(4)</sup> | 1040997 | 5.6% |
| **Directors and Executive Officers:** |  |  |
| Anthony Posawatz | \* | \* |
| David McIntyre<sup>(2)</sup> | 313116 | 1.8% |
| Jeremy North<sup>(3)</sup> | 254175 | 1.5% |
| Edouard Meylan | \* | \* |
| Kenneth West | \* | \* |
| Patricia Wilber | \* | \* |
| David Sturgeon | \* | \* |
| Theodore Allegaert | \* | \* |
| All Directors and Executive Officers as a group | 1215089 | 7.1% |

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\*Less than 1%

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise noted, the business address of those listed in the table above is c/o Zapp Electric Vehicles (Sales) Limited, Building 149, The Command Works, Bicester Heritage, Old Skimmingdish Lane, Bicester, Oxfordshire, OX27 8FZ United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists of 304,562 Ordinary Shares directly held by David McIntyre and 8,554 Ordinary Shares issuable upon the exercise of options.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of 202,852 Ordinary Shares directly held by Jeremy North and 51,323 Ordinary Shares issuable upon the exercise of options.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The registered address of Mr. Chatsuwan is 87/1 Wireless Road – 26/F Capital Tower All Seasons Place Lumpini, Pathumwan Bangkok 10330 Thailand.

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**SELLING SHAREHOLDER**

This prospectus relates to the offer and sale from time to time of up to 10,000,000 Ordinary Shares by the Selling Shareholder. For additional information regarding the issuance of our Ordinary Shares registered pursuant to this prospectus to Yorkville, see "*Convertible Debt Issue and Committed Equity Financing*". We are registering 10,000,000 Ordinary Shares for sale by Yorkville named below pursuant to the Current SEPA and the Yorkville RRA.

The percent of beneficial ownership for the Selling Shareholder is based on 18,595,529 Ordinary Shares issued and outstanding as of November 24, 2025. Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to such securities. Except as otherwise indicated, the Selling Shareholder has sole voting and investment power with respect to the Ordinary Shares beneficially owned by them.

The Selling Shareholder is not obligated to sell any of the Ordinary Shares offered under this prospectus. Because the Selling Shareholder may sell some or all of the Ordinary Shares owned by them that are included in this prospectus, and because there are currently no agreements, arrangements or understandings with respect to the sale of any of such securities, no estimate can be given as to the number of securities covered by this prospectus that will be held by the Selling Shareholder.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Shares beneficially owned** | **Ordinary Shares beneficially owned** | **Ordinary Shares beneficially owned** | **Ordinary Shares beneficially owned** |
| **Name of the Selling Shareholder** | **Shares owned before the Offering** |  | **Shares being offered** | **Shares owned after the Offering** |
|  | **Ordinary shares** | **<sub>%</sub><sup>(1)</sup>** | **Ordinary shares** | **Ordinary shares** |
| YA II PN, Ltd.<sup>(2)</sup> |  |  | 10000000 |  |

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____________

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes that the Selling Shareholder (i) will sell all of the Ordinary Shares beneficially owned by it that are covered by this prospectus and (ii) does not acquire beneficial ownership of any additional Ordinary Shares. The number of shares ultimately offered for resale by Yorkville is dependent upon the number of shares we issue to Yorkville under the Current SEPA.

YA II PN, Ltd. is a fund managed by Yorkville Advisors Global, LP ("***Yorkville LP***"). Yorkville Advisors Global II, LLC ("***Yorkville LLC***") is the general partner of Yorkville LP. All investment decisions for Yorkville are made by Yorkville LLC's President and managing member, Mr. Mark Angelo. The business address of Yorkville is 1012 Springfield Avenue, Mountainside, NJ 07092. The number of Ordinary Shares that may actually be issued to Yorkville pursuant to the Current SEPA is not currently known and is subject to satisfaction of certain conditions and other limitations set forth in the Current SEPA, including the Beneficial Ownership Cap.

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**TAXATION**

**United States Federal Income Tax Considerations**

***General***

The following is a general discussion of the material U.S. federal income tax consequences to U.S. Holders (as defined below) of the acquisition, ownership and disposition of our Ordinary Shares. No ruling has been requested or will be obtained from the IRS regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of the Ordinary Shares; thus, there can be no assurance that the IRS will not challenge the U.S. federal income tax treatment described below or that, if challenged, such treatment will be sustained by a court.

This summary is limited to U.S. federal income tax considerations relevant to U.S. Holders that hold Ordinary Shares as "capital assets" within the meaning of section 1221 of the Internal Revenue Code of 1986, as amended (the "***Code***") (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that may be important to holders in light of their individual circumstances, including holders subject to special treatment under the U.S. tax laws, such as, for example:

• our officers or directors;

• banks, financial institutions or financial services entities;

• broker-dealers;

• taxpayers that are subject to the mark-to-market accounting rules;

• tax-exempt entities;

• S-corporations;

• governments or agencies or instrumentalities thereof;

• insurance companies;

• regulated investment companies;

• real estate investment trusts;

• expatriates or former long-term residents of the United States;

• persons that actually or constructively own five percent or more of our shares by vote or value;

• persons that acquired Ordinary Shares pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services;

• persons that hold Ordinary Shares as part of a straddle, constructive sale, hedging, conversion or other integrated or similar transaction; or

• U.S. Holders (as defined below) whose functional currency is not the U.S. dollar.

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As used herein, the term "U.S. Holder" means a beneficial owner of Ordinary Shares that is for U.S. federal income tax purposes:

• an individual citizen or resident of the United States;

• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;

• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

• a trust if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or (B) it has in effect under applicable U.S. Treasury regulations a valid election to be treated as a U.S. person.

Moreover, the discussion below is based upon the provisions of the Code, the Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as of the date hereof. Those authorities may be repealed, revoked, modified or subject to differing interpretations, possibly on a retroactive basis, so as to result in U.S. federal income tax consequences different from those discussed below. Furthermore, this discussion does not address any aspect of U.S. federal non-income tax laws, such as gift, estate or Medicare contribution tax laws, or state, local or non-U.S. tax laws.

This discussion does not consider the tax treatment of partnerships or other pass-through entities (or arrangement classified as a partnership for U.S. federal income tax purposes) or persons who hold Ordinary Shares through such entities. If a partnership (or other entity or arrangement classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of Ordinary Shares, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partner and the partnership. If you are a partner of a partnership holding Ordinary Shares, we urge you to consult your own tax advisor.

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**THIS SUMMARY DOES NOT PURPORT TO BE A COMPREHENSIVE ANALYSIS OR DESCRIPTION OF ALL POTENTIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING AND DISPOSING OF ORDINARY SHARES. HOLDERS OF ORDINARY SHARES SHOULD CONSULT WITH THEIR TAX ADVISORS REGARDING THE PARTICULAR TAX CONSEQUENCES TO THEM OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECTS OF U.S. FEDERAL, STATE, LOCAL, AND OTHER TAX LAWS.**

***U.S. Federal Income Tax Treatment of the Company***

*<u>Tax Residence of the Company for U.S. Federal Income Tax Purposes</u>*

A corporation is generally considered for U.S. federal income tax purposes to be a U.S. or non-U.S. tax resident based on the jurisdiction of its organization and incorporation. Accordingly, under generally applicable U.S. federal income tax rules, the Company which is incorporated under the laws of the Cayman Islands, would be classified as a non-U.S. corporation (and, therefore, not a U.S. tax resident) for U.S. federal income tax purposes. Section 7874 of the U.S. Tax Code provides an exception to this general rule (more fully discussed below), under which a non-U.S. incorporated entity may, in certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes. These rules are complex and there is limited guidance regarding their application.

Under Section 7874 of the U.S. Tax Code, a corporation created or organized outside the United States (*i.e*., a non-U.S. corporation) will nevertheless be treated as a U.S. corporation for U.S. federal income tax purposes (and, therefore, as a U.S. tax resident subject to U.S. federal income tax on its worldwide income) if each of the following three conditions are met: (i) the non-U.S. corporation, directly or indirectly, acquires substantially all of the properties held directly or indirectly by a U.S. corporation (including through the acquisition of all of the outstanding shares of the U.S. corporation);

(ii) the non-U.S. corporation's "expanded affiliate group" does not have "substantial business activities" in the non-U.S. corporation's country of organization or incorporation and (iii) after the acquisition, the former shareholders of the acquired U.S. corporation hold at least 80% (by either vote or value) of the shares of the non-U.S. acquiring corporation by reason of holding shares in the U.S. acquired corporation (taking into account the receipt of the non-U.S. corporation's shares in exchange for the U.S. corporation's shares) as determined for purposes of Section 7874 (this test is referred to as the "***ownership test***").

For purposes of Section 7874 of the U.S. Tax Code, we expect the first two conditions described above to have been met with respect to the Business Combination because we acquired indirectly all of the assets of CIIG II, and we, including our "expanded affiliate group," were not expected to satisfy the substantial business activities test upon consummation of the Business Combination. As a result, whether Section 7874 applies and would cause us to be treated as a U.S. corporation for U.S. federal income tax purposes following the Business Combination should depend on the satisfaction of the modified ownership test.

We believe we are not, and should not be treated as, a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the U.S. Tax Code. However, the calculations for determining share ownership for purposes of the ownership test under Section 7874 of the U.S. Tax Code are complex, subject to detailed rules and regulations (the application of which is uncertain in various respects and could be impacted by changes to applicable rules and regulations under U.S. federal income tax laws, with possible retroactive effect), and subject to certain factual uncertainties. Accordingly, and given the inherently factual nature of the analysis, we have not sought a legal opinion from counsel in respect of the potential applicability of Section 7874 to the Business Combination, and there can be no assurance that the IRS would not assert a contrary position to those described above or that such an assertion would not be sustained by a court.

If we are treated as a U.S. corporation for U.S. federal income tax purposes, we could be subject to substantial liability for additional U.S. income taxes, and the gross amount of any dividend payments to our non-U.S. investors could be subject to U.S. withholding tax.

The remainder of this discussion assumes that we are not treated as a U.S. corporation for U.S. federal income tax purposes under Section 7874 of the U.S. Tax Code.

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*<u>Treatment of the Company as a</u>* <u>"</u>*<u>Surrogate Foreign Corporation</u>*<u>"</u>*<u>for U.S. Federal Income Tax Purposes</u>*

In addition to the potential U.S. federal income tax consequences discussed above, Section 7874 of the Code can also apply to limit the ability of the acquired U.S. corporation and its U.S. affiliates to utilize certain U.S. tax attributes (including net operating losses and certain tax credits) to offset U.S. taxable income resulting from certain transactions, cause dividends paid by the non-U.S. acquiring corporation to not be treated as "qualified dividend income," and may subject the U.S. affiliates (including the acquired U.S. corporation) of the non-U.S. acquiring corporation to additional taxes under Section 59A of the Code. These limitations will potentially apply if: (1) the non-U.S. corporation directly or indirectly acquires substantially all of the assets held directly or indirectly by a U.S. corporation (including through the acquisition of all of the outstanding stock of the U.S. corporation), (2) the non-U.S. corporation's "expanded affiliated group" does not have substantial business activities in the non-U.S. corporation's country of organization or incorporation relative to the expanded affiliated group's worldwide activities, and (3) the shareholders of the acquired U.S. corporation before the acquisition hold at least 60% (but less than 80%), by either vote or value, of the shares of the non-U.S. acquiring corporation after the acquisition by reason of holding shares in the acquired U.S. corporation (the "60% Ownership Test").

Based on the complex rules for determining share ownership under Section 7874 of the Code and certain factual assumptions, we believe the 60% Ownership Test was not satisfied in connection with the Business Combination. Accordingly, the limitations and other rules described above are not expected to apply to the Company or its U.S. affiliates after the subject merger. However, the interpretation of Treasury Regulations relating to the 60% Ownership Test is subject to uncertainty, and there is limited guidance regarding their application, such that any changes to the rules in Section 7874 of the Code or the Treasury Regulations promulgated thereunder, or other changes in law, could adversely affect the Company and its U.S. affiliates. Accordingly, there can be no assurance that the IRS will not take a contrary position to those described above or that a court will not agree with a contrary position of the IRS in the event of litigation.

***U.S. Holders***

*<u>Taxation of Distributions</u>*

Subject to the discussion below under "—Passive Foreign Investment Company Rules," a U.S. Holder generally will be required to include in gross income the amount of any cash distribution paid on the Ordinary Shares treated as a dividend. A cash distribution on such shares generally will be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Such dividends will be taxable to a corporate U.S. Holder at regular rates and will not be eligible for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic corporations.

Distributions in excess of such earnings and profits generally will be applied against and reduce the U.S. Holder's basis in such holder's shares (but not below zero), and any excess will be treated as gain from the sale or exchange of such shares as described below under "—U.S. Holders—Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Ordinary Shares." It is not expected that we will determine earnings and profits in accordance with U.S. federal income tax principles. Therefore, U.S. Holders should expect that a distribution will generally be treated as a dividend.

Subject to the discussion below under "—Passive Foreign Investment Company Rules," any dividends received by a U.S. Holder (including any withheld taxes) will be includable in such U.S. Holder's gross income as ordinary income on the day actually or constructively received by such U.S. Holder. Such dividends received by a non-corporate U.S. Holder will not be eligible for the dividends received deduction allowed to corporations under the Code. With respect to non-corporate U.S. Holders, certain dividends, referred to as "qualified dividend income," received from a "qualified foreign corporation" may be subject to reduced rates of taxation. A foreign corporation is treated as a "qualified foreign corporation" with respect to dividends paid by that corporation on shares that are readily tradable on an established securities market in the United States. The U.S. Treasury Department guidance indicates that Ordinary Shares, which are intended to be listed on the Nasdaq, will be readily tradable on an established securities market in the United States. There can be no assurance, however, that the Ordinary Shares will be considered readily tradable on an established securities market in later years. Non-corporate U.S. Holders that do not meet a minimum holding period requirement during which they are not protected from the risk of loss or that elect to treat the dividend income as "investment income" pursuant to Section 163(d)(4) of the Code will not be eligible for the reduced rates of taxation regardless of our status as a qualified foreign corporation. In addition, the rate reduction will not apply to dividends if the recipient of a dividend is obligated to make related payments with respect to positions in substantially similar or related property. This disallowance applies even if the minimum holding period has been met. U.S. Holders should consult their own tax advisors regarding the application of these rules to their particular circumstances.

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Non-corporate U.S. Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year (see "—Passive Foreign Investment Company Rules" below) or if we are treated as a surrogate foreign corporation after the completion of the Business Combination (see "—U.S. Federal Income Tax Treatment of the Company—Treatment of the Company as a 'Surrogate Foreign Corporation' for U.S. Federal Income Tax Purposes" above).

*<u>Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Ordinary Shares</u>*

Subject to the discussion below under "—Passive Foreign Investment Company Rules," upon a sale or other taxable disposition of Ordinary Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized (generally, the sum of the amount of cash and the fair market value of any property received in such disposition) and the U.S. Holder's adjusted tax basis in the Ordinary Shares.

Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's holding period for the Ordinary Shares so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders will be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.

*<u>Passive Foreign Investment Company Rules</u>*

The treatment of U.S. Holders of our Ordinary Shares could be materially different from that described above if we are or were treated as a PFIC for U.S. federal income tax purposes.

A non-U.S. corporation will be classified as a PFIC for U.S. federal income tax purposes if either (i) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

As of the date hereof, we have not made a determination as to our PFIC status for our current taxable year or any other taxable year. The tests for determining PFIC status are applied annually after the close of the taxable year, and therefore our possible status as a PFIC may be subject to change. For example, the fair market value of our assets is expected to depend, in part, upon (a) the market value of the Ordinary Shares, and (b) the composition of our assets and income. Further, because the value of our goodwill may be determined based on the market value of the Ordinary Shares, a decrease in the market value of the Ordinary Shares and/or an increase in cash or other passive assets would increase the relative percentage of our passive assets. The application of the PFIC rules is subject to uncertainty in several respects and, therefore, no assurances can be provided that we are not a PFIC for any taxable year. With certain exceptions, the Ordinary Shares would be treated as stock in a PFIC with respect to a U.S. Holder if we were a PFIC at any time during a U.S. Holder's holding period in such U.S. Holder's Ordinary Shares. There can be no assurance, however, that we will not be treated as a PFIC for any taxable year or at any time during a U.S. Holder's holding period.

If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of Ordinary Shares and the U.S. Holder did not make a qualified electing fund ("***QEF***") election or a mark-to-market election, such U.S. Holder generally would be subject to special and adverse rules with respect to (i) any gain recognized by the U.S. Holder on the sale or other disposition of its Ordinary Shares and (ii) any "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the Ordinary Shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for the Ordinary Shares).

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Under these rules:

• the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Ordinary Shares;

• the amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder's holding period before the first day of our first taxable year in which we were a PFIC, will be taxed as ordinary income;

• the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder; and

• an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with respect to the tax attributable to each such other taxable year of the U.S. Holder.

If we are a PFIC and, at any time, have a non-U.S. subsidiary that is classified as a PFIC, a U.S. Holder generally would be deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if we (or our subsidiary) receive a distribution from, or disposes of all or part of its interest in, the lower-tier PFIC or the U.S. Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. U.S. Holders are urged to consult their tax advisors regarding the tax issues raised by lower-tier PFICs.

In general, a U.S. Holder may avoid the adverse PFIC tax consequences described above in respect of the Ordinary Shares by making and maintaining a timely and valid QEF election (if eligible to do so). A QEF election is effective for the taxable year for which the election is made and all subsequent taxable years and may not be revoked without the consent of the IRS. If a U.S. Holder makes a timely QEF election with respect to its direct or indirect interest in a PFIC, the U.S. Holder will be required to include in income each year a portion of the ordinary earnings and net capital gains of the PFIC as QEF income inclusions, even if amount is not distributed to the U.S. Holder. Thus, the U.S. Holder may be required to report taxable income as a result of QEF income inclusions without corresponding receipts of cash. U.S. Holders should not expect that they will receive cash distributions from us sufficient to cover their respective U.S. tax liability with respect to such QEF income inclusions.

The timely QEF election also allows the electing U.S. Holder to: (i) generally treat any gain recognized on the disposition of its shares of the PFIC as capital gain; (ii) treat its share of the PFIC's net capital gain, if any, as long-term capital gain instead of ordinary income; and (iii) either avoid interest charges resulting from PFIC status altogether, or make an annual election, subject to certain limitations, to defer payment of current taxes on its share of PFIC's annual realized net capital gain and ordinary earnings subject, however, to an interest charge on the deferred tax computed by using the statutory rate of interest applicable to an extension of time for payment of tax. In addition, net losses (if any) of a PFIC will not pass through to our shareholders and may not be carried back or forward in computing such PFIC's ordinary earnings and net capital gain in other taxable years. Consequently, a U.S. Holder may over time be taxed on amounts that as an economic matter exceed our net profits.

A U.S. Holder's tax basis in Ordinary Shares will be increased to reflect QEF income inclusions and will be decreased to reflect distributions of amounts previously included in income as QEF income inclusions. No portion of the QEF income inclusions attributable to ordinary income will be treated as qualified dividend income. Amounts included as QEF income inclusions with respect to direct and indirect investments generally will not be taxed again when distributed.

In order to comply with the requirements of a QEF election, a U.S. Holder must receive certain information from us. If we determine that we are a PFIC for any taxable year, we will endeavor to provide all of the information that a U.S. Holder making a QEF election is required to obtain to make and maintain a QEF election upon request, but there is no assurance that we will timely provide such information. There is also no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information to be provided. In addition, if we hold an interest in a lower-tier PFIC, U.S. Holders will generally be subject to the PFIC rules described above with respect to any such lower-tier PFICs. There can be no assurance that a portfolio company or subsidiary in which we hold an interest will not qualify as a PFIC, or that a PFIC in which we hold an interest will provide the information necessary for a QEF election to be made by a U.S. Holder.

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Alternatively, if we are a PFIC and the Ordinary Shares constitute "marketable stock," a U.S. Holder may avoid the adverse PFIC tax consequences discussed above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed to hold) the Ordinary Shares, makes a mark-to-market election with respect to such shares for such taxable year. Such U.S. Holder generally will include for each of its taxable years as ordinary income the excess, if any, of the fair market value of its Ordinary Shares at the end of such year over its adjusted basis in its Ordinary Shares. The U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Ordinary Shares over the fair market value of its Ordinary Shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder's basis in its Ordinary Shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable disposition of its Ordinary Shares will be treated as ordinary income.

The mark-to-market election is available only for "marketable stock," generally, stock that is regularly traded on a national securities exchange that is registered with the SEC, including Nasdaq (on which the Ordinary Shares are listed), or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Moreover, a mark-to-market election made with respect to Ordinary Shares would not apply to a U.S. Holder's indirect interest in any lower tier PFICs in which we own shares. U.S. Holders should consult their tax advisors regarding the availability and tax consequences of a mark-to-market election with respect to the Ordinary Shares under their particular circumstances.

A U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form 8621 and such other information as may be required by the U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations until such required information is furnished to the IRS.

The rules dealing with PFICs are very complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders of the Ordinary Shares should consult their tax advisors concerning the application of the PFIC rules to Ordinary Shares under their particular circumstances.

***Information Reporting and Backup Withholding***

Dividend payments (including constructive dividends) with respect to Ordinary Shares and proceeds from the sale, exchange or redemption of Ordinary Shares may be subject to information reporting to the IRS and possible United States backup withholding. Backup withholding (currently at a rate of 24%) will not apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number (generally on an IRS Form W-9 provided to the paying agent of the U.S. Holder's broker) and makes other required certifications, or who is otherwise exempt from backup withholding and establishes such exempt status.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or credit against a holder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

Certain U.S. Holders holding specified foreign financial assets with an aggregate value in excess of an applicable dollar threshold are required to report information to the IRS relating to Ordinary Shares, subject to certain exceptions (including an exception for Ordinary Shares held in an account maintained with a U.S. financial institution), by attaching a complete IRS Form 8938, Statement of Specified Foreign Financial Assets, with their tax return, for each year in which they hold Ordinary Shares.

**Material Cayman Island Tax Considerations** — **Ordinary Shares**

*The following is a discussion of certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor*'*s particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.*

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***Under Existing Cayman Islands Laws:***

Payments of dividends and capital in respect of our Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Ordinary Shares, as the case may be, nor will gains derived from the disposal of our Ordinary Shares be subject to Cayman Islands income or corporation tax. The Cayman Islands currently has no income, corporation or capital gains tax and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the issue of our Ordinary Shares or Public Warrants or on an instrument of transfer in respect of such securities.

We have been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has obtained undertakings from the Governor in Cabinet of the Cayman Islands in the following form:

***The Tax Concessions Act***

***Undertaking as to Tax Concessions***

In accordance with the Tax Concessions Act (as amended) of the Cayman Islands the following undertaking is hereby given to the Company:

1. That no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to the Company or its operations; and

2. In addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax shall be payable

a. on or in respect of the shares debentures or other obligations of the Company; or

b. by way of the withholding in whole or part of any relevant payment as defined in the Tax Concessions Act.

These concessions shall be for a period of thirty years from November 18, 2022.

The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands save certain stamp duties which may be applicable, from time to time, on certain instruments executed in or brought within the jurisdiction of the Cayman Islands.

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**PLAN OF DISTRIBUTION**

The Ordinary Shares offered by this prospectus are being offered by the Selling Shareholder. The Ordinary Shares may be sold or distributed from time to time by the Selling Shareholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at fixed prices, which may be changed. The sale of the Ordinary Shares offered by this prospectus could be effected in one or more of the following methods:

• ordinary brokers' transactions;

• transactions involving cross or block trades;

• through brokers, dealers, or underwriters who may act solely as agents;

• "at the market" into an existing market for our ordinary shares;

• in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents;

• in privately negotiated transactions; or

• any combination of the foregoing.

In order to comply with the securities laws of certain states, if applicable, the Ordinary Shares may be sold only through registered or licensed brokers or dealers. In addition, in certain states, the Ordinary Shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from the state's registration or qualification requirement is available and complied with.

Yorkville is an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act. Yorkville has informed us that it intends to use one or more registered broker-dealers to effectuate the sales of our Ordinary Shares that it has subscribed for and may in the future subscribe for from us pursuant to the Current SEPA. Such sales will be made at prices and at terms then prevailing or at prices related to the then current market price. Such registered broker-dealer may, in some circumstances (or instance if such registered broker-dealer's involvement is not limited to receiving commission not in excess of the usual and customary distributors' or sellers' commissions), be considered to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act.

Brokers, dealers, underwriters or agents participating in the distribution of the Ordinary Shares offered by this prospectus may receive compensation in the form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the Ordinary Shares sold by the Selling Shareholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers of Ordinary Shares sold by the Selling Shareholder may be less than or in excess of customary commissions. Neither we nor the Selling Shareholder can presently estimate the amount of compensation that any agent will receive from any purchasers of ordinary shares sold by a Selling Shareholder.

**Notice to prospective investors in the European Economic Area**

The Ordinary Shares are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "*MiFID II*"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "*Insurance Distribution Directive*"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

(iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the "*Prospectus Regulation*"). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "*PRIIPs Regulation*") for offering or selling the Ordinary Shares or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Ordinary Shares or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

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This prospectus has been prepared on the basis that any offer of Ordinary Shares in the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the Ordinary Shares. Accordingly, any person making or intending to make an offer in the EEA of Ordinary Shares which are the subject of an offering contemplated in this prospectus may only do so in circumstances in which no obligation arises for us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation in relation to such offer. Neither we nor any underwriters have authorized, nor do they authorize, the making of any offer of Ordinary Shares in circumstances in which an obligation arises for us or any underwriter to publish a prospectus for such offer.

For the purpose of the above provisions, the expression "an offer to the public" in relation to any Ordinary Shares in the EEA means the communication in any form and by any means of sufficient information on the terms of the offer and the Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Ordinary Shares.

**Notice to prospective investors in the United Kingdom**

The Ordinary Shares are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (the "*EUWA*"); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the "*FSMA*") and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law in the United Kingdom by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the EUWA (as amended, the "*UK Prospectus Regulation*"). Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law in the United Kingdom by virtue of the EUWA (the "*UK PRIIPs Regulation*") for offering or selling the Ordinary Shares or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the Ordinary Shares or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

This prospectus has been prepared on the basis that any offer of Ordinary Shares in the United Kingdom will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of Ordinary Shares. Accordingly, any person making or intending to make an offer in the United Kingdom of Ordinary Shares which are the subject of the offering contemplated in this prospectus may only do so in circumstances in which no obligation arises for us or any underwriter to publish a prospectus pursuant to Article 3 of the UK Prospectus Regulation in relation to such offer. Neither we nor any underwriter have authorized, nor do they authorize, the making of any offer of Ordinary Shares in circumstances in which an obligation arises for us or any underwriter to publish a prospectus for such offer.

For the purpose of the above provisions, the expression "an offer to the public" in relation to any Ordinary Shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the Ordinary Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Ordinary Shares.

In the United Kingdom, this document is for distribution only to, and is only directed at qualified investors (as defined in the UK Prospectus Regulation) who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "*Financial Promotion Order*"), (ii) are high net worth entities or other persons falling within Article 49(2)(a) to (d) of the Financial Promotion Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any Ordinary Shares may otherwise lawfully be communicated or caused to be communicated (all such persons being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

All applicable provisions of the FSMA will be complied with respect to anything done by the Company or any underwriter in relation to the Ordinary Shares in, from or otherwise involving, the United Kingdom.

------

**EXPENSES RELATED TO THE OFFERING**

Set forth below is an itemization of the total expenses which are expected to be incurred by us in connection with the offer and sale of our Ordinary Shares by the Selling Shareholder. With the exception of the SEC registration fee, all amounts are estimates.

---

| | |
|:---|:---|
| **Expenses** | **Amount** |
| U.S. Securities and Exchange Commission registration fee | $17144 |
| Legal fees and expenses\* | $40000 |
| Accounting fees and expenses\* | $17500 |
| Other fees\* | $12000 |
| **Total\*** | $86644 |

---

\**estimated*

In connection with the entry into the Current SEPA, we have paid a fee in the amount of $10,000 to Yorkville and as consideration for Yorkville's subscription commitment, we paid a commitment fee of $50,000. As additional expenses relating to the offering will depend on the number of Ordinary Shares that we issue to Yorkville under the Current SEPA and the market price prior to such issuances, we cannot reliably estimate all the expenses to be incurred in connection with the offer and sale of our Ordinary Shares by Yorkville hereunder.

We will bear the costs, fees and expenses incurred in effecting the registration of the securities covered by this prospectus, including all registration and filing fees and fees and expenses of our counsel and our independent registered public accounting firm.

------

**LEGAL MATTERS**

Certain legal matters relating to U.S. law will be passed upon for the Company by Greenberg Traurig LLP. Theodore Allegaert, the Company's Chief Legal Officer and Corporate Secretary, has provided a legal opinion regarding the validity of the Ordinary Shares offered by this document.

**EXPERTS**

The consolidated financial statements of Zapp Electric Vehicles Group Limited for the years ended September 30, 2024, 2023 and 2022 included in this prospectus have been audited by PKF Littlejohn LLP, independent registered public accounting firm, as set forth in their report thereon, appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

**ENFORCEMENT OF CIVIL LIABILITIES**

The courts of the Cayman Islands are unlikely (i) to recognize, or enforce against the Company, judgments of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any State; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against Company predicated upon the civil liability provisions of the securities laws of the United States or any State, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and/or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. There is recent Privy Council authority (which is binding on the Cayman Islands court) in the context of a reorganization plan approved by the New York Bankruptcy Court which suggests that due to the universal nature of bankruptcy/insolvency proceedings, foreign money judgments obtained in foreign bankruptcy/insolvency proceedings may be enforced without applying the principles outlined above. However, a more recent English Supreme Court authority (which is highly persuasive but not binding on the Cayman Islands court), has expressly rejected that approach in the context of a default judgment obtained in an adversary proceeding brought in the New York Bankruptcy Court by the receivers of the bankruptcy debtor against a third party, and which would not have been enforceable upon the application of the traditional common law principles summarized above and held that foreign money judgments obtained in bankruptcy/insolvency proceedings should be enforced by applying the principles set out above, and not by the simple exercise of the Courts' discretion. Those cases have now been considered by the Cayman Islands court. The Cayman Islands court was not asked to consider the specific question of whether a judgment of a bankruptcy court in an adversary proceeding would be enforceable in the Cayman Islands, but it did endorse the need for active assistance of overseas bankruptcy proceedings. Company understands that the Cayman Islands court's decision in that case has been appealed and it remains the case that the law regarding the enforcement of bankruptcy/insolvency related judgments is still in a state of uncertainty.

------

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the U.S. Securities and Exchange Commission a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, management board members, supervisory board members and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

We are subject to the informational requirements of the Exchange Act that are applicable to foreign private issuers. Accordingly, we are required to file or furnish reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet website that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC are available to the public through the SEC's website at *http://www.sec.gov*.

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**INDEX TO FINANCIAL STATEMENTS**

**CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2024**

---

| | |
|:---|:---|
| Report of Independent Registered Public Accounting Firm | [F-2](#AUDIT_REPORT) |
| Consolidated Statements of Profit or Loss and Other Comprehensive Income | [F-3](#PL_FY24) |
| Consolidated Statements of Financial Position | [F-4](#BS_FY24) |
| Consolidated Statements of Changes in Shareholders' Deficit | [F-5](#SOCE_FY24) |
| Condensed Consolidated Statements of Cash Flows | [F-6](#CF_FY24) |
| Notes to the Consolidated Financial Statements | [F-7](#NOTES_FY24) |

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**UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED MARCH 31, 2025**

---

| | |
|:---|:---|
| Unaudited Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income | [F-31](#PL_H1_FY25) |
| Unaudited Condensed Consolidated Statements of Financial Position | [F-32](#BS_H1_FY25) |
| Unaudited Condensed Consolidated Statements of Changes in Shareholders' Deficit | [F-33](#SOCE_H1_FY25) |
| Unaudited Condensed Consolidated Statements of Cash Flows | [F-35](#CF_H1_FY25) |
| Notes to the Unaudited Condensed Consolidated Interim Financial Statements | [F-36](#NOTES_H1_FY25) |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and the Board of Directors of Zapp Electric Vehicles Group Limited

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial positions of Zapp Electric Vehicles Group Limited and its subsidiaries (the "Company") as of September 30, 2024 and 2023, and the related consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for each of the two years in the period ended September 30, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended September 30, 2024 in conformity with the International Financial Reporting Standards as issued by the International Accounting Standards Board.

**The Company**'**s Ability to Continue as a Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in note 2.8 to the consolidated financial statements, the Company has incurred net losses, cash outflows from operating activities and its business model requires significant ongoing expenditure and investment over the going concern period. As at September 30, 2024 the Company had net current liabilities of $23.4 million. In order to finance its operations and working capital requirements over the next twelve months, the Company will be required to delay the settlement of amounts due to suppliers related to the Business Combination of approximately $15.5 million, and raise additional funds from the issuance of equity or convertible debt securities. The Company is investing to achieve the commercial launch of operations and revenues during 2025, for which additional funds and investments are required. The Company has access to liquidity through the existing Standby Equity Purchase Agreement, and additional funds may be raised through private or public offerings of securities, together with other financing options currently under discussion. Management's plans concerning these matters are also set out in note 2.8. If the above actions are not successful, the Company will not have sufficient liquidity to fund operations by the middle of 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PKF Littlejohn LLP

London, United Kingdom

January 30, 2025

We have served as the Company's auditor since 2022.

PCAOB ID No. 2814

------

**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* |  | **2024** | **2023** |
| Revenue |  | 17440 |  |
| Cost of sales |  | (13119) |  |
| **Gross profit** |  | 4321 |  |
| Selling and distribution expenses |  | (325787) | (1425334) |
| General and administrative expenses |  | (5910012) | (6372718) |
| **Operating loss** |  | (6231478) | (7798052) |
| Finance income | 7 | 2086 | 9292 |
| Finance expense | 7 | (1169261) | (561005) |
| Other expense | 9 | (1609428) | (213747726) |
| **Loss before tax** |  | (9008081) | (222097491) |
| Income tax |  |  |  |
| **Loss for the period** |  | (9008081) | (222097491) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **Notes** | **2024** | **2023** |
| Loss for the period | Loss for the period | (9008081) | (222097491) |
| Other comprehensive loss |  |  |  |
| *Items that are or may be reclassified subsequently to profit or loss:* |  | | |
| Foreign currency translation differences | Foreign currency translation differences | (525448) | (24402) |
| Other comprehensive loss for the period, net of tax | Other comprehensive loss for the period, net of tax | (525448) | (24402) |
| **Total comprehensive loss for the period** | **Total comprehensive loss for the period** | (9533529) | (222121893) |

---

The notes on pages F-7 to F-30 form part of these financial statements.

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**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

---

| | | | |
|:---|:---|:---|:---|
| *(in USD)* | **Notes** | **September 30,<br> 2024** | **September 30,<br> 2023** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents |  | 1565117 | 823223 |
| Inventory | 16 | 505212 | 566226 |
| Trade and other receivables | 17 | 1384762 | 1261700 |
| **Total current assets** |  | 3455091 | 2651149 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 13 | 460876 | 590795 |
| Right-of-use assets | 20 | 339568 | 359057 |
| Intangible assets | 14 | 1034440 | 1042880 |
| Derivative assets - non-current | 23 |  | 2660568 |
| Other non-current assets |  | 105480 | 37374 |
| **Total non-current assets** |  | 1940364 | 4690674 |
| **Total assets** |  | **5395455** | **7341823** |
| **Liabilities and Equity** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 18 | 20665065 | 19884517 |
| Loans and borrowings - current | 19 | 5734282 | 3713717 |
| Lease liabilities - current | 20 | 78125 | 99961 |
| Derivative liabilities - current | 23 | 407480 |  |
| **Total current liabilities** |  | 26884952 | 23698195 |
| **Non-current liabilities** |  |  |  |
| Loans and borrowings - non-current | 19 | 319200 | 1022866 |
| Lease liabilities - non-current | 20 | 285593 | 296773 |
| Derivative liabilities - non-current | 23 | 242653 | 603028 |
| Other non-current liabilities |  | 179462 | 158578 |
| **Total non-current liabilities** |  | 1026908 | 2081245 |
| **Total liabilities** |  | **27911860** | **25779440** |
| **Equity** |  |  |  |
| Share capital | 21 | 9853 | 5790 |
| Share premium | 21 | 127410994 | 120966057 |
| Merger reserve |  | 12838970 | 12838970 |
| Share option reserve |  | 76321588 | 77315847 |
| Foreign currency translation reserve |  | (788675) | (263227) |
| Equity accounted warrants |  |  | 345218 |
| Accumulated deficit |  | (238309135) | (229646272) |
| **Total equity** |  | **(22516405)** | **(18437617)** |
| **Total liabilities and equity** |  | **5395455** | **7341823** |

---

The notes on pages F-7 to F-30 form part of these financial statements.

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**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in USD)* | **Share capital** | **Share premium** | **Accumulated deficit** | **Share option reserve** | **Equity accounted warrants** | **Merger reserve** | **Foreign currency translation reserve** | **Total** |
| At October 1, 2022 | 940 | 8994292 | (7544340) | 1300373 |  |  | (238825) | 2512440 |
| **Comprehensive loss for the year** |  |  |  |  |  |  |  |  |
| Loss for the year |  |  | (222097491) |  |  |  |  | (222097491) |
| Other comprehensive loss |  |  |  |  |  |  | (24402) | (24402) |
| **Contributions by and distributions to owners** |  |  |  |  |  |  |  |  |
| Conversion from convertible loan note | 190 | 6296247 |  |  |  |  |  | 6296437 |
| Loss on disposal of affiliate |  |  | (4441) |  |  |  |  | (4441) |
| Recapitalization at the Business Combination | 4417 | 103732715 |  |  | 345218 | 12838970 |  | 116921320 |
| Shares issued under FPA agreement | 243 | 1942803 |  |  |  |  |  | 1943046 |
| Share-based payments |  |  |  | 76015474 |  |  |  | 76015474 |
| **At September 30, 2023** | **5790** | **120966057** | **(229646272)** | **77315847** | **345218** | **12838970** | **(263227)** | **(18437617)** |
| **Comprehensive loss for the year** |  |  |  |  |  |  |  |  |
| Loss for the year |  |  | (9008081) |  |  |  |  | (9008081) |
| Other comprehensive loss |  |  |  |  |  |  | (525448) | (525448) |
| **Contributions by and distributions to owners** |  |  |  |  |  |  |  |  |
| Shares issued on exercise of employee share options | 200 | 887791 |  | (887947) |  |  |  | 44 |
| Shares issued for cash, net of issuance costs | 671 | 1125329 |  |  |  |  |  | 1126000 |
| Shares issued in relation to the SEPAs | 2990 | 4241769 |  |  |  |  |  | 4244759 |
| Shares issued to settle MSA and CSA compensation | 47 | 190203 |  | (150000) |  |  |  | 40250 |
| Transfer from share premium in connection with the RSS (see note 4) | 155 | (155) |  |  |  |  |  |  |
| Transfer of expired warrants to accumulated deficit |  |  | 345218 |  | (345218) |  |  |  |
| Share-based payments |  |  |  | 43688 |  |  |  | 43688 |
| **At September 30, 2024** | **9853** | **127410994** | **(238309135)** | **76321588** |  | **12838970** | **(788675)** | **(22516405)** |

---

The notes on pages F-7 to F-30 form part of these financial statements.

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**CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* |  | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| Loss for the period | Loss for the period | (9008081) | (222097491) |
| *Adjustment for:* |  | | |
| Depreciation of property, plant and equipment and right-of-use assets | Depreciation of property, plant and equipment and right-of-use assets | 267457 | 287800 |
| Impairment of property, plant and equipment and right-of-use assets | Impairment of property, plant and equipment and right-of-use assets |  | 40599 |
| Amortization of intangible assets | Amortization of intangible assets | 138078 | 136489 |
| Equity-settled share-based payment charge relating to the normal course of business | Equity-settled share-based payment charge relating to the normal course of business | 64589 | 1119712 |
| Equity-settled share-based payment charges relating to the Business Combination | Equity-settled share-based payment charges relating to the Business Combination |  | 69772785 |
| Fair value movements | Fair value movements | 2308249 | 46477209 |
| Foreign exchange movements | Foreign exchange movements | (698142) | 96548 |
| Share-based payment charge on acquisition of CIIG II | Share-based payment charge on acquisition of CIIG II |  | 81551286 |
| Professional fees relating to the Business Combination | Professional fees relating to the Business Combination |  | 15992016 |
| Gain on early termination of leases | Gain on early termination of leases |  | (11309) |
| Gain on disposal of shares in affiliates | Gain on disposal of shares in affiliates |  | (1423) |
| Loss on disposal of property, plant and equipment | Loss on disposal of property, plant and equipment | 20176 |  |
| Finance income | Finance income | (2086) | (9292) |
| Finance expense | Finance expense | 1169261 | 560009 |
|  |  | (5740499) | (6085062) |
| Changes in: |  |  |  |
| - Inventories | - Inventories | 127526 | (572083) |
| - Trade and other receivables | - Trade and other receivables | (71260) | (586560) |
| - Other non-current assets | - Other non-current assets | (62004) | 73520 |
| - Derivative assets | - Derivative assets | 300000 |  |
| - Trade and other payables | - Trade and other payables | 559597 | 611064 |
| - Other non-current liabilities | - Other non-current liabilities | 2736 | 53698 |
| Cash generation from operating activities | Cash generation from operating activities | (4883904) | (6505423) |
| Income tax paid | Income tax paid |  |  |
| **Net cash used in operating activities** | **Net cash used in operating activities** | (4883904) | (6505423) |
| **Cash flows from investing activities** |  |  |  |
| Acquisition of property, plant and equipment | Acquisition of property, plant and equipment | (25074) | (173335) |
| Acquisition of intangible assets | Acquisition of intangible assets | (15665) | (123662) |
| Proceeds on disposal of property, plant and equipment | Proceeds on disposal of property, plant and equipment | 1651 |  |
| Loans to related parties | Loans to related parties |  | 1834 |
| Interest received | Interest received | 2086 | 9292 |
| **Net cash used in investing activities** | **Net cash used in investing activities** | (37002) | (285871) |
| **Cash flows from financing activities** |  |  |  |
| Drawdown of loans, net of issuance costs | Drawdown of loans, net of issuance costs | 277220 | 1570124 |
| Proceeds from the issuance of convertible loan notes, net of issuance costs | Proceeds from the issuance of convertible loan notes, net of issuance costs | 4787700 | 6008981 |
| Repayment of loans | Repayment of loans | (585223) | (84606) |
| Payment of lease liabilities | Payment of lease liabilities | (87912) | (109974) |
| Proceeds from the issuance of shares | Proceeds from the issuance of shares | 1365348 |  |
| Professional fees relating to the Business Combination | Professional fees relating to the Business Combination |  | (1680440) |
| Interest paid | Interest paid | (159825) | (55248) |
| **Net cash from financing activities** | **Net cash from financing activities** | 5597308 | 5648837 |
| Net increase / (decrease) in cash and cash equivalents | Net increase / (decrease) in cash and cash equivalents | 676402 | (1142457) |
| Cash and cash equivalents at October 1, 2023 and 2022 | Cash and cash equivalents at October 1, 2023 and 2022 | 823223 | 1963087 |
| Effect of exchange rate fluctuations on cash held | Effect of exchange rate fluctuations on cash held | 65492 | 2593 |
| **Cash and cash equivalents at September 30, 2024 and 2023** | **Cash and cash equivalents at September 30, 2024 and 2023** | 1565117 | 823223 |

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The notes on pages F-7 to F-30 form part of these financial statements.

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**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**For the year ended September 30, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Reporting entity** 

Zapp Electric Vehicles Group Limited (the "Company" or "Zapp EV") is an exempted company incorporated under the laws of the Cayman Islands on November 15, 2022. The Company's registered office is at 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands. The Group's principal activity is the design, manufacture and sale of electric vehicles.

The financial statements incorporate the accounts of the Company and entities controlled by the Company ("its subsidiaries"). The term "Group" means, subsequent to closing of the Business Combination, Zapp Electric Vehicles Group Limited and its subsidiaries.

**The Business Combination**

On April 28, 2023, the Company consummated a business combination pursuant to the Agreement and Plan of Merger, dated as of November 22, 2022 (the "Merger Agreement"), by and among Zapp EV, CIIG Capital Partners II, Inc. ("CIIG II"), Zapp Electric Vehicles Limited, a private company limited by shares registered in England and Wales ("Zapp UK") and Zapp Electric Vehicles, Inc., a Delaware corporation and direct, wholly owned subsidiary of the Company ("Merger Sub").

The Merger Agreement provided that the parties thereto would enter into a business combination transaction (the "Business Combination") pursuant to which, among other things, (i) the shareholders of Zapp UK transferred their respective ordinary shares of Zapp UK to Zapp EV in exchange for ordinary shares of Zapp EV ("Ordinary Shares", and such exchange, the "Company Exchange"); and (ii) immediately following the Company Exchange, Merger Sub merged with and into CIIG II, with CIIG II being the surviving corporation in the merger (the "Merger"), and each outstanding share of common stock of CIIG II (other than certain excluded shares) would convert into the right to receive one Ordinary Share.

Upon the consummation of the Business Combination: (i) the shareholders of Zapp UK transferred their respective ordinary shares of Zapp UK to the Company in exchange for Ordinary Shares pursuant to the Company Exchange, (ii) $6.1 million in aggregate principal amount of Zapp UK's senior unsecured convertible loan notes due 2025 (the "Zapp UK Convertible Loan Notes") were automatically redeemed at the principal amount by conversion into ordinary shares of Zapp UK, which were then transferred to the Company in exchange for Ordinary Shares; (iii) all Zapp UK options, whether vested or unvested, were released and cancelled by holders of Zapp UK options in exchange for options to purchase Ordinary Shares (the "Exchange Options"); (iv) the Zapp UK warrants issued to Michael Joseph to purchase ordinary shares of Zapp UK ceased to be warrants with respect to ordinary shares of Zapp UK and were assumed by the Company and converted into fully vested warrants to purchase Ordinary Shares; (v) all shares of CIIG II Class A common stock, par value $0.0001 per share, and CIIG II Class B common stock, par value $0.0001 per share, were cancelled and automatically deemed to represent the right to receive Ordinary Shares; and (vi) each CIIG II warrant was modified to provide that such warrant no longer entitled the holder thereof to purchase the number of shares of CIIG II's common stock set forth therein and in substitution thereof such warrant would entitle the holder to acquire Ordinary Shares per warrant on the same terms (the "Public Warrants").

Upon consummation of the Business Combination, the Ordinary Shares and the Public Warrants commenced trading on The Nasdaq Stock Market LLC, or "Nasdaq", under the symbols "ZAPP" and "ZAPPW," respectively.

As the Company Exchange constituted a common control transaction, the consolidated financial statements are prepared as a continuation of the financial statements of Zapp UK, the accounting acquirer, with a recapitalization to reflect the capital structure of Zapp EV.

As CIIG II did not constitute a business under the definitions of IFRS 3 *Business Combinations*, the Merger was classified as a reverse acquisition and fell within the scope of IFRS 2 *Share-based payment*, with the issuance of shares to legacy CIIG II shareholders being treated as a share-based payment in exchange for the acquisition of the net assets of CIIG II by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant accounting policies** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **Basis of preparation** 

These consolidated financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of IFRS. They were authorized for issue by the Company's Board of Directors on January 30, 2025.

Details of the Group's accounting policies are included in Note 3.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. The areas where judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 2.7.

**2.2. Basis of consolidation**

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The consolidated financial statements comprise the financial statements of the Company and its subsidiaries after the elimination of intercompany accounts and transactions.

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *Subsidiaries* 

Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group's accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *Interests in equity-accounted investees* 

An affiliate is an entity in which the Group has significant influence, but not control or joint control, over the financial and operating policies.

Interests in affiliates are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group's share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant influence ceases.

Where the Group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, the group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the other entity.

The Group's interests in equity-accounted investees comprised an interest in an affiliate which was disposed of during the year ended September 30, 2023.

See Note 15 for further details.

&nbsp;&nbsp;&nbsp;&nbsp;*c)* *Transactions eliminated on consolidation* 

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

**2.3. Basis of measurement**

The financial statements have been prepared on the historical cost basis, except for financial assets, financial liabilities and share-based payments that have been measured at fair value.

**2.4. New and amended standards and interpretations**

The following amended standards became effective for the Group's fiscal year ended September 30, 2024, but did not have a material impact on the consolidated financial statements of the Group:

• IFRS 17 - *Insurance Contracts* (effective for annual periods beginning on or after January 1, 2023).

• Amendments to IFRS 17 – *Insurance Contracts* (effective for annual periods beginning on or after January 1, 2023).

• IFRS 17 and IFRS 9 – Initial application of IFRS 17 and IFRS 9 – *Comparative Information* (effective for annual periods beginning on or after January 1, 2023).

• Amendments to IAS 8 – *Definition of Accounting Estimates* (effective for annual periods beginning on or after January 1, 2023).

• Amendments to IAS 1 and IFRS Practice Statement 2 - *Disclosure of Accounting Policies* (effective for annual periods beginning on or after January 1, 2023).

• Amendments to IAS 12 – *Deferred Tax related to Assets and Liabilities arising from a Single Transaction* (effective for annual periods beginning on or after January 1, 2023).

• Amendments to IAS 12 - *International Tax Reform - Pillar 2 Model Rules* (effective for annual periods beginning on or after January 1, 2023, however the temporary exception from accounting for deferred taxes arising from the implementation of the OECD's Pillar Two model rules and the requirement to disclose the application of the exception are to be applied immediately on the issue of the amendment).

**2.5. Standards issued but not yet effective**

The standards and interpretations applicable to the Group that are issued, but not yet effective, up to the date of issuance of the Group's consolidated financial statements are discussed below. The Group has not early-adopted these standards and amendments and intends to adopt them, if applicable, when they become effective.

The following standard amendments became effective at the earliest for annual periods beginning on or after January 1, 2024, but are not expected to have a material impact on the consolidated financial statements of the Group:

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• Amendments to IAS 1 – *Non-current liabilities with Covenants* (effective for annual periods beginning on or after January 1, 2024).

• Amendments to IAS 1 – *Classification of Liabilities as current or non-current* (effective for annual periods beginning on or after January 1, 2024).

• Amendments to IFRS 16 – *Lease liability in a sale and lease back* (effective for annual periods beginning on or after January 1, 2024).

• Amendments to IAS 7 and IFRS 7 – *Supplier Finance Arrangements* (effective for annual periods beginning on or after January 1, 2024).

• Amendments to IAS 21 – *Lack of Exchangeability* (effective for annual periods beginning on or after January 1, 2025).

• Amendments to IFRS 10 and IAS 28 – *Sale or contribution of assets between an investor and its associate or joint venture* (available for optional adoption/effective date deferred indefinitely).

• Amendments to IFRS 9 and IFRS 7 – *Amendments to the Classification and Measurement of Financial Instruments* (effective for annual periods beginning on or after January 1, 2026).

• Annual Improvements to IFRS Accounting Standards – *Volume 11* (effective for annual periods beginning on or after January 1, 2026).

• IFRS 19 – *Subsidiaries without Public Accountability: Disclosures which permits a subsidiary to provide reduced disclosures when applying IFRS Accounting Standards in its financial statements* (effective for reporting periods beginning on or after January 1, 2027 with earlier **  application permitted).

IFRS 18 - Presentation and Disclosure in Financial Statements will be effective for periods beginning on or after January 1, 2027, and the Group is currently assessing the potential impact of the new standard.

**2.6. Foreign currency**

These financial statements are presented in U.S. dollars. All amounts have been presented to the nearest dollar, unless otherwise indicated.

*Translation of financial statements*

Our reporting currency is the U.S. dollar. The financial statements of our operations whose functional currency is other than the dollar are translated from such functional currency to dollars at the exchange rates in effect at the date of the statement of financial position for assets and liabilities, and at weighted average rates for the period for revenues and expenses, including gains and losses.

Translational gains and losses are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. *Transactions in foreign currencies*

Transactions in foreign currencies are translated to functional currency at the foreign exchange rate on the date the transaction occurred. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Gains and losses from foreign currency transactions are recognized in Other income / (expense) within the statement of profit or loss.

**2.7. Use of estimates and judgments**

In preparing these consolidated financial statements, management has made critical estimates and judgments that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Relevant information is included in the following notes:

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| | |
|:---|:---|
| Note 14 | &nbsp;&nbsp;&nbsp;&nbsp; Intangible assets—establishing the fair value of acquired intangible assets on an ongoing basis; |
| Note 20 | &nbsp;&nbsp;&nbsp;&nbsp; Leases—Whether an arrangement contains a lease; reasonably certain to exercise extension or termination options; determining the incremental borrowing rate; |
| Note 22 | &nbsp;&nbsp;&nbsp;&nbsp; Share-based payments—Key valuation assumptions; and |
| Note 23 | &nbsp;&nbsp;&nbsp;&nbsp; Financial instruments—Determining the fair value of financial instruments on the basis of significant unobservable inputs. |

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**2.8. Going concern**

The financial statements have been prepared on a going concern basis.

The Company had an accumulated deficit at September 30, 2024, a net loss and net cash used in operating activities for the year then ended. As of that date, we had cash and cash equivalents of $1.6 million while our trade and other payables amounted to $20.7 million

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as we had agreed with certain key suppliers, most notably a number of professional services firms that provided services related to the Business Combination, to delay the settlement of payment obligations. The Company has made limited sales to date and is attempting to commence operations and generate revenue; however, the Company's cash position may not be sufficient to support the Company's daily operations until that point. These factors raise substantial doubt about the Company's ability to continue as a going concern.

The Company has access to up to $44.9 million of liquidity through the Standby Equity Purchase Agreement with an affiliate of Yorkville Advisors Global, LP (see Note 23) which management believes will provide sufficient liquidity to produce the volume of i300s expected to be sold in 2025 following its commercial launch in Thailand and in Europe. The Company raised $1.1 million between December 2024 and January 2025 pursuant to the Current SEPA (see Note 26) and expects to raise further amounts through the same mechanism in the coming months.

We intend to seek further extensions to our obligations by assent of our suppliers and to raise up to $5.0 million of additional funds by way of private or public offerings of securities. We are also in discussions with certain providers of bank and other financing and expect to raise up to $3.0 million from these sources.

We believe that all such funds, taken together, will be sufficient to provide the Company with the liquidity required to commence production of the i300 at scale and launch commercially. We will have access to the EXIM facility (see Note 19) once we commence sales outside of Thailand, which management believes will provide sufficient liquidity to enable the Company to expand its export operations in future years.

Management's plans to alleviate the conditions that raise substantial doubt regarding the Company's ability to continue as a going concern cannot be guaranteed or are not entirely within the Company's control and therefore cannot be considered probable. While we believe in the viability of our strategy to commence operations and raise additional funds, if these actions are not successful we will not have sufficient liquidity to continue to fund our operations by the middle of 2025.

The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Accounting policies** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** **Revenue** 

The Group evaluates revenue from contracts with customers based on the five-step model under IFRS 15: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the separate performance obligations; and (5) recognize revenues when (or as) each performance obligation is satisfied.

Revenue is be measured based on the consideration the Group expects to be entitled to in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognizes revenue when it transfers control over a product or service to a customer.

**Sale of electric vehicles**

The Group sells new electric vehicles directly to its customers, through its online platform. The prices of vehicles is set forth in the customer contracts at stand-alone selling prices which are agreed prior to delivery. The Group satisfies its performance obligations for vehicle sales upon delivery, at which time the transfer of title, risks, and rewards of ownership and control pass to the customer. The Group recognizes revenue at the agreed-upon purchase price stated in the contract less an estimate for returns. Prior to the delivery of each vehicle, payment is received or financing is arranged. Revenue is recognized net of sales tax.

Deferred revenue relates to undelivered vehicle orders. Deferred revenue is recognized at the point when cash is received for the order and is derecognized into revenue upon delivery of the vehicle to the customer.

**3.2. Cost of sales**

Cost of sales primarily relate to vehicle manufacturing costs, as well as any necessary adjustment to reflect inventory at the lower of cost and net realizable value. Cost of sales also includes the depreciation of molds used in vehicle manufacture.

**3.3. Leasing**

**Group acting as a lessee**

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group classifies assets with value less than $5,000 as low-value. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

*Right-of-use assets*

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The Group recognizes right-of-use assets at the commencement date of the lease (*i.e.* the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:

Leasehold property 3 - 10 years <br> Furniture, fixtures and office equipment 6 years <br> Vehicles 4 - 5 years

Depreciation of right-of-use assets is recognized within operating expenses in the statement of profit or loss.

*Lease liabilities*

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition that triggers the payment occurs.

Interest on lease liabilities is recognized within finance expense in the statement of profit or loss.

**3.4. Employee benefits**

**Short-term and long-term employee benefits**

A liability is recognized for benefits accruing to employees in respect of wages and salaries, annual leave and sick leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in exchange for that service.

**Defined contribution schemes**

Contributions to defined contribution pension schemes are charged to the statement of comprehensive income in the period to which they relate.

**Severance liabilities**

In certain countries in which the Group operates, employment law entitles employees to severance pay in certain situations. The entitlement to severance pay varies according to an individual employee's tenure with the Group. The Group accounts for these severance liabilities based on an actuarial valuation using the Projected Unit Credit Method. There are no separate plan assets held in respect to these liabilities.

Severance liabilities are recognized in the Group's consolidated statement of financial position under non-current liabilities. The related expenses, if incurred during the period, are recognized in the Group's consolidated statement of profit or loss. Prior service cost is initially recognized in other comprehensive income (loss) at the date of plan amendment. Such prior service cost is amortized as an expense as a component of net periodic pension cost using the weighted average remaining years of service to full eligibility date for active employees.

**3.5. Share-based payments**

Equity-settled share-based payments to employees and non-employee directors are measured at the fair value of the equity instruments at the grant date.

The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group's estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognized in the statement of profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to the retained earnings.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group's best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value.

**3.6. Taxation**

The income tax expense represents the sum of the tax currently payable and deferred tax.

**Current tax**

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount

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expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date.

Current income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle balances on a net basis.

**Deferred tax**

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except for differences arising on:

• the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and

• investments in subsidiaries and associates to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.

Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle balances on a net basis.

**Current and deferred tax**

Current and deferred tax are recognized in the statement of profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

**3.7. Cash and cash equivalents**

Cash and cash equivalents in the statement of financial position comprises cash at banks and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to insignificant risk of change in value.

**3.8. Property, plant and equipment**

Items of property, plant and equipment are measured at cost, which includes capitalized borrowing costs, less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in profit or loss.

Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight-line method over their estimated useful lives, and is generally recognized in profit or loss. Depreciation is recognized from the date the property, plant and equipment are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.

Property, plant and equipment is depreciated over the estimated useful life of the assets as follows:

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| | |
|:---|:---|
| Leasehold and leasehold improvements | 3 - 10 years |
| Furniture, fixtures and office equipment | 3 - 10 years |
| Plant equipment | 5 years |
| Vehicles | 3 - 5 years |

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Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

**3.9. Intangible assets**

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Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. Amortization is recognized within general and administrative expenses in the statement of profit or loss. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

Development costs 10 years <br> Patents and trademarks 10 years <br> Software 5 - 10 years

**Internally-generated intangible assets**

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred.

Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognized in profit or loss as incurred.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Expenditure includes both employees of the Group and external contractors contributing to the development projects. Where no internally-generated intangible asset can be recognized, development expenditure is recognized in the statement of profit or loss in the period in which it is incurred.

Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortization and any accumulated impairment losses.

**3.10. Impairment of tangible and intangible assets**

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of profit or loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in the statement of profit or loss.

**3.11. Inventory**

Inventory consists of vehicles not yet delivered to customers and raw materials to be used in product development.

Inventory is stated at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out allocation method. In the case of manufactured inventories, cost comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs to complete and to make the sale.

**3.12. Provisions**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by

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discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost.

Provision for dismantlement, removal and restoration are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amounts have been reliably estimated. The Group recognizes the estimated costs of dismantlement, removal or restoration of items of property, plant and equipment arising from the acquisition or use of assets. This provision is estimated based on the best estimate of the expenditure required to settle the obligation, taking into consideration time value.

Changes in the estimated timing or amount of the expenditure or discount rate for asset dismantlement, removal and restoration costs are adjusted against the cost of the related property, plant and equipment, unless the decrease in the liability exceeds the carrying amount of the assets or the asset has reached the end of its useful life. In such cases, the excess of the decrease over the carrying amount of the asset or the changes in the liability is recognized in profit or loss immediately.

**3.13. Convertible loan notes**

Convertible loan notes are accounted for as a hybrid financial instrument comprising: (i) a liability for the principal and interest amount, and (ii) a single compound embedded derivative instrument for the conversion options and any other relevant features.

The host contract is classified as a financial liability because there is an obligation to to deliver cash to the holder on redemption of the Convertible Notes at the maturity date.

When the holders' conversion option meets "fixed-for-fixed" criterion it is classified as equity. When this criterion is not met, the holders' conversion option is classified as a derivative financial liability and revalued to its fair value at each reporting date.

**3.14. Financial instruments**

***Financial assets***

On initial recognition, a financial asset is classified as measured at amortized cost for trade and other receivables. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at fair value through profit or loss ("FVTPL"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

These financial assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses.

Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss.

***Financial liabilities***

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expenses and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.

***Measurement of fair values - valuation techniques and significant unobservable inputs***

For the valuation techniques used in measuring Level 3 fair values for financial instruments in the statement of financial position, as well as the significant unobservable inputs used, see Note 23.

**3.15. Equity reserves**

The share option reserve represents the cumulative amounts charged to profit or loss in respect of employee share option arrangements where the scheme has not yet been settled by means of an award of shares to an individual.

The merger reserve represents equity shares issued in consideration for the shares of another company, where, as part of the arrangement, at least 90% of the company was acquired. The merger reserve is recognized instead of share premium on the issue of the shares.

The foreign currency translation reserve represents the difference between the translated values of assets and liabilities at the closing rate and the historical rate.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reverse stock split** 

On April 23, 2024, the Company effected a consolidation of its authorized share capital from 500,000,000 shares, par value, $0.0001 each to 25,000,000 shares, par value $0.002 each (the "Reverse Stock Split" or "RSS"). As a result of the Reverse Stock Split, every twenty Ordinary Shares issued and outstanding as of the record date were combined into one post-RSS Ordinary Share. No

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fractional shares were issued as a result of the Reverse Stock Split. Shareholders holding a number of shares not evenly divisible by twenty were instead rounded up to the next whole post-RSS Ordinary Share.

The Company also proportionately adjusted the terms of outstanding warrants, equity-based awards and other outstanding equity rights.

The impact of the Reverse Stock Split is presented below:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Number Prior to RSS** | **Number Post-RSS** | **Exercise Price Prior to RSS** | **Exercise Price Post-RSS** |
| Ordinary shares\*\*\* | 62601280 | 3208038 |  |  |
| Warrants\* | 26437500 | 26437500 | $11.50 | $11.50 |
| Warrants\*\* | 2280979 | 2280979 | $0.79 | $0.79 |
| Warrants\*\* | 1140490 | 1140490 | $4.49 | $4.49 |
| Share options | 1026441 | 51323 | $0.000022 | $0.00045 |
| Share options | 1123382 | 56179 | $0.78 | $15.69 |
| Share options | 127164 | 6366 | $2.13 | $42.60 |
| Management earnout shares | 8518290 | 425916 |  |  |
| Sponsor earnout shares | 754687 | 37735 |  |  |
| SAP compensation | 683720 | 34186 |  |  |

---

\*While the number of warrants remained unchanged, twenty warrants must now be exercised to purchase one Ordinary Share. The effective exercise price of twenty warrants is $230.00.

\*\*These warrants expired on May 28, 2024.

\*\*\*The number of post-RSS shares is not exactly one twentieth of the number of pre-RSS shares due to the issuance of additional shares to ensure no fractional shares would be issued.

The number of ordinary shares and other instruments presented throughout these consolidated financial statements has been adjusted to reflect the capital structure as if the Reverse Stock Split had occurred prior to the start of the first period presented.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Revenue** 

The Group did not generate material revenue during the year ended September 30, 2024. Revenue of $17,440 related to the sale of two i300 vehicles to customers in the United Kingdom. This amount remained outstanding at September 30, 2024. No revenue was generated in the year ended September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Expenses by nature** 

Total selling and distribution expenses, and general and administrative expenses for the years ended September 30, 2024 and 2023 included expenses of the following nature:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2023** |
| Production expenses | 417016 | 402089 |
| Depreciation, amortization and impairments | 425737 | 464370 |
| Employee expenses | 3821486 | 3624021 |
| Marketing expenses | 13876 | 941845 |
| Professional fees | 1101169 | 1550864 |
| Other expenses | 456515 | 814863 |
| **Total** | **6235799** | **7798052** |

---

------

**7.** **Finance income and expense** 

Finance income and expense comprised the following for the years ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2023** |
| **Finance income** |  |  |
| Interest on bank deposits | 2086 | 9292 |
| **Total finance income** | **2086** | **9292** |
| **Finance expense** |  |  |
| Interest on convertible notes | (832003) | (409561) |
| Interest on loans and borrowings | (304187) | (103605) |
| Interest on lease liabilities | (23134) | (39402) |
| Other interest payable | (9937) | (8437) |
| **Total finance expense** | **(1169261)** | **(561005)** |

---

Finance income represents interest income. Finance expense consists primarily of interest on convertible loans and other borrowings (see Note 19) and the unwinding of discounting on leases and other financial liabilities (see Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Expenses relating to the Business Combination** 

During the year ended September 30, 2023, the Group incurred significant costs in connection with the Business Combination. The table below sets out these costs by nature, including identifying which costs were/are to be settled in cash and which costs were/are to be settled through the issue of equity instruments:

---

| | | | |
|:---|:---|:---|:---|
| *(in USD)* | **Cash-Settled** | **Equity-Settled** | **Total** |
| Professional fees | 9146063 | 6845953 | 15992016 |
| Share-based payment expense on management earnout |  | 64082445 | 64082445 |
| Share-based payment expense on sponsor earnout |  | 5690340 | 5690340 |
| Share-based payment expense on acquisition of CIIG II |  | 81551286 | 81551286 |
| **Total expenses relating to the Business Combination** | **9146063** | **158170024** | **167316087** |

---

Further information on the share-based payment expenses arising on the Business Combination is provided in Note 22.

The share-based payment expense on acquisition of CIIG II relates to the excess of the fair value of the Ordinary Shares issued to non-redeeming CIIG II shareholders over the net assets of CIIG II on the closing of the Business Combination.

Of the cash-settled amounts, $7,525,388 remained outstanding as at September 30, 2024 ($7,565,495 as at September 30, 2023) and is included within accounts payable and accrued liabilities.

Upon closing of the Business Combination, the Group acquired liabilities of $11,491,920 relating to transaction expenses incurred by CIIG II. Of these,

$11,355,330 remained outstanding as at September 30, 2024 ($11,300,921 as at September 30, 2023), of which $8,125,491 ($8,167,921 as at September 30, 2023) is included within accounts payable and accrued liabilities and $3,229,840 ($3,133,000 as at September 30, 2023) is included within loans and borrowings.

Furthermore, the Group has made provision for excise tax on redeemed shares of $2,309,495 in relation to the 1 percent excise tax on stock repurchases by publicly traded companies that occur after December 31, 2022 enacted under Section 4501 of the United States Inflation Reduction Act of 2022.

**9.** **Other (expenses)/income** 

Other (expenses)/income comprised the following for the years ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2023** |
| Fair value movements | (2308249) | (46477209) |
| Foreign exchange movements | 698142 | 14868 |
| Expenses relating to the Business Combination |  | (167316087) |
| Gain on early termination of leases |  | 11309 |
| Profit on disposal of shares in associates |  | 1423 |
| Sundry income | 679 | 17970 |
|  | **(1609428)** | **(213747726)** |

---

For the year ended September 30, 2024, fair value movements included $2,360,568 ($48,552,478 for the year ended September 30, 2023) of losses on the revaluation of the Forward Purchase Agreements canceled in January 2024, gains of $360,375 ($2,039,723 for the year ended September 30, 2023) on the revaluation of warrants accounted for as a financial liability and losses of $308,056 ($nil for the year ended September 30, 2023) on the revaluation of the Standby Equity Purchase Agreements (see Note 23).

------

Expenses related to the Business Combination represent cash-settled and equity-settled expenses recognized in connection with the Business Combination and are detailed in Note 8.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Taxation** 

***Reconciliation of effective tax rate***

The Group incurred tax losses for the years ended September 30, 2024 and 2023 and accordingly has not recognized any current income tax during such periods. The following table presents the reconciliation of effective tax rate for the years ended September 30, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2023** |
| Loss before tax | (9008081) | (222097491) |
| Income tax at the domestic rate of 25.00% (2023: 22.00%) | (2252020) | (45970977) |
| Impact of difference in overseas tax rates | 1513399 | 40961202 |
| Non-deductible expenses | 10730 | 2685 |
| Current year losses for which no deferred tax asset is recognized | 734651 | 5026928 |
| Others | (6760) | (19838) |

---

As our operating companies are owned by a UK holding company, the domestic rate of tax applied has been calculated using the rates of corporation tax applicable in the United Kingdom for the relevant period.

***Unrecognized deferred tax assets***

Deferred tax assets have not been recognized in respect of the following items because it is not probable that future taxable profits will be available against which the Group entities can utilize benefits therefrom as at September 30, 2024, and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Severance liabilities |  | 44866 |  | 31716 |
| Tax losses |  | 12919369 |  | 5946743 |
|  |  | **12,964,235** |  | **5,978,459** |

---

Deferred tax assets are recognized in the consolidated financial statements only to the extent that it is probable that future taxable profits will be available against which the Group can utilize the benefits. The use of these tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax legislation of the countries in which the group companies operate.

***Tax losses carried forward***

Generally, tax losses in Thailand expire 5 years from the date the loss was incurred, but tax losses in the United Kingdom and France can be carried forward indefinitely. As at September 30, 2024, we had tax loss carry-forwards that will expire in the following periods:

---

| | | | |
|:---|:---|:---|:---|
| *(in USD)* | | | |
| 2025 |  | 58800 |  |
| 2026 |  | 503282 |  |
| 2027 |  | 759188 |  |
| 2028 |  | 1475536 |  |
| 2029 |  | 2481933 |  |
| 2030 |  | 2602660 |  |
| No expiration |  | 5037970 |  |
|  |  | **12,919,369** |  |

---

The losses are subject to examination by the tax authorities and to restriction on their utilization. In particular, the losses can only be utilized against profits arising in the legal entity in which they arose.

------

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Segment information** 

The Group's non-current assets by geographic location as at September 30, 2024 and September 30, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Cayman Islands |  |  |  | 2661418 |
| Europe |  | 411784 |  | 463442 |
| Thailand |  | 1528580 |  | 1565814 |
|  |  | **1,940,364** |  | **4,690,674** |

---

Management considers there to be only one segment at this time.

**12.** **Earnings per share** 

The following table sets forth the computation of basic and diluted loss per share for the years ended September 30, 2024 and September 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2023** |
| Loss for the period | (9008081) | (222097491) |
| Basic weighted average number of ordinary shares | 3515171 | 2388355 |
| Basic and diluted loss per ordinary share | (2.56) | (92.99) |

---

As the Group incurred net losses for the years ended September 30, 2024 and September 30, 2023, basic loss per share was the same as diluted loss per share in each year.

The number of ordinary shares has been adjusted to reflect the capital structure as if the Reverse Stock Split had occurred prior to the start of the first period presented (see Note 4). The weighted average number of shares outstanding for 2023 was calculated by applying the exchange ratio set out in the Company Exchange to the weighted average number of Zapp UK shares outstanding during the period prior to the Business Combination.

The following weighted-average effects of potentially dilutive outstanding ordinary share awards, including share options, warrants, management earnout shares and sponsor earnout shares, were excluded from the computation of diluted loss per share because their effects would have been anti-dilutive for the years ended September 30, 2024 and September 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
|  | **2024** | **2023** |
| Share options | 113155 | 213661 |
| Warrants | 1321875 | 1492956 |
| Management earnout shares | 425915 | 425915 |
| SAP earnout shares | 34186 | 34186 |
| Sponsor earnout shares | 37735 | 37735 |
| Shares issuable upon conversion of loan notes | 841572 |  |
| **Total** | **2774438** | **2204453** |

---

The number of potentially dilutive shares issuable upon the exercise of warrants reflects the fact that, since the RSS, twenty warrants must now be exercised to purchase one Ordinary Share.

------

**13.** **Property, plant and equipment** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in USD)* | <br> **Leasehold and leasehold improvements** | <br> **Furniture, fixtures and office equipment** | **Plant equipment** | **Vehicles** | **Total** |
| ***Cost*** |  |  |  |  |  |
| At October 1, 2022 | 63425 | 66642 | 379808 | 54270 | 564145 |
| Additions | 37935 | 75797 | 31756 | 141511 | 286999 |
| Effect of movements in exchange rates | 3119 | (791) | 5162 | (6868) | 622 |
| **At September 30, 2023** | **104479** | **141648** | **416726** | **188913** | **851766** |
| Additions |  | 6355 | 18719 |  | 25074 |
| Disposals |  | (3336) |  | (33778) | (37114) |
| Effect of movements in exchange rates | 10442 | 16484 | 54456 | 21603 | 102985 |
| **At September 30, 2024** | **114921** | **161151** | **489901** | **176738** | **942711** |
| ***Accumulated depreciation and impairment*** |  |  |  |  |  |
| ***losses*** |  |  |  |  |  |
| At October 1, 2022 | 3250 | 6215 | 69324 | 4699 | 83488 |
| Depreciation for the year | 26667 | 22545 | 84898 | 33397 | 167507 |
| Impairment for the year | 11276 | 3736 |  |  | 15012 |
| Effect of movements in exchange rates | (700) | (756) | (2171) | (1409) | (5036) |
| **At September 30, 2023** | **40493** | **31740** | **152051** | **36687** | **260971** |
| Depreciation for the year | 21823 | 26851 | 86765 | 55318 | 190757 |
| Depreciation on disposals |  | (995) |  | (15875) | (16870) |
| Effect of movements in exchange rates | 5322 | 5722 | 26266 | 9667 | 46977 |
| **At September 30, 2024** | **67638** | **63318** | **265082** | **85797** | **481835** |
| ***Carrying amounts*** |  |  |  |  |  |
| At October 1, 2022 | 60175 | 60427 | 310484 | 49571 | 480657 |
| At September 30, 2023 | 63986 | 109908 | 264675 | 152226 | 590795 |
| At September 30, 2024 | 47283 | 97833 | 224819 | 90941 | 460876 |

---

**14.** **Intangible assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Development costs** | **Patents and trademarks** | **Software** | **Total** |
| ***Cost*** |  |  |  |  |
| At October 1, 2022 | 1210873 | 55118 | 872 | 1266863 |
| Additions | 18186 | 5712 | 117951 | 141849 |
| Effect of movements in exchange rates | 20797 | 1221 | (4447) | 17571 |
| **At September 30, 2023** | **1249856** | **62051** | **114376** | **1426283** |
| Additions |  |  | 15665 | 15665 |
| Effect of movements in exchange rates | 156996 | 7544 | 11509 | 176049 |
| **At September 30, 2024** | **1406852** | **69595** | **141550** | **1617997** |
| ***Accumulated amortization and impairment losses*** |  |  |  |  |
| At October 1, 2022 | 239134 | 8847 | 4 | 247985 |
| Amortization for the year | 129668 | 6144 | 677 | 136489 |
| Effect of movements in exchange rates | (972) | (84) | (15) | (1071) |
| **At September 30, 2023** | **367830** | **14907** | **666** | **383403** |
| Amortization for the year | 128090 | 6417 | 3570 | 138077 |
| Effect of movements in exchange rates | 59342 | 2466 | 269 | 62077 |
| **At September 30, 2024** | **555262** | **23790** | **4505** | **583557** |
| ***Carrying amounts*** |  |  |  |  |
| At October 1, 2022 | 971739 | 46271 | 868 | 1018878 |
| At September 30, 2023 | 882026 | 47144 | 113710 | 1042880 |
| At September 30, 2024 | 851590 | 45805 | 137045 | 1034440 |

---

Capitalized development costs represent the cost of prototype vehicles and other components based on contractual terms. The development costs are being amortized over a useful life of 10 years; as at September 30, 2024 the remaining useful life was 6 years.

Amortization expenses of $138,077 for the year ended September 30, 2024 and $136,489 for the year ended September 30, 2023 have been recognized in general and administrative expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Investments in Associates** 

On March 28, 2023, Zapp Scooters (Thailand) Company Limited ("ZTH") entered into an asset sale and purchase agreement with Zapp Manufacturing Thailand Company Limited ("ZMT") whereby the certain capitalized development costs would be transferred in exchange for the settlement of existing acknowledged debt between the two companies. At the time of the transaction, ZTH held a 49% shareholding in ZMT, which was an associate of the Group. The remaining shares of ZMT were held by the Founder, Swin Chatsuwan, the Chief Executive Officer and a director of the Company.

On March 30, 2023 ZTH sold its 49% shareholding in ZMT to Mr.Chatsuwan. At the time of the transaction the carrying value of the Group's equity accounted investment in ZMT was $nil due to historic losses incurred by ZMT.

At the time of the transaction both parties were controlled by Mr. Chatsuwan and as such, the transaction fell within the scope of a *Business Combination Under Common Control*. The Group elected to apply the book value method in accounting for the business combination. As a result, the Group recognized the capitalized development costs acquired at their book value on the transaction date of $18,186. The carrying value of the acknowledged debt at the time of the transaction was $22,652. The Group elected to recognize the difference between the consideration and the carrying value of the assets acquired of $4,166 directly within retained earnings as a loss on disposal of associate.

Separately, the Group recognized a profit on disposal of shares in associates as follows:

---

| | | |
|:---|:---|:---|
| *(in USD)* | <br> **For the Year Ended September 30, 2023** | <br> **For the Year Ended September 30, 2023** |
| Proceeds on disposal |  | 1363 |
| Less carrying value of investment on disposal date |  |  |
| Gain on disposal of shares in associate |  | 1363 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Inventories** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Raw materials |  | 341434 |  | 432744 |
| Work in progress |  | 58823 |  | 58633 |
| Finished goods |  | 104955 |  | 74849 |
|  |  | **505,212** |  | **566,226** |

---

Raw materials includes a provision for obsolete inventory of $101,704 (2023 - $5,706). The gross carrying value of inventory is $606,916 (2023 - $571,932).

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Trade and other receivables** 

Trade and other receivables comprised the following at September 30, 2024 and September 30, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Trade receivables |  | 21515 |  |  |
| Income tax receivable |  | 460738 |  | 460738 |
| Other taxation and social security receivable |  | 180368 |  | 123214 |
| Prepayments |  | 261352 |  | 396190 |
| Other receivables |  | 460789 |  | 281558 |
|  |  | **1,384,762** |  | **1,261,700** |

---

The income tax receivable represents payments on account of US tax liabilities.

Prepayments relate primarily to the Company's Directors' and officers' insurance policy.

**18.** **Trade and other payables** 

Trade and other payables comprised the following at September 30, 2024 and September 30, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Accounts payable and accrued liabilities |  | 20497131 |  | 19754628 |
| Other taxation and social security payable |  | 155054 |  | 114590 |
| Deferred income |  | 12880 |  | 15299 |
|  |  | **20,665,065** |  | **19,884,517** |

---

------

Accounts payable and accrued liabilities relate primarily to the payment obligations to professional service providers arising on the Business Combination. See Note 8 for further details.

**19.** **Loans and borrowings** 

Loans and borrowings comprised the following at September 30, 2024 and September 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2023** |
| **Current** |  |  |
| Bank loans | 15925 | 14527 |
| Convertible notes | 1488517 |  |
| Promissory notes | 4229840 | 3699190 |
|  | **5734282** | **3713717** |
| **Non-current** |  |  |
| Bank loans | 10009 | 22866 |
| Promissory notes |  | 1000000 |
| Promissory notes issued to related parties | 309191 |  |
|  | **319200** | **1022866** |
|  | **6053482** | **4736583** |

---

The carrying value of loans and borrowings classified as financial liabilities measured at amortized cost approximates fair value. See Note 23.

**Convertible loan notes**

The convertible notes relate to the residual value of the notes issued in accordance with the Standby Equity Purchase Agreement (the "Current SEPA") after deducting the value of the embedded derivatives from the face value of the notes. See Note 23. As at September 30, 2024 the face value of the outstanding notes was $2.1 million.

**Promissory notes**

On April 14, 2023 the Company issued a promissory note with a value of $1.0 million which bears interest at a rate of 15.0% per annum and is repayable in April 2025.

Upon closing of the Business Combination, the Group assumed obligations under promissory notes issued by CIIG II totaling $3,203,000. Each note is convertible to warrants at a price of $1.00 per warrant to purchase Ordinary Shares at an effective price of $230.00 per warrant (twenty warrants must be exercised to entitle the holder to be issued with an Ordinary Share) and was repayable in April 2024 unless the holder elected to convert. Of the notes, $2,653,833 are interest-free and $479,167 bear interest at a rate of 15.00% per annum, payable quarterly in kind. At September 30, 2024, $576,007 was outstanding under the interest-bearing note.

On August 2, 2023 the Company issued a 9.0% promissory note with a value of THB 20.0 million (approximately $570,000 at the date of issuance). The note was repaid on August 13, 2024.

On January 12, 2024, Zapp Scooters (Thailand) Company Limited issued a promissory note to Patchara Rattakul, a director of the Company, with a value of THB 10.0 million (approximately $287,000 at that date) which bears interest at a rate of 15.0% per annum and is repayable in January 2026. At September 30, 2024 the amount outstanding on this note was approximately $309,000.

**Other**

The Group entered into an export receivables financing arrangement with The Export-Import Bank of Thailand ("EXIM") in September 2020 up to an aggregate amount of THB10.0 million (approximately $274,520). As at September 30, 2024, no amounts were outstanding under the EXIM Facility.

------

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Leases** 

The Group has entered into lease contracts for its offices, delivery vans and staff motor vehicles. The Group's obligations under its leases are secured either by the lessor's title to the leased assets or by a collateral pledge over the lease assets.

The carrying amounts and movement in the right-of-use assets are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Leasehold property** | <br> **Furniture, fixtures and office equipment** | **Vehicles** | **Total** |
| ***Cost*** |  |  |  |  |
| At October 1, 2022 | 330289 | 9511 | 22105 | 361905 |
| Additions | 467465 |  | 92933 | 560398 |
| Adjustments for early termination | (403080) |  |  | (403080) |
| Effect of movements in exchange rates | 25316 | 171 | (3635) | 21852 |
| **At September 30, 2023** | **419990** | **9682** | **111403** | **541075** |
| Additions | 22077 |  |  | 22077 |
| Effect of movements in exchange rates | 41068 | 1216 | 11327 | 53611 |
| **At September 30, 2024** | **483135** | **10898** | **122730** | **616763** |
| ***Accumulated depreciation and impairment losses*** |  |  |  |  |
| At October 1, 2022 | 27365 | 264 | 11052 | 38681 |
| Depreciation for the year | 97756 | 1682 | 20336 | 119774 |
| Impairment for the year | 25588 |  |  | 25588 |
| Effect of movements in exchange rates | (2014) | (64) | 53 | (2025) |
| **At September 30, 2023** | **148695** | **1882** | **31441** | **182018** |
| Depreciation for the year | 49049 | 1647 | 26004 | 76700 |
| Effect of movements in exchange rates | 13745 | 405 | 4327 | 18477 |
| **At September 30, 2024** | **211489** | **3934** | **61772** | **277195** |
| ***Carrying amounts*** |  |  |  |  |
| At October 1, 2022 | 302924 | 9247 | 11053 | 323224 |
| At September 30, 2023 | 271295 | 7800 | 79962 | 359057 |
| At September 30, 2024 | 271646 | 6964 | 60958 | 339568 |

---

The carrying amount and movement in the lease liabilities are set out below:

---

| | |
|:---|:---|
| *(in USD)* | |
| At October 1, 2022 | 332816 |
| Additions | 560398 |
| Interest | 39402 |
| Payments | (109974) |
| Adjustments for early termination | (414389) |
| Effect of movements in exchange rates | (11519) |
| **At September 30, 2023** | **396734** |
| Additions | 22077 |
| Interest | 23134 |
| Payments | (87912) |
| Effect of movements in exchange rates | 9685 |
| **At September 30, 2024** | **363718** |

---

The following are the amounts recognized in the statement of profit or loss in respect of lease agreements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Depreciation expense on right-of-use assets |  | 76700 |  | 119775 |
| Interest on lease liabilities |  | 23134 |  | 39402 |
|  |  | **99,834** |  | **159,177** |

---

------

**21.** **Share capital** 

**Issued and fully paid share capital**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  | **Number** | **Number** | **$** | **$** |
| Ordinary shares of $0.002 per share | 4926711 | 2894970 | 9853 | 5790 |

---

The authorized share capital of the Company is US$50,000 divided into 25,000,000 ordinary shares of $0.002 each. Holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company.

Movements in the Company's share capital in the year ended September 30, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in USD, except number)* | **Number** | **Share capital** | **Share premium** |
| At October 1, 2023 | 2894970 | 5790 | 120966057 |
| Shares issued on exercise of employee share options | 99793 | 200 | 887791 |
| Shares issued for cash, net of issuance costs | 335311 | 671 | 1125329 |
| Shares issued in relation to the SEPAs | 1495157 | 2990 | 4241769 |
| Shares issued to settle MSA and CSA compensation | 23606 | 47 | 190203 |
| Transfer from share premium in connection with the RSS (see note 4) | 77874 | 155 | (155) |
| **At September 30, 2024** | **4926711** | **9853** | **127410994** |

---

As of September 30, 2024, 26,437,500 warrants to acquire the Company's ordinary shares were outstanding. Each warrant can be converted into the right to be issued with 1/20th of an Ordinary Share, and so twenty warrants must be exercised to purchase one Ordinary Share; only whole warrants are exercisable. The effective exercise price of twenty warrants is $230.00, and the warrants are exercisable until April 28, 2028, or earlier upon redemption or liquidation. Until warrant holders acquire the Ordinary Shares upon exercise of such warrants, they have no rights in respect of such Ordinary Shares.

On May 28, 2024, 3,421,469 warrants entitling the holder to purchase a total of 171,073 Ordinary Shares expired. As a result, the previously recognized equity settled warrants reserve of $345,218 was reversed and transferred to accumulated losses.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Share-based payments** 

Following the RSS, the number of shares issuable in connection with share-based payments in force at that time were adjusted (see Note 4). All share numbers and exercise prices stated below are after this adjustment.

**Informal share-based payment arrangements**

The Company intends to implement a formal equity incentive plan in the near-term but has historically made *ad hoc* grants of options to purchase its Ordinary Shares to certain employees, officers, directors, and consultants of the Company and its subsidiaries and non-employee directors of the Company. The options are considered to be equity-settled share-based payment arrangements and have a maximum term of up to ten years from the date of grant. Until optionholders acquire the Ordinary Shares upon exercise of such options, they have no rights with respect to the Ordinary Shares.

The options generally vest as follows:

• Full vesting at grant date; or

• Vesting in fractions over a two- or three-year vesting period, which is considered a service condition.

Upon closing of the Business Combination, all options were novated from options to purchase shares in Zapp UK, the previous parent company of the Group, to options to purchase shares in Zapp EV, the new parent company. The number of options granted to each individual was adjusted to reflect the new capital structure of the Group and maintain a consistent value to each option.

Upon closing of the Business Combination, certain options issued with vesting based on listing success became fully vested.

**Management earnout**

Upon closing of the Business Combination, certain legacy Zapp UK shareholders were entitled to receive an earnout of 425,916 Ordinary Shares (the "Management Earnout"). The earnout is subject to the closing price of each Ordinary Share equaling or exceeding, for any 20 trading days during a 30 consecutive trading day period, (i) $240.00 per share (the "First Earnout Condition"), (ii) $280.00 per share (the "Second Earnout Condition") or (iii) $320.00 per share (the "Third Earnout Condition"; and each of the First, Second and Third Earnout Conditions an "Earnout Condition"), as applicable, in each case as equitably adjusted for share splits, share dividends, reorganizations and recapitalizations. In the event that an Earnout Condition is not satisfied prior to the fifth anniversary of the closing, the Management Earnout shares shall be forfeited and cease to exist.

------

Each earnout is considered an equity-settled share based payment arrangement with market performance conditions. Therefore, a share-based payment charge has been recognized in full on the grant date with reference to the fair value of the options on that date.

**Sponsor earnout**

Upon closing of the Business Combination, 37,735 shares held by certain legacy CIIG II shareholders were unvested and shall vest at such time that the closing price of each Ordinary Share equals or exceeds $280.00 for any 20 trading days during a 30 consecutive trading day period. In the event that the Earnout Condition is not satisfied prior to the fifth anniversary of the closing, the earnout shares shall be forfeited and cease to exist.

The earnout is considered to be an equity-settled share based payment arrangement with market performance conditions. Therefore, a share-based payment charge has been recognized in full on the grant date with reference to the fair value of the options on that date.

**SPAC Advisory Partners compensation**

Zapp UK engaged SPAC Advisory Partners ("SAP") to advise on certain aspects of the Business Combination. Upon closing, SAP was issued 8,650 Ordinary Shares as part of the fee it claims in respect of its services relating to the Business Combination. If the relevant management earnout conditions are fulfilled, SAP may be entitled to receive additional Ordinary Shares comprising 10% of the number of any additional Ordinary Shares ultimately issued pursuant to the Management Earnout. SAP and Zapp UK are currently adverse parties in litigation, however, in which Zapp UK has asserted defenses that, if upheld, would relieve it of further obligation to SAP (see Note 25).

The closing fee was considered to be an equity-settled share-based payment vesting immediately upon closing of the Business Combination. Therefore a share-based payment charge was recognized at that point based on the price of Ordinary Shares on that date of $175.00.

The 10% entitlement is considered to be a mirror of the Management Earnout, therefore a charge equivalent to 10% of the charge recognized in relation to certain individuals party to the Management Earnout has been recognized. The total number of Management Earnout shares relevant in calculating the potential SAP entitlement is 341,861.

**Services agreements**

In June 2023 the Company entered into a Marketing Services Agreement ("MSA") with one of its suppliers. Under the terms of this agreement the supplier was to be compensated through the grant of Restricted Stock Units ("RSUs"). The RSUs vested over a period of six months from the effective date of the agreement. This was considered to be an equity-settled share based payment arrangement with a service condition. As such, a share-based payment charge was recognized over the vesting period based on the fair value of the RSUs on the grant date.

In April 2024 the Company entered into a Consulting Services Agreement ("CSA") with one of its suppliers. Under the terms of this agreement the supplier was to be compensated through a mixture of cash and the grant of Ordinary Shares. The Ordinary Shares were to be issued after the satisfaction of certain performance obligations. This was considered to be an equity-settled share based payment arrangement with a non-market based performance conditions. As such, a share-based payment charge was recognized upon the satisfaction of the performance conditions and the issuance of the Ordinary Shares.

The Group recognized a share-based payment charge for the year as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Informal share option arrangements |  | 14044 |  | 249087 |
| MSA and CSA compensation |  | 29645 |  |  |
|  |  | **43,689** |  | **249,087** |

---

**Movements in equity instruments during the year**

The following reconciles the outstanding share options, earnout shares, share awards to be issued and RSUs at the beginning and end of the year:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br> **Informal share option arrangements** | <br> **Management earnout shares** | **Sponsor earnout shares** | **SAP compensation** | **MSA compensation** |
| At October 1, 2022 | 313500 |  |  |  |  |
| Granted prior to the Business Combination | 73250 |  |  |  |  |
| Cancelled and foreited prior to the Business Combination | (10000) |  |  |  |  |
| Granted at the Business Combination |  | 425916 | 37735 | 34186 |  |
| Adjustment at the Business Combination | (161890) |  |  |  |  |
| Granted after the Business Combination |  |  |  |  | 3606 |
| Cancelled and forfeited after the Business Combination | (1199) |  |  |  |  |
| **At September 30, 2023** | **213661** | **425916** | **37735** | **34186** | **3606** |
| Exercised/settled during the period | (99793) |  |  |  | (3606) |
| Cancelled and forfeited during the period | (713) |  |  |  |  |
| **At September 30, 2024** | **113155** | **425916** | **37735** | **34186** |  |

---

At September 30, 2024 111,372 of the informal share options were vested. 51,323 of the share options outstanding at September 30, 2024 were exercisable at a price of $0.00045 per share, 56,179 were exercisable at a price of $15.69 per share and 3,870 were exercisable at a price of $42.60 per share.

The follow table presents key terms in relation to the informal share option arrangements:

---

| | | |
|:---|:---|:---|
| At October 1, 2022 | **Weighted average exercise price** | **Weighted average remaining contractual life (in years)** |
|  | $2.43 |  |
| Granted prior to the Business Combination | $24.23 |  |
| Cancelled and forfeited prior to the Business Combination | $42.60 |  |
| Cancelled and forfeited after the Business Combination | $42.60 |  |
| **At September 30, 2023** | $5.40 |  |
| Exercised/settled during the period | $0.00045 |  |
| Cancelled and forfeited | $42.60 |  |
| **At September 30, 2024** | $**9.92** | **6.03** |

---

Movements in non-vested shares under informal share option arrangements were as follows:

---

| | | |
|:---|:---|:---|
|  | **Number** | **Weighted average fair value at grant date** |
| At October 1, 2022 | 193750 | $4.88 |
| Granted prior to the Business Combination | 73250 | $12.92 |
| Vested prior to or on the Business Combination | (237188) | $7.01 |
| Cancelled and foreited prior to the Business Combination | (10000) | $10.06 |
| Adjustment at the Business Combination | (9078) | N/A |
| Vester after the Business Combination | (800) | $18.00 |
| Cancelled and forfeited after the Business Combination | (1199) | $17.68 |
| **At September 30, 2023** | **8735** | $**21.80** |
| Vested during the period | (6239) | $21.82 |
| Cancelled and forfeited during the period | (713) | $17.64 |
| **At September 30, 2024** | **1783** | $19.15 |

---

------

**23. Financial instruments**

**23.1 Financial assets**

Financial assets, other than cash and short-term deposits, comprised the following at September 30, 2024 and September 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2023** |
| **Financial assets at amortized cost** |  |  |
| Trade receivables | 21515 |  |
| Lease deposits | 40165 | 36878 |
|  | **61680** | **36878** |
| **Financial assets at fair value through profit or loss** |  |  |
| Forward purchase agreement |  | 2660568 |
|  |  | **2660568** |
| **Total financial assets** | **61680** | **2697446** |
| Current | 39409 | 17606 |
| Non-current | 22271 | 2679840 |

---

On April 26, 2023, the Company and CIIG II (which upon the consummation of the Business Combination became the Company's wholly owned subsidiary) entered into separate agreements (each a "Forward Purchase Agreement" or an "FPA," and together, the "Forward Purchase Agreements") with two counterparties (the "Sellers") for OTC Equity Prepaid Forward Transactions, pursuant to which the Sellers might, but were not obligated to, purchase up to 10,000,000 shares of CIIG II Class A common stock, par value $0.0001 per share, in the aggregate before the consummation of the Business Combination, upon which such stock was to be exchanged for Ordinary Shares. The complete terms and conditions of the Forward Purchase Agreements were disclosed in the Company's report on Form 6-K dated April 26, 2023.

The Forward Purchase Agreements were initially recognized as a financial asset at their fair value on April 26, 2023 based on a Monte Carlo simulation model.

The Forward Purchase Agreements were valued at $2,660,568 at September 30, 2023 based on a Monte Carlo simulation. A cumulative fair value loss of $48,552,478 was recognized in other income and expense in relation to the Forward Purchase Agreements in the year ended September 30, 2023 (see Note 9).

On January 23, 2024, the Forward Purchase Agreements were canceled by mutual agreement and the carrying value upon that date recognized as an expense in other income and expense.

**23.2 Financial liabilities**

Financial liabilities comprised the following at September 30, 2024 and September 30, 2023:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **September 30,** |
| *(in USD)* | **2024** | **2023** |
| **Financial liabilities at amortized cost** |  |  |
| Accounts payable and accrued liabilities | 20497131 | 19754628 |
| Loans and borrowings | 4255773 | 4736583 |
| Convertible loan notes | 1488517 |  |
| Loans and borrowings from related parties | 309191 |  |
| Lease liabilities | 363718 | 396734 |
|  | **26914330** | **24887945** |
| **Financial liabilities at fair value through profit or loss** |  |  |
| Warrants | 242653 | 603028 |
| Convertible loan notes | 407480 |  |
|  | **650133** | **603028** |
| **Total financial liabilities** | **27564463** | **25490973** |
| Current | 26959670 | 24568306 |
| Non-current | 604793 | 922667 |

---

**Standby Equity Purchase Agreements ("SEPAs")**

On February 10, 2024, the Company entered into a Standby Equity Purchase Agreement (the "Original SEPA") with YA II PN, Ltd. ("Yorkville"), a Cayman Islands exempt limited partnership that is an affiliate of Yorkville Advisors Global, LP, pursuant to which the Company had the right to sell to Yorkville up to $10.0 million (the "Original Commitment Amount") of its ordinary shares, subject to certain limitations and conditions set forth in the Original SEPA, from time to time during the term thereof.

------

Under the agreement, Yorkville agreed to advance to the Company $1.5 million in two tranches (the "Original Pre-Paid Advance") in exchange for convertible promissory notes (the "Original Convertible Notes"). The first advance of $500,000 was disbursed on March 20, 2024 and the balance of $1.0 million was disbursed on April 23, 2024. The purchase price for the Pre-Paid Advance was 95% of the principal amount thereof. The notes were not interest bearing and were repayable in March 2025. The Original Convertible Notes relating to the Pre-Paid Advance were recognized as a financial liability with two separate embedded derivatives. The embedded derivatives related to the conversion option and a floor price amortization event feature under which early repayment of the Original Convertible Notes was required subject to certain share price criteria being met.

Between April 23, 2024 and June 13, 2024, Yorkville exercised its right to require the issuance and sale of a total of 906,219 ordinary shares in the Company. Following these issuances there were no Original Convertible Notes outstanding. On June 13, 2024 the Company directed Yorkville to purchase 84,690 ordinary shares.

On July 11, 2024, the Company entered into a new Standby Equity Purchase Agreement (the "Current SEPA") with Yorkville, pursuant to which the Company has the right to sell to Yorkville up to $50 million ("the Commitment Amount") of its ordinary shares, subject to certain limitations and conditions set forth in the Current SEPA, from time to time during the term thereof.

Under the new agreement, Yorkville agreed to advance to the Company $4.0 million in three tranches (the "New Pre-Paid Advance") in exchange for convertible promissory notes (the "New Convertible Notes"). The first advance of $1.0 million was disbursed on July 11, 2024. The second advance of $1.0 million was disbursed on July 23, 2024. The balance of $2.0 million was disbursed on July 26, 2024. The purchase price for the Pre-Paid Advances was 95% of the principal amount thereof. The notes are not interest bearing and are repayable in July 2025. The New Convertible Notes relating to the Pre-Paid Advance were recognized as a financial liability with embedded derivatives. The embedded derivatives related to the conversion option and a floor price amortization event feature under which early repayment of the New Convertible Notes is required subject to certain share price criteria being met.

Between July 29, 2024 and September 16, 2024, Yorkville exercised its right to require the issuance and sale of a total of 145,197 ordinary shares in the Company. At September 30, 2024 there were outstanding New Convertible Notes with an aggregate principal amount of $2.1 million.

Following repayment of the New Convertible Notes, or otherwise, subject to certain conditions and limitations, the Company has the right, but not the obligation, from time to time during the term of the Current SEPA, to direct Yorkville to purchase specified numbers of Company shares, priced according to the Current SEPA by delivering written notice to Yorkville. See Note 26 for further details.

The following is a summary of the interest bearing loans and borrowings of the Group as at September 30, 2024 and September 30, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest rate** | **Maturity** | **September 30, 2024** | **September 30, 2023** |
| **Current** |  |  |  |  |
| Bank loans | 2.50% | Within one year | 15925 | 14527 |
| Promissory notes | 0.00% to |  |  |  |
|  | 15.00% | Within one year | 4229840 | 3699191 |
| Convertible loan notes | 0.00% | Within one year | 2100000 |  |
|  |  |  | **6345765** | **3713718** |
| **Non-current** |  |  |  |  |
| Bank loans | 2.50% | 2026 | 10009 | 22866 |
| Promissory notes | 15.00% | 2025 |  | 1000000 |
| Promissory notes issued to related parties | 15.00% | 2026 | 309191 |  |
|  |  |  | **319200** | **1022866** |

---

As at September 30, 2024, there were 26,437,500 warrants outstanding which do not meet the criteria for equity accounting and are accounted for as a financial liability with movements in fair value being reported within other expenses. For the year ended September 30, 2024, total gains on revaluation of $360,375 ($2,039,723 for the year ended September 30, 2023) were recorded in relation to the warrants. See Notes 9 and 19.

**23.3 Fair value**

The fair value of the derivatives embedded within the Current SEPA was measured using a Monte Carlo simulation. The table below presents the key inputs used in the model at September 30, 2024. Share price was measured using Level 1 inputs. Expected volatility was measured using Level 3 inputs based on the volatility of the share prices of a basket of comparable listed companies.

------

---

| | |
|:---|:---|
| Share price | $3.08 |
| Conversion price/floor price | $1.87 |
| Expected volatility | 55.0% |
| Dividend yield | 0.0% |
| Risk free interest rate | 5.0% |
| Time to expiry | 0.8 years |
| Fair value | $407480 |

---

Management assessed that the fair value of other receivables and trade and other payables approximated their carrying value due to the short-term maturities of those instruments.

The fair value of public warrants was measured using Level 1 inputs and the fair value of private placement warrants was measured using Level 3 inputs.

**23.4 Interest rate risk management**

Interest rate risk is the risk that changes in interest rates will affect the income and financial management of the Group. The Group is not exposed to interest rate risk as none of its loans and borrowings have a variable interest rate.

**23.5 Foreign currency risk management**

Foreign currency risk is the risk that arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group does not currently hedge against currency risk through the use of financial instruments such as foreign currency swaps.

The Group is predominantly exposed to currency risk on unpaid liabilities related to the Business Combination incurred by Zapp UK which are denominated in USD, while the functional currency of Zapp UK is GBP.

The following tables demonstrate the sensitivity to a reasonable possible change in exchange rates, with all other variables held constant. The impact on the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities. The impact on the Group's equity is due to changes in the value of the net assets of entities whose functional currency is not USD.

---

| | | |
|:---|:---|:---|
| *(in USD)* | **Effect on profit before tax** | **Effect on equity** |
| 5% strengthening of GBP against USD | 356292 | 136659 |
| 5% weakening of GBP against USD | (393796) | (151044) |
| 5% strengthening of EUR against USD |  | 46481 |
| 5% weakening of EUR against USD |  | (51374) |
| 5% strengthening of THB against USD |  | (165357) |
| 5% weakening of THB against USD |  | 182763 |

---

**23.6 Credit risk management**

Credit risk is the risk of financial loss to the Group if a customer or bank ("counterparty") fail to meets its contractual obligations resulting in a financial loss to the Group. Since the Group has yet to commence meaningful sales, the Group's maximum exposure to credit risk at the year end was equal to the carrying amount of cash and cash equivalents on the statement of financial position.

Credit risk from balances with banks and financial institutions is managed by only holding cash and cash equivalents with reputable banks that are perceived to have a low risk of failure.

**23.7 Liquidity risk management**

Liquidity risk refers to the ability of the Group to meet the obligations associated with its financial liabilities that are settled as they fall due.

The table below summarizes the maturity profile of the Group's financial liabilities based upon contractual, undiscounted payments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Less than one year** | **1 to 5 years** | **Over 5 years** | **Total** |
| Bank loans | 15925 | 10603 |  | **26528** |
| Promissory notes | 4404840 |  |  | **4404840** |
| Lease liabilities | 93924 | 284165 | 120364 | **498453** |
| Accounts payable and accrued liabilities | 20497131 |  |  | **20497131** |
|  | **25011820** | **294768** | **120364** | **25426952** |

---

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&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Related party transactions** 

During the year ended September 30, 2024, the Group entered into the following transactions with related parties:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Property lease payments** | **Property lease payments** | **Loan arrangement fees** | **Loan arrangement fees** | **Purchase of assets from the group** | **Purchase of assets from the group** |
|  | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| Paragon Partners Company Limited | 30749 | 30549 |  |  |  |  |
| Executive officers |  |  | 44000 |  |  | 1423 |
|  | **Amounts owed by related parties** | **Amounts owed by related parties** | **Amounts owed to related parties** | **Amounts owed to related parties** | **Borrowings from related parties** | **Borrowings from related parties** |
| *(in USD)* | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| Executive officers |  |  |  |  | 309191 |  |

---

Paragon Partners Company Limited is controlled by Swin Chatsuwan, the Chief Executive Officer and a director of the Company. Property lease payments were made on an arms length basis according to commercial terms. Sale of assets to the group and purchase of assets from the group relate to the transfer of assets from ZMT to ZTH and subsequent sale of shares in ZMT to Mr. Chatsuwan. This transaction is discussed in more detail in Note 15.

On January 12, 2024, Zapp Scooters (Thailand) Company Limited issued a promissory note to Patchara Rattakul, a director of the Company, with a value of THB 10.0 million (approximately $287,000 at that date) which bears interest at a rate of 15.0% per annum and is repayable in January 2026. At September 30, 2024 the amount outstanding on this note was $309,191.

On April 29, 2024, pursuant to a finder's agreement dated January 19, 2024, the Company paid $44,000 to Orakorn Laoharutanun, the wife of Kiattipong Arttachariya, the Company's Chief Strategy Officer, for introducing new investors to the Company.

On December 11, 2024, Zapp UK entered into certain agreements with Mr. Chatsuwan pursuant to which Mr. Chatsuwan became the owner of 51% of the registered share capital of ZTH, while concurrently agreeing that Zapp UK, as directed by the Company, shall maintain financial and operational control over ZTH's business notwithstanding such majority ownership. We were advised by Thai counsel, however, that such purported transfer was not properly effected under Thai law and therefore was void *ab initio*. See Note 26 for further details.

The compensation to Directors and executive officers of the Group for the years ended September 30, 2024 and 2023, comprised the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** | **For the Year Ended September 30,** |
| *(in USD)* | **2024** | **2024** | **2023** | **2023** |
| Short-term employee benefits |  | 1088706 |  | 1168934 |
| Post-employment benefits |  | 9318 |  | 9332 |
| Share-based payments |  | 34 |  | 111703 |
|  |  | **1,098,058** |  | **1,289,969** |

---

In addition to the compensation described above, in their capacity as shareholders certain executive officers were party to the management earnout described in Note 22. Under the terms of this agreement, a share-based payment charge was recognized in respect of these executive officers of $51,438,565 during the year ended September 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Contingencies** 

***Litigation***

Group companies are or may be from time to time party to legal proceedings, arbitrations and regulatory proceedings arising in the normal course of our business operations, including the matter described below. We evaluate developments in such matters and provide accruals for such matters, as appropriate. In making such decisions, we consider the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of a loss. An unfavorable outcome in any such proceedings, if material, could have an adverse effect on our business or consolidated financial statements.

Zapp UK is party to a civil action captioned *<u>SPAC Advisory Partners LLC v. Zapp Electric Vehicles Limited et al.</u>*, No. 655171/2023, filed on October 19, 2023 in the Supreme Court of New York County, New York. Plaintiff's amended complaint in the action, filed March 26, 2024, asserts claims for breach of contract, account stated and supplemental claims arising from Zapp UK's alleged non-payment of $3,630,000 in fees allegedly due to plaintiff for advisory services rendered to Zapp UK in relation to the Business Combination. Plaintiff's amended complaint also purports to add the parent Company as a party defendant in the case. Zapp UK filed an answer to the operative complaint on May 8, 2024. On September 6, 2024, following service of the Amended Complaint upon it, the Company filed a motion to dismiss plaintiff's amended complaint as against it on various grounds, including that the court lacks personal jurisdiction over it. On October 8, 2024, plaintiff's counsel filed its opposition to the Company's motion to dismiss and, contrary to applicable procedural rules, included in such opposition a cross-motion for partial summary judgment against Zapp UK. On October 14, 2024, the Company filed a reply in further support of its motion to dismiss combined with Zapp UK's opposition to plaintiff's

------

purported cross-motion for partial summary judgment. As of the date of this Annual Report, there has been no discovery or other proceedings in the case apart from the foregoing motions, which are pending before the court. We believe Zapp UK and the Company have meritorious defenses to the claims asserted in the case and intend to continue to defend the matter vigorously.

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **Subsequent events** 

***Actions pursuant to the Current SEPA***

Between October 1, 2024 and January 28, 2025, Yorkville exercised its right under the Current SEPA to require the issuance and sale of a total of 851,337 ordinary shares. At the date of this Annual Report, there were outstanding New Convertible Notes with an aggregate principal amount of $0.5 million.

Between December 20, 2024 and January 28, 2025, the Company directed Yorkville to purchase 899,061 Ordinary Shares pursuant to the Current SEPA. The Company received net cash proceeds of $1.1 million from the sale of such shares to Yorkville.

***Agreements Restructuring the Ownership of Zapp Scooters (Thailand) Company Limited***

On December 11, 2024, in order to pursue attractive financing opportunities available in Thailand to certain majority-Thai-owned businesses, the Company restructured the ownership of its indirect subsidiary ZTH, in order that ZTH may qualify as such a majority-Thai-owned business. The restructuring entailed: (i) the transfer of 51% of the equity capital of ZTH from its direct parent Zapp UK to Founder Swin Chatsuwan pursuant to a share transfer agreement providing for the payment of agreed consideration; (ii) the concurrent execution of an intercompany agreement between ZEV and ZTH; and (iii) the concurrent execution a shareholders agreement between ZEV and Mr. Chatsuwan. Under these agreements, Zapp UK, as directed by the Company, maintains financial and operational control over ZTH's business notwithstanding Mr. Chatsuwan's majority ownership. We were advised by Thai counsel, however, that such purported transfer was not properly effected under Thai law and therefore was void *ab initio.*

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**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

**For the six months ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* | **Notes** | **2025** | **2024** |
| Revenue |  |  |  |
| Cost of sales |  |  |  |
| **Gross profit** |  |  |  |
| Selling and distribution expenses |  | (178070) | (220351) |
| General and administrative expenses |  | (2554893) | (2913759) |
| **Operating loss** |  | (2732963) | (3134110) |
| Finance income | 3 | 1820 | 574 |
| Finance expense | 3 | (302913) | (193503) |
| Other expense | 4 | (428803) | (1706090) |
| **Loss before tax** |  | (3462859) | (5033129) |
| Income tax | 5 | (858582) |  |
| **Loss for the period** |  | (4321441) | (5033129) |
| **Earnings per share** |  |  |  |
| Basic and diluted earnings per share | 6 | (0.68) | (1.70) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* | **Notes** | **2025** | **2024** |
| Loss for the period |  | (4321441) | (5033129) |
| Other comprehensive loss |  |  |  |
| *Items that are or may be reclassified subsequently to profit or loss:* |  |  |  |
| Foreign currency translation differences | Foreign currency translation differences | 73839 | (258848) |
| Other comprehensive income/(loss) for the period, net of tax | Other comprehensive income/(loss) for the period, net of tax | 73839 | (258848) |
| **Total comprehensive loss for the period** | **Total comprehensive loss for the period** | (4247602) | (5291997) |

---

The notes on pages F-36 to F-48 form part of these financial statements.

------

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**

**As of March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| *(in USD)* | **Notes** | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | Cash and cash equivalents | 1117564 | 1565117 |
| Inventory | 9 | 1122801 | 505212 |
| Trade and other receivables | 10 | 1110652 | 1384762 |
| **Total current assets** | **Total current assets** | 3351017 | 3455091 |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 7 | 388190 | 460876 |
| Right-of-use assets | 13 | 350234 | 339568 |
| Intangible assets | 8 | 924163 | 1034440 |
| Other non-current assets | Other non-current assets | 83027 | 105480 |
| **Total non-current assets** | **Total non-current assets** | 1745614 | 1940364 |
| **Total assets** | **Total assets** | **5096631** | **5395455** |
| **Liabilities and shareholders**' **deficit** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 11 | 21682047 | 20665065 |
| Loans and borrowings - current | 12 | 4729609 | 5734282 |
| Lease liabilities - current | 13 | 97632 | 78125 |
| Derivative liabilities - current | 16 | 63616 | 407480 |
| **Total current liabilities** | **Total current liabilities** | 26572904 | 26884952 |
| **Non-current liabilities** |  |  |  |
| Loans and borrowings - non-current | 12 | 296671 | 319200 |
| Lease liabilities - non-current | 13 | 284396 | 285593 |
| Derivative liabilities - non-current | 16 | 211420 | 242653 |
| Other non-current liabilities | Other non-current liabilities | 194500 | 179462 |
| **Total non-current liabilities** | **Total non-current liabilities** | 986987 | 1026908 |
| **Total liabilities** | **Total liabilities** | **27559891** | **27911860** |
| **Shareholders**' **deficit** |  |  |  |
| Share capital | 14 | 15879 | 9853 |
| Share premium | 14 | 131704924 | 127410994 |
| Merger reserve | Merger reserve | 12838970 | 12838970 |
| Share option reserve | Share option reserve | 76322379 | 76321588 |
| Foreign currency translation reserve | Foreign currency translation reserve | (714836) | (788675) |
| Accumulated deficit | Accumulated deficit | (242630576) | (238309135) |
| **Total shareholders**' **deficit** | **Total shareholders**' **deficit** | **(22463260)** | **(22516405)** |
| **Total liabilities and shareholders**' **deficit** | **Total liabilities and shareholders**' **deficit** | **5096631** | **5395455** |

---

The notes on pages F-36 to F-48 form part of these financial statements.

------

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS**' **DEFICIT**

**For the six months ended March 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in USD)* | **Share capital** | **Share premium** | **Accumulated deficit** | **Share option reserve** | **Merger reserve** | **Foreign currency** <br> **translation reserve** | **Total**  |
| At October 1, 2024 | 9853 | 127410994 | (238309135) | 76321588 | 12838970 | (788675) | (22516405) |
| **Comprehensive loss for the period** |  |  |  |  |  |  |  |
| Loss for the period |  |  | (4321441) |  |  |  | (4321441) |
| Other comprehensive income |  |  |  |  |  | 73839 | 73839 |
| **Contributions by and distributions to owners** |  |  |  |  |  |  |  |
| Shares issued in relation to the Current SEPA | 6026 | 4293930 |  |  |  |  | 4299956 |
| Share-based payments |  |  |  | 791 |  |  | 791 |
| **At March 31, 2025** | **15879** | **131704924** | **(242630576)** | **76322379** | **12838970** | **(714836**) | **(22563260)** |

---

The notes on pages F-36 to F-48 form part of these financial statements.

------

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS**' **DEFICIT**

**For the six months ended March 31, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in USD)* | **Share capital** | **Share premium** | **Accumulated** <br> **deficit** | **Share option**<br> **reserve** | **Equity** <br> **accounted** <br> **warrants** | **Merger reserve** | **Foreign** <br> **currency**<br> **translation reserve** | **Total** |
| At October 1, 2023 | 5790 | 120966057 | (229646272) | 77315847 | 345218 | 12838970 | (263227) | (18437617) |
| **Comprehensive loss for the period** |  |  |  |  |  |  |  |  |
| Loss for the period |  |  | (5033129) |  |  |  |  | (5033129) |
| Other comprehensive loss |  |  |  |  |  |  | (258848) | (258848) |
| **Contributions by and distributions to owners** |  |  |  |  |  |  |  |  |
| Shares issued on exercise of employee share options | 200 | 887791 |  | (887947) |  |  |  | 44 |
| Shares issued for cash, net of issuance costs | 245 | 625755 |  |  |  |  |  | 626000 |
| Shares issued in relation to the Original SEPA commitment fee | 18 | 49982 |  |  |  |  |  | 50000 |
| Shares issued to settle MSA compensation | 7 | 149993 |  | (150000) |  |  |  |  |
| Share-based payments |  |  |  | 43246 |  |  |  | 43246 |
| **At March 31, 2024** | **6260** | **122679578** | **(234679401)** | **76321146** | **345218** | **12838970** | **(522075)** | **(23010304)** |

---

The notes on pages F-36 to F-48 form part of these financial statements.

------

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**For the six months ended March 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* |  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |  |
| Loss for the period |  | (4321441) | (5033129) |
| *Adjustment for:* |  |  |  |
| Depreciation of property, plant and equipment and right-of-use assets | Depreciation of property, plant and equipment and right-of-use assets | 143654 | 133512 |
| Amortization of intangible assets | Amortization of intangible assets | 73100 | 68977 |
| Equity-settled share-based payment charge | Equity-settled share-based payment charge | 791 | 43247 |
| Fair value movements | Fair value movements | 218432 | 1974401 |
| Foreign exchange movements | Foreign exchange movements | 222169 | (268273) |
| Finance income | Finance income | (1820) | (574) |
| Finance expense | Finance expense | 302913 | 193503 |
|  |  | (3362202) | (2888336) |
| Changes in: |  |  |  |
| - Inventories | - Inventories | (641836) | (21785) |
| - Trade and other receivables | - Trade and other receivables | 238355 | 380576 |
| - Other non-current assets | - Other non-current assets | 23478 | (15785) |
| - Derivative assets | - Derivative assets |  | 300000 |
| - Trade and other payables | - Trade and other payables | 1011675 | 720586 |
| - Other non-current liabilities | - Other non-current liabilities | 24023 |  |
| Cash generation from operating activities | Cash generation from operating activities | (2706507) | (1524744) |
| Income tax paid | Income tax paid |  |  |
| **Net cash used in operating activities** | **Net cash used in operating activities** | (2706507) | (1524744) |
| **Cash flows from investing activities** |  |  |  |
| Acquisition of property, plant and equipment | Acquisition of property, plant and equipment | (47455) | (10198) |
| Acquisition of intangible assets | Acquisition of intangible assets | (10464) |  |
| Interest received | Interest received | 1820 | 574 |
| **Net cash used in investing activities** | **Net cash used in investing activities** | (56099) | (9624) |
| **Cash flows from financing activities** |  |  |  |
| Drawdown of loans, net of issuance costs | Drawdown of loans, net of issuance costs |  | 284151 |
| Proceeds from the issuance of convertible loan notes, net of issuance costs | Proceeds from the issuance of convertible loan notes, net of issuance costs |  | 421500 |
| Repayment of loans | Repayment of loans | (7561) | (7472) |
| Payment of lease liabilities | Payment of lease liabilities | (50506) | (43765) |
| Proceeds from the issuance of shares | Proceeds from the issuance of shares | 2510889 | 626000 |
| Interest paid | Interest paid | (50000) | (81114) |
| **Net cash from financing activities** | **Net cash from financing activities** | 2402822 | 1199300 |
| Net decrease in cash and cash equivalents | Net decrease in cash and cash equivalents | (359784) | (335068) |
| Cash and cash equivalents at October 1, 2024 and 2023 | Cash and cash equivalents at October 1, 2024 and 2023 | 1565117 | 823223 |
| Effect of exchange rate fluctuations on cash held | Effect of exchange rate fluctuations on cash held | (87769) | (3183) |
| **Cash and cash equivalents at March 31, 2025 and 2024** | **Cash and cash equivalents at March 31, 2025 and 2024** | 1117564 | 484972 |

---

The notes on pages F-36 to F-48 form part of these financial statements.

------

**NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**For the six months ended March 31, 2025**

**1. Reporting entity**

Zapp Electric Vehicles Group Ltd. (the "Company" or "Zapp EV") is an exempted limited company incorporated under the laws of the Cayman Islands on November 15, 2022. The Company's registered office is at 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands. The Group's principal activity is the design, development and delivery of electric vehicles.

The financial statements incorporate the accounts of the Company and entities controlled by the Company ("its subsidiaries"), including by contractual agreement. The term "Group" means Zapp Electric Vehicles Group Ltd. and its subsidiaries.

**The Business Combination**

On April 28, 2023, the Company consummated the business combination contemplated by the Agreement and Plan of Merger, dated as of November 22, 2022 (the "Merger Agreement"), by and among Zapp EV, CIIG Capital Partners II, Inc. ("CIIG II"), Zapp Electric Vehicles Limited, a private company limited by shares registered in England and Wales ("Zapp UK") and Zapp Electric Vehicles, Inc., a Delaware corporation and direct wholly owned subsidiary of Zapp EV ("Merger Sub").

The Merger Agreement provided that the parties thereto would enter into a business combination transaction (the "Business Combination") pursuant to which, among other things, (i) the shareholders of Zapp UK transferred their respective ordinary shares of Zapp UK to Zapp EV in exchange for ordinary shares of Zapp EV ("Ordinary Shares", and such exchange, the "Company Exchange"); and (ii) immediately following the Company Exchange, Merger Sub merged with and into CIIG II, with CIIG II being the surviving corporation in the merger (the "Merger"), and each outstanding share of common stock of CIIG II (other than certain excluded shares) would convert into the right to receive one Ordinary Share.

Upon the consummation of the Business Combination: (i) the shareholders of Zapp UK transferred their respective ordinary shares of Zapp UK to Zapp EV in exchange for Ordinary Shares pursuant to the Company Exchange, (ii) Zapp UK's senior unsecured convertible loan notes due 2025 (the "Zapp UK Convertible Loan Notes") were automatically redeemed at the principal amount by conversion into ordinary shares of Zapp UK, which were then transferred to Zapp EV in exchange for Ordinary Shares; (iii) all Zapp UK options, whether vested or unvested, were released and cancelled by holders of Zapp UK options in exchange for options to purchase Ordinary Shares ("Zapp EV Exchange Options"); (iv) the Zapp UK warrants issued to Michael Joseph to purchase ordinary shares of Zapp UK ceased to be warrants with respect to ordinary shares of Zapp UK and were assumed by Zapp EV and converted into fully vested warrants to purchase Ordinary Shares ("Zapp EV Exchange Warrants"); (v) all shares of CIIG II Class A common stock, par value $0.0001 per share, and CIIG II Class B common stock, par value $0.0001 per share, were cancelled and automatically deemed to represent the right to receive Ordinary Shares; and (vi) each CIIG II warrant was modified to provide that such warrant no longer entitles the holder thereof to purchase the number of shares of CIIG II's common stock set forth therein and in substitution thereof such warrant would entitle the holder to acquire the same number of Ordinary Shares per warrant on the same terms ("Zapp EV Public Warrants"). The terms of the Zapp EV Public Warrants were subsequently modified following the Reverse Stock Split that took effect on April 23, 2024.

As the Company Exchange constituted a common control transaction, the consolidated financial statements are prepared as a continuation of the financial statements of Zapp UK, the accounting acquirer, with a recapitalization to reflect the capital structure of Zapp EV.

As CIIG II did not constitute a business under the definitions of IFRS 3 Business Combinations, the Merger was classified as a reverse acquisition and fell within the scope of IFRS 2 Share-based payment, with the issuance of shares to legacy CIIG II shareholders being treated as a share-based payment in exchange for the acquisition of the net assets of CIIG II by Zapp EV.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**1. Reporting entity (continued)**

**Agreements Restructuring the Ownership of Zapp Scooters (Thailand) Company Limited (**"**ZTH**"**)**

On December 11, 2024, in order to pursue attractive financing opportunities available in Thailand to certain majority-Thai-owned businesses, the Company restructured the ownership of its indirect subsidiary ZTH, in order that ZTH could qualify as such a majority-Thai-owned business. The restructuring entailed: (i) the transfer of 51% of the equity capital of ZTH from its direct parent Zapp UK to Company founder Swin Chatsuwan pursuant to a share transfer agreement providing for the payment of agreed consideration; (ii) the concurrent execution of an intercompany agreement between ZEV and ZTH; and (iii) the concurrent execution of a shareholders agreement between ZEV and Mr. Chatsuwan. Under these agreements, Zapp UK, as directed by the Company, is entitled to maintain financial and operational control over ZTH's business notwithstanding Mr. Chatsuwan's majority ownership. We were advised by Thai counsel, however, that such purported transfer was not properly effected under Thai law and therefore was void *ab initio*. See Note 18 for further details surrounding the operations of ZTH.

**2. Basis of preparation**

The unaudited condensed consolidated interim financial statements for the six months ended March 31, 2025 have been prepared in accordance with Accounting Standard IAS 34 *Interim Financial Reporting* as issued by the International Accounting Standards Board (IASB). The unaudited condensed consolidated interim financial statements do not include all the information and disclosures required in the annual consolidated financial statements. Accordingly, this report should be read in conjunction with the Group's annual report on Form 20-F for the year ended September 30, 2024 filed with the Securities and Exchange Commission on January 30, 2025. Our significant accounting policies have not changed since September 30, 2024.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring items and changes in International Financial Reporting Standards, necessary for their fair presentation in conformity with IFRS for complete financial statements. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year.

**2.1. Going concern**

The unaudited condensed consolidated financial statements for the six months ended March 31, 2025 have been prepared on a going concern basis.

The Company had an accumulated deficit at March 31, 2025, and has recorded net losses and net cash used in operating activities since incorporation. As of that date, we had cash and cash equivalents of $1.1 million while our trade and other payables amounted to $21.7 million as we had agreed with certain key suppliers, most notably a number of professional services firms that provided services related to the Business Combination, to delay the settlement of payment obligations. The Company has made limited sales to date and is attempting to commence operations and generate revenue; however, the Company's cash position may not be sufficient to support the Company's daily operations until that point. These factors raise substantial doubt about the Company's ability to continue as a going concern.

The Company entered into an At-The-Market (ATM") financing facility in the amount of $3.0 million with H.C. Wainwright & Co., LLC on March 3, 2025 (see Note 12) which was utilized in April and May 2025. Substantially all of these proceeds remain available to provide liquidity to fund the Company's operations as of the date of release of these unaudited condensed consolidated interim financial statements.

The Company has access to up to $42.4 million of liquidity through the Standby Equity Purchase Agreement with an affiliate of Yorkville Advisors Global, LP (see Note 12). The Company raised $1.0 million between April 2025 and the date of release of these unaudited condensed consolidated interim financial statements pursuant to the Current SEPA (see Note 18).

We intend to seek further extensions to our obligations by assent of our suppliers and to raise up to $5.0 million of additional funds by way of private or public offerings of securities.

We believe that all such funds, taken together, will be sufficient to provide the Company with the liquidity required to commence production of the i300 at scale and launch commercially in Europe.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**2.1. Going concern (continued)**

Management's plans to alleviate the conditions that raise substantial doubt regarding the Company's ability to continue as a going concern cannot be guaranteed or are not entirely within the Company's control and therefore cannot be considered probable. While we believe in the viability of our strategy to commence operations and raise additional funds, if these actions are not successful or we are unable to obtain further extensions of our obligations to our suppliers, we will not have sufficient liquidity to continue to fund our operations by the end of 2025.

The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**2.2. New standards, interpretations and amendments adopted by the Group**

The accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended September 30, 2024, except for the adoption of new standards effective for accounting periods starting after October 1, 2024. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Several amendments apply for the first time in the period, however none of these amendments has an impact on the unaudited condensed consolidated interim financial statements of the Group.

**3. Finance income and expenses**

Finance income and expenses comprised the following for the six months ended March 31, 2025 and March 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* | **2025** | **2024** |
| **Finance income** |  |  |
| Interest on bank deposits | 1820 | 574 |
| **Total finance income** | **1820** | **574** |
| **Finance expense** |  |  |
| Interest on convertible notes | (147353) | (28121) |
| Interest on loans and borrowings | (141327) | (147489) |
| Interest on lease liabilities | (14187) | (11811) |
| Other interest payable | (46) | (6082) |
| **Total finance expense** | **(302913)** | **(193503)** |

---

Finance income represents interest income. Finance expense consists primarily of interest on the convertible promissory notes due under the Current SEPA (see Note 12) and the unwinding of discounting on leases and other financial liabilities (see Note 13).

**4. Other expense**

Other expense comprised the following for the six months ended March 31, 2025 and March 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* | **2025** | **2024** |
| Fair value movements | (218432) | (1974401) |
| Foreign exchange movements | (222169) | 268273 |
| Sundry income | 11798 | 38 |
|  | **(428803)** | **(1706090)** |

---

For the six months ended March 31, 2025, the fair value movements included gains of $31,232 (2024: $353,168) on the revaluation of warrants accounted for as a financial liability (see Note 16) and losses of $249,664 (2024: gains of $33,000) on the revaluation of embedded derivative liabilities within the convertible loan notes (see Note 12).

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**5. Taxation**

The Company recognized a taxation charge of $858,583 for the six months ended March 31, 2025 despite recording a pre-tax loss from operations. This reflects the recognition of additional U.S. federal income tax liabilities of the Company's U.S. subsidiary, CIIG II, following finalization of that entity's federal income tax return for the twelve months ended December 31, 2023.

**6. Earnings per share**

The following table sets forth the computation of basic and diluted loss per share for the six months ended March 31, 2025 and March 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* | **2025** | **2024** |
| Loss for the period | (4321441) | (5033129) |
| Basic weighted average number of ordinary shares | 6380104 | 2961810 |
| Basic and diluted loss per ordinary share | (0.68) | (1.70) |

---

As the Group incurred net losses for the six months ended March 31, 2025 and March 31, 2024, basic loss per share was the same as diluted loss per share in each period.

The following weighted-average effects of potentially dilutive outstanding ordinary share awards, including share options, warrants, management earnout shares and sponsor earnout shares, were excluded from the computation of diluted loss per share because their effects would have been anti-dilutive for the six months ended March 31, 2025 and March 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
|  | **2025** | **2024** |
| Share options | 113155 | 113868 |
| Warrants | 1321875 | 1492956 |
| Management earnout shares | 425915 | 425915 |
| SAP earnout shares | 34186 | 34186 |
| Sponsor earnout shares | 37735 | 37735 |
| Shares issuable upon conversion of loan notes | 768852 | 116718 |
| **Total** | **2701718** | **2221378** |

---

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**7. Property, plant and equipment**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in USD)* | **Leasehold and leasehold improvements** | **Furniture, fixtures and office equipment** | **Plant equipment** | **Vehicles** | **Total** |
| ***Cost*** |  |  |  |  |  |
| At October 1, 2024 | 114921 | 161151 | 489901 | 176738 | 942711 |
| Additions | 3249 | 3517 | 33774 | 6916 | 47456 |
| Effect of movements in exchange rates | (4420) | (7084) | (23178) | (8517) | (43199) |
| **At March 31, 2025** | **113750** | **157584** | **500497** | **175137** | **946968** |
| ***Accumulated depreciation and impairment losses*** |  |  |  |  |  |
| At October 1, 2024 | 67638 | 63318 | 265082 | 85797 | 481835 |
| Depreciation for the period | 11295 | 13837 | 48750 | 24941 | 98823 |
| Effect of movements in exchange rates | (2469) | (2671) | (12665) | (4075) | (21880) |
| **At March 31, 2025** | **76464** | **74484** | **301167** | **106663** | **558778** |
| ***Carrying amounts*** |  |  |  |  |  |
| At October 1, 2024 | 47283 | 97833 | 224819 | 90941 | 460876 |
| At March 31, 2025 | 37286 | 83100 | 199330 | 68474 | 388190 |

---

**8. Intangible assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Development costs** | **Patents and trademarks** | **Software** | **Total** |
| ***Cost*** |  |  |  |  |
| At October 1, 2024 | 1406852 | 69595 | 141550 | 1617997 |
| Additions |  |  | 10464 | 10464 |
| Effect of movements in exchange rates | (67227) | (3198) | (4987) | (75412) |
| **At March 31, 2025** | **1339625** | **66397** | **147027** | **1553049** |
| ***Accumulated amortization and impairment losses*** |  |  |  |  |
| At October 1, 2024 | 555262 | 23790 | 4505 | 583557 |
| Amortization for the period | 67056 | 3336 | 2709 | 73101 |
| Effect of movements in exchange rates | (26534) | (1105) | (133) | (27772) |
| **At March 31, 2025** | **595784** | **26021** | **7081** | **628886** |
| ***Carrying amounts*** |  |  |  |  |
| At October 1, 2024 | 851590 | 45805 | 137045 | 1034440 |
| At March 31, 2025 | 743841 | 40376 | 139946 | 924163 |

---

Capitalized development costs represent the cost of prototype vehicles and other components based on contractual terms. The development costs are being amortized over a useful life of 10 years; as at March 31, 2025 the remaining useful life was 5.5 years.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**9. Inventory**

Inventory comprised the following at March 31, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** | **March 31,**<br> **2025** | **September 30,**<br> **2024** | **September 30,**<br> **2024** |
| Raw materials |  | 971,412 |  | 341,434 |
| Work in progress |  | 56,012 |  | 58,823 |
| Finished goods | | 95,377 | | 104,955 |
|  | | **1,122,801** | | **505,212** |

---

**10. Trade and other receivables**

Trade and other receivables comprised the following at March 31, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| Trade receivables |  | 21515 |
| Income tax receivable |  | 460738 |
| Other taxation and social security receivable | 213830 | 180368 |
| Prepayments | 284266 | 261352 |
| Other receivables | 612556 | 460789 |
|  | **1110652** | **1384762** |

---

**11. Trade and other payables**

Trade and other payables comprised the following at March 31, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| Accounts payable and accrued liabilities | 21179935 | 20497131 |
| Income tax payable | 407253 |  |
| Other taxation and social security payable | 82358 | 155054 |
| Deferred income | 12501 | 12880 |
|  | **21682047** | **20665065** |

---

At March 31, 2025, accounts payable and accrued liabilities include $17,937,955 (September 30, 2024 - $17,960,374) that remains payable in respect of professional fees and excise taxes in connection with the Business Combination.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**12. Loans and borrowings**

Details of loans and borrowings outstanding as of September 30, 2024 are set out in Note 19 to the financial statements included in the Group's annual report on Form 20-F for the year ended September 30, 2024. Movements since October 1, 2024 are summarized below:

---

| | | |
|:---|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| **Current** |  |  |
| Bank loans | 15382 | 15925 |
| Convertible notes | 440377 | 1488517 |
| Promissory notes | 4273850 | 4229840 |
|  | **4729609** | **5734282** |
| **Non-current** |  |  |
| Bank loans | 2255 | 10009 |
| Promissory notes issued to related parties | 294416 | 309191 |
|  | **296671** | **319200** |
|  | **5026280** | **6053482** |

---

**Current SEPA**

On July 11, 2024, the Company entered into a Standby Equity Purchase Agreement (the "SEPA") with YA II PN, LTD ("Yorkville"), a Cayman Islands exempt limited partnership that is an affiliate of Yorkville Advisors Global, LP, pursuant to which the Company has the right to sell to Yorkville up to $50.0 million ("the Commitment Amount") of its ordinary shares, subject to certain limitations and conditions set forth in the Current SEPA, from time to time during the term thereof.

Under the agreement, Yorkville agreed to advance to the Company $4.0 million in three tranches (the "Pre-Paid Advance") in exchange for convertible promissory notes (the "Convertible Notes"). The first advance of $1.0 million was disbursed on July 11, 2024. The second advance of $1.0 million was disbursed on July 23, 2024. The balance of $2.0 million was disbursed on July 26, 2024. The purchase price for the Pre-Paid Advances was 95% of the principal amount thereof. The notes are not interest bearing and are repayable in July 2025. The Convertible Notes relating to the Pre-Paid Advance were recognized as a financial liability with embedded derivatives. The embedded derivatives related to the conversion option and a floor price amortization event feature under which early repayment of the Convertible Notes is required subject to certain share price criteria being met.

Between July 29, 2024 and March 31, 2025, Yorkville exercised its right to require the issuance and sale of a total of 1,346,404 Ordinary Shares, and at March 31, 2025, there were outstanding Convertible Notes in an aggregate principal amount of $500,000 outstanding. Between April 1, 2025 and the date of release of these unaudited condensed consolidated interim financial statements, Yorkville exercised its right to require the issuance of a total of 1,103,342 Ordinary Shares. As of the date of release of these unaudited condensed consolidated interim financial statements, there were no Convertible Notes outstanding. See Note 18 for further details.

Between December 20, 2024 and March 31, 2025, the Company directed Yorkville to purchase 2,161,681 Ordinary Shares pursuant to the Current SEPA, receiving net cash proceeds of approximately $2.7 million. Between April 1, 2025 and the date of release of these unaudited condensed consolidated interim financial statements, the Company directed Yorkville to purchase a further 2,593,315 Ordinary Shares pursuant to the Current SEPA, receiving net cash proceeds of approximately $1.0 million.

Following repayment of the Convertible Notes, subject to certain conditions and limitations, the Company has the right, but not the obligation, from time to time during the term of the Current SEPA, to direct Yorkville to purchase specified numbers of Ordinary Shares, priced according to the Current SEPA by delivering written notice to Yorkville.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**12. Loans and borrowings (continued)**

**ATM**

On March 3, 2025, the Company entered into an At The Market Offering Agreement (the "Sales Agreement") with H.C. Wainwright & Co., LLC, as sales agent ("Wainwright"), pursuant to which the Company may offer and sell, from time to time through Wainwright, ordinary shares, $0.002 par value per share (the "Shares"), for aggregate gross proceeds of up to $3,000,000 (the "ATM Offering"). The offer and sale of the Shares will be made pursuant to a registration statement on a Form F-3, as amended, originally filed with the SEC on March 3, 2025 and declared effective on March 27, 2025, and the related prospectus contained therein (the "Registration Statement"), as supplemented by a prospectus supplement relating to the ATM Offering.

Pursuant to the Sales Agreement, Wainwright may sell the Shares in sales deemed to be "at-the-market" equity offerings as defined in Rule 415 promulgated under the Securities Act, including sales made directly on or through the Nasdaq Capital Market or any other method permitted by law. If agreed to in a separate terms agreement, the Company may sell the Shares to Wainwright as principal, at a purchase price agreed upon by Wainwright and the Company. Wainwright may also sell the Shares in negotiated transactions with the Company's prior approval. The offer and sale of the Shares pursuant to the ATM Offering will terminate upon the earlier of (a) the sale of the Shares pursuant to the prospectus supplement filed with the SEC having an aggregate sales price of $3,000,000, or (b) the termination of the Sales Agreement by Wainwright or the Company pursuant to its terms. The Company has no obligation to sell any of the Shares, and may at any time suspend offers under the Sales Agreement.

See Note 18 for further details.

**13. Leases**

The Group has entered into lease contracts for its offices, delivery vans and staff motor vehicles. The Group's obligations under its leases are secured either by the lessor's title to the leased assets or by a collateral pledge over the lease assets.

The carrying amounts and movement in the right-of-use assets are set out below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in USD)* | **Leasehold property** | **Furniture, fixtures** <br> **and office equipment** | **Vehicles** | **Total** |
| ***Cost*** |  |  |  |  |
| At October 1, 2024 | 483135 | 10898 | 122730 | 616763 |
| Additions | 60358 | 8007 |  | 68365 |
| Effect of movements in exchange rates | (16341) | (453) | (28993) | (45787) |
| **At March 31, 2025** | **527152** | **18452** | **93737** | **639341** |
| ***Accumulated depreciation and impairment losses*** |  |  |  |  |
| At October 1, 2024 | 211489 | 3934 | 61772 | 277195 |
| Depreciation for the period | 33260 | 1265 | 10307 | 44832 |
| Effect of movements in exchange rates | (6416) | (188) | (26316) | (32920) |
| **At March 31, 2025** | **238333** | **5011** | **45763** | **289107** |
| ***Carrying amounts*** |  |  |  |  |
| At October 1, 2024 | 271646 | 6964 | 60958 | 339568 |
| At March 31, 2025 | 288819 | 13441 | 47974 | 350234 |

---

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**13. Leases (continued)**

The carrying amounts and movement in the lease liabilities are set out below:

---

| | |
|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** |
| At October 1, 2024 | 363718 |
| Additions | 68365 |
| Interest | 14436 |
| Payments | (50506) |
| Effect of movements in exchange rates | (13985) |
| **At March 31, 2025** | **382028** |
| Current | 97632 |
| Non-Current | 284396 |
|  | **382028** |

---

The following are the amounts recognized in profit or loss in respect of the lease agreements:

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended March 31,** | **For the Six Months Ended March 31,** |
| *(in USD)* | **2025** | **2024** |
| Depreciation expense on right-of-use assets | 44831 | 34065 |
| Interest on lease liabilities | 14187 | 9719 |
|  | **59018** | **43784** |

---

**14. Share capital**

At March 31, 2025 the authorized share capital of the Company was US$50,000 divided into 25,000,000 ordinary shares of $0.002 each.

Holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company.

Movements in the Company's share capital during the six months ended March 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in USD, except number)* | **Number** | **Share capital** | **Share premium** |
| At October 1, 2024 | 4926711 | 9853 | 127410994 |
| Shares issued in relation to the Current SEPA | 3013018 | 6026 | 4293930 |
| **At March 31, 2025** | **7939729** | **15879** | **131704924** |

---

As of March 31, 2025, 26,437,500 warrants to acquire the Company's ordinary shares were outstanding. Each warrant can be converted into the right to be issued with 1/20th of an Ordinary Share, and so twenty warrants must be exercised to purchase one Ordinary Share; only whole warrants are exercisable. The effective exercise price of twenty warrants is $230.00, and the warrants are exercisable until April 28, 2028, or earlier upon redemption or liquidation. Until warrant holders acquire the Ordinary Shares upon exercise of such warrants, they have no rights in respect of such Ordinary Shares.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**15. Share-based payments**

There have been no changes to the Group's share-based payment arrangements from those described in the Group's annual report for the year ended September 30, 2024.

The Group recognized a share-based payment charge for the period as follows:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| *(in USD)* | **2025** | **2024** |
| Informal share option arrangements | 791 | 13602 |
| MSA compensation |  | 29645 |
|  | **791** | **43247** |

---

No share options, share awards or RSUs were granted during the six months ended March 31, 2025.

**Movements in equity instruments during the period**

The following reconciles the outstanding share options, earnout shares, share awards to be issued and restricted stock units at the beginning and end of the period:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Informal share** <br> **option** <br> **arrangements** | **Informal share** <br> **option** <br> **arrangements** | **Management** <br> **earnout shares** | **Management** <br> **earnout shares** | **Sponsor** <br> **earnout shares** | **Sponsor** <br> **earnout shares** | **SAP** <br> **compensation** | **SAP** <br> **compensation** |
| **At October 1, 2024 and March 31, 2024** | | 113,155 | | 425,916 | | 37,735 | | 34,186 |

---

As at March 31, 2025, 113,155 of the informal share options were vested. 51,323 of the share options outstanding as at March 31, 2025 were exercisable at a price of $0.00045 per share, 56,179 were exercisable at a price of $15.69 per share, and 5,653 were exercisable at a price of $42.60 per share.

The following table presents key terms in relation to the informal share option arrangements:

---

| | | |
|:---|:---|:---|
|  | **Weighted average** <br> **exercise price** | **Weighted average** <br> **remaining contractual** <br> **life (in years)** |
| At October 1, 2024 | $9.92 |  |
| **At March 31, 2025** | $**9.92** | **5.44** |

---

Movements in non-vested shares under informal share option arrangements were as follows:

---

| | | |
|:---|:---|:---|
|  | **Number** | **Weighted average** <br> **fair value at grant** <br> **date** |
| **At October 1, 2024** | 1783 | $19.15 |
| Vested during the period | (1783) | $19.75 |
| **At March 31, 2025** |  | n/a |

---

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**16. Financial instruments**

**16.1. Financial assets**

Financial assets, other than cash and short-term deposits, comprised the following at March 31, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| **Financial assets at amortized cost** |  |  |
| Trade receivables |  | 21515 |
| Lease deposits | 38678 | 40165 |
|  | **38678** | **61680** |
| **Total financial assets** | **38678** | **61680** |
| Current |  | 39409 |
| Non-current | 38678 | 22271 |
|  | **38678** | **61880** |

---

**16.2. Financial liabilities**

Financial liabilities comprised the following at March 31, 2025 and September 30, 2024:

---

| | | |
|:---|:---|:---|
| *(in USD)* | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| **Financial liabilities at amortized cost** |  |  |
| Accounts payable and accrued liabilities | 21179935 | 20497131 |
| Loans and borrowings | 4291486 | 4255773 |
| Convertible loan notes | 440377 | 1488517 |
| Loans and borrowings from related parties | 294416 | 309191 |
| Lease liabilities | 382028 | 363718 |
|  | **26588242** | **26914330** |
| **Financial liabilities at fair value through profit or loss** |  |  |
| Warrants | 211420 | 242653 |
| Convertible loan notes | 63616 | 407480 |
|  | **275036** | **650133** |
| **Total financial liabilities** | **26863278** | **27564463** |
| Current | 26070792 | 26959670 |
| Non-current | 792486 | 604793 |
|  | **26863278** | **27564463** |

---

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**16. Financial instruments (continued)**

The following is a summary of the loans and borrowings of the Group as at March 31, 2025 and September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest rate** | **Maturity** | **March 31,**<br> **2025** | **September 30,**<br> **2024** |
| **Current** |  |  | | |
| Bank loans | 2.50% | Within one year | 15382 | 15925 |
| Promissory notes | 0.00% to 15.00% | Within one year | 4273850 | 4229840 |
| Convertible loan notes | 0.00% | Within one year | 500000 | 2100000 |
|  |  |  | **4789232** | **6345765** |
| **Non-current** |  |  |  |  |
| Bank loans | 2.50% | 2026 | 2255 | 10009 |
| Promissory notes issued to related parties | 15.00% | 2026 | 294416 | 309191 |
|  |  |  | **296671** | **319200** |

---

As at March 31, 2025, there were 26,437,500 warrants outstanding which do not meet the criteria for equity accounting and are accounted for as a financial liability with movements in fair value being reported within other expenses. For the six months ended March 31, 2025, total gains on revaluation of $31,232 were recorded in relation to the warrants.

**16.3. Fair value**

Management has assessed that the fair value of other receivables and trade and other payables approximated their carrying value due to the short-term maturities of those instruments.

The fair value of other receivables and trade and other payables has been measured using Level 3 valuation inputs.

The fair value of public warrants and embedded derivatives within convertible loan notes were measured using Level 1 inputs and the fair value of private placement warrants was measured using Level 3 inputs.

------

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (continued)

For the six months ended March 31, 2025

**17. Contingencies**

***Litigation***

Group companies are or may be from time to time party to legal proceedings, arbitrations and regulatory proceedings arising in the normal course of our business operations, including the matter described below. We evaluate developments in such matters and provide accruals for such matters, as appropriate. In making such decisions, we consider the degree of probability of an unfavorable outcome and our ability to make a reasonable estimate of the amount of a loss. An unfavorable outcome in any such proceedings, if material, could have an adverse effect on our business or consolidated financial statements.

Zapp UK is currently party to a civil action captioned SPAC Advisory Partners LLC v. Zapp Electric Vehicles Limited *et al.*, No. 655171/2023, filed on October 19, 2023 in the Supreme Court of New York County, New York. Plaintiff's amended complaint in the action, filed March 26, 2024, asserts claims for breach of contract, account stated and supplemental claims arising from the defendant's alleged non-payment of $3,630,000 in fees allegedly due to plaintiff for advisory services in relation to the Business Combination. Plaintiff's amended complaint also purported to add Zapp EV as a party defendant. Zapp UK filed an answer to the operative complaint on May 8, 2024. On September 6, 2024, following service of process upon it, the Company filed a motion to dismiss plaintiff's amended complaint as against it on various grounds, including that the court lacks personal jurisdiction over it. On October 8, 2024, plaintiff's counsel filed its opposition to the Company's motion to dismiss and, contrary to applicable procedural rules, included in such opposition a cross-motion for partial summary judgment against Zapp UK. On October 14, 2024, the Company filed a reply in further support of its motion to dismiss combined with Zapp UK's opposition to plaintiff's purported cross-motion for partial summary judgment. On March 14, 2025, the Court issued its Decision and Order on the foregoing matters, granting the Company's motion to dismiss as to it (with prejudice) and denying plaintiff's purported cross motion for partial summary judgment. On June 18, 2025, plaintiff filed a notice of appeal in respect of the Court's March 14, 2025 Decision and Order. As of the date hereof, there has been no discovery or other proceedings in the case apart from the foregoing. We believe that plaintiff's appeal will be unavailing and that Zapp UK has meritorious defenses to the claims asserted against it in the case.

**18. Subsequent events**

***Actions pursuant to the Current SEPA***

Between April 1, 2025 and the date of release of these unaudited condensed consolidated interim financial statements, Yorkville exercised its right under the Current SEPA to require the issuance and sale of a total of 1,103,342 Ordinary Shares. At the date of release of these unaudited condensed consolidated interim financial statements, there were no outstanding Convertible Notes.

Between April 1, 2025 and the date of release of these unaudited condensed consolidated interim financial statements, the Company directed Yorkville to purchase 2,595,315 Ordinary Shares pursuant to the Current SEPA. The Company received net cash proceeds of $1.0 million from the sale of such shares to Yorkville.

***At the market share issuances***

Between April 1, 2025 and the date of release of these unaudited condensed consolidated interim financial statements, the Company issued a total of 5,459,143 Ordinary Shares in 'at the market' share issuances. The Company received net cash proceeds of $2.9 million from the issuance of such shares.

***Loss of operational control of ZTH***

On May 2, 2025, the Company's directors informed Chief Executive Officer Swin Chatsuwan that the board had lost confidence in him, had voted to place him on a leave of absence pending further action by the board, and had appointed David McIntyre, previously the Company's Chief Operating Officer, as Acting Chief Executive Officer. On or about May 5, 2025, the Company lost operational control of its indirect subsidiary ZTH, when it became clear that Mr. Chatsuwan was intent on exercising continued control over ZTH in breach of his fiduciary duties to the Company and in breach of the December 11, 2024 Shareholders Agreement between himself and Zapp UK, referenced above. In the ensuing weeks, it became clear that Chief Brand Officer Belinda Vinke, Chief Strategy Officer Kiattipong Arrtachariya and Chief Design Officer Warin Thanawathee were acting in concert with Chatsuwan to defy the Company's board, in breach of their duties to the Company. Following prolonged, unsuccessful efforts by the Company's board and other executives to secure their renewed cooperation, the board voted unanimously on June 2, 2025 to terminate for cause Chatsuwan, Vinke, Arrtichariya and Thanawathee and to confirm the appointment of David McIntyre as the Company's Chief Executive Officer.

As a result of these developments, the Company ceased to consolidate ZTH from May 5, 2025 and is pursuing all legal remedies available to it to seek redress from the four executives and regain operational control over ZTH.

------

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers**

The laws of the Cayman Islands do not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of committing a crime. The Amended Articles shall provide that every director (but not including the company's auditors) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless out of the assets and funds of our company against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud as determined by a court of competent jurisdiction, in or about the conduct of our business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning our company or our affairs in any court whether in the Cayman Islands or elsewhere.

We also entered into indemnification agreements with our directors and officers, in the form filed as Exhibit 10.7 to this registration statement pursuant to which we agreed to indemnify each such person and hold him harmless against expenses, judgments, fines and amounts payable under settlement agreements in connection with any threatened, pending or completed action, suit or proceeding to which he has been made a party or in which he became involved by reason of the fact that he is or was our director or officer. Except with respect to expenses to be reimbursed by us in the event that the indemnified person has been successful on the merits or otherwise in defense of the action, suit or proceeding, our obligations under the indemnification agreements will be subject to certain customary restrictions and exceptions.

In addition, we maintain, and are obligated to establish and maintain for at least six years, standard and tail policies of insurance under which coverage is provided to our directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act, and to us with respect to payments which may be made by us to such directors and officers pursuant to the above indemnification provision or otherwise as a matter of law.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.

**Item 7. Recent Sales of Unregistered Securities**

Set forth below is information regarding all securities sold or granted by us within the past three years that were not registered under the Securities Act and the consideration, if any, received by us for such securities. All share issuances have been restated to reflect the Reverse Stock Split approved by Shareholders on April 11, 2024:

• On April 28, 2023, we issued 8,650 Ordinary Shares to SPAC Advisory Partners LLC in respect of their services relating to the Business Combination.

• On July 31, 2023, we issued 121,610 Ordinary Shares to CFPA Holdings LLC-Zapp RS pursuant to the Forward Purchase Agreement for no additional consideration.

• In February and March 2024, we sold an aggregate of 122,704 Ordinary Shares for aggregate consideration of $626,000 in a series of at-the-market private transactions.

• On March 26, 2024, we issued 9,091 Ordinary Shares to Yorkville in settlement of a commitment fee due under the Original SEPA.

• On March 29, 2024, we issued 3,606 Ordinary Shares to a supplier in consideration for the provision of marketing services to the Company.

• Between March and April 2024, we issued convertible promissory notes to Yorkville in an aggregate principal amount of $1.5 million pursuant to the Original SEPA.

• Between April and June 2024, we issued an aggregate of 990,909 Ordinary Shares to Yorkville pursuant to the Original SEPA, including 906,219 in relation to the conversion of the above mentioned convertible promissory notes.

• On May 17, 2024 and on August 25, 2024, we issued an aggregate of 20,000 Ordinary Shares to a supplier in consideration for the provision of investor relations services to the Company.

• In July 2024, we issued convertible promissory notes to Yorkville in an aggregate principal amount of $4.0 million pursuant to the Current SEPA.

• Between July 2024 and May 2025, we issued an aggregate of 7,204,742 Ordinary Shares to Yorkville pursuant to the Current SEPA, including 2,449,746 in relation to the conversion of $4.0 million of the above mentioned convertible promissory notes.

The foregoing securities issuances were made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act and/or Regulation D or Regulation S promulgated thereunder.

------

**Item 8. Exhibits and Financial Statement Schedules.**

(a) The following exhibits are included or incorporated by reference in this registration statement on Form F-1:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1† | [Agreement and Plan of Merger, dated as of November 22, 2022, by and among CIIG Capital Partners II, Inc., Zapp Electric Vehicles Limited, Zapp Electric Vehicles Group Limited, and Zapp Electric Vehicles, Inc. (incorporated by reference to Exhibit 2.1 to CIIG Capital Partners II, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on November 22, 2022).](http://www.sec.gov/Archives/edgar/data/1841338/000119312522290547/d413456dex21.htm) |
| 3.1\* | [Amended and Restated Memorandum and Articles of Association of Zapp Electric Vehicles Group Limited, approved April 11, 2024 and modified by shareholder resolution dated October 8, 2025.](http://www.sec.gov/Archives/edgar/data/1955104/000119312523136041/d487724dex11.htm) |
| 4.1 | [Specimen Warrant Certificate of Zapp Electric Vehicles Group Limited (incorporated by reference to Exhibit E of Exhibit 2.1 to CIIG Capital Partners II, Inc. Form 8-K (File No. 001-40802) filed with the SEC on November 22, 2022).](http://www.sec.gov/Archives/edgar/data/1841338/000119312522290547/d413456dex21.htm) |
| 4.2 | [Warrant Agreement, dated September 14, 2021, by and between CIIG Capital Partners II, Inc. and Continental Stock Transfer & Trust Company, as warrant agent (incorporated by reference to Exhibit 4.1 to CIIG Capital Partners II, Inc. Form 8-K (File No. 001-40802), filed with the SEC on September 17, 2021).](http://www.sec.gov/Archives/edgar/data/1841338/000121390021048599/ea147560ex4-1_ciigcapital2.htm) |
| 4.3 | [Assignment, Assumption and Amendment Agreement with respect to the Warrant Agreement, dated April 28, 2023, between CIIG Capital Partners II, Inc., Zapp Electric Vehicles Group Limited and Continental Stock Transfer & Trust Company (incorporated by reference to Exhibit 10.2 to Zapp Electric Vehicles, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on May 1, 2023).](http://www.sec.gov/Archives/edgar/data/1841338/000119312523128099/d479954dex102.htm) |
| 5.1\*\* | [Opinion of the Company's Chief Legal Officer as to the validity of the Company's Ordinary Shares.](http://www.sec.gov/Archives/edgar/data/1955104/000095017024084970/zapp-ex5_1.htm) |
| 10.1 | [Private Placement Warrant Purchase Agreement, dated September 14, 2021, by and between CIIG Capital Partners II, Inc. and CIIG Management II LLC (incorporated by reference to Exhibit 10.5 to CIIG Capital Partners II, Inc. Form 8-K (File No. 001-40802), filed with the SEC on September 17, 2021).](http://www.sec.gov/Archives/edgar/data/1841338/000121390021048599/ea147560ex10-5_ciigcapital2.htm) |
| 10.2 | [Form of Investor Exchange and Support Agreement (incorporated by reference to Exhibit 10.1 to CIIG Capital Partners II, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on November 22, 2022).](http://www.sec.gov/Archives/edgar/data/1841338/000119312522290547/d413456dex101.htm) |
| 10.3 | [Form of Management Exchange and Support Agreement (incorporated by reference to Exhibit 10.2 to CIIG Capital Partners II, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on November 22, 2022).](http://www.sec.gov/Archives/edgar/data/1841338/000119312522290547/d413456dex102.htm) |
| 10.4 | [Amended and Restated Sponsor Agreement, dated as of November 22, 2022, by and among CIIG Capital Partners II, Inc., CIIG Management II LLC and the other parties thereto (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form F-4 (File No. 333-268857), filed with the SEC on March 13, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312522307517/d410823dex103.htm) |
| 10.5 | [Registration Rights Agreement, dated April 28, 2023, by and between Zapp Electric Vehicles Group Limited, CIIG Management II LLC, and the other parties thereto (incorporated by reference to Exhibit 10.1 to Zapp Electric Vehicles, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on May 1, 2023).](http://www.sec.gov/Archives/edgar/data/1841338/000119312523128099/d479954dex101.htm) |
| 10.6 | [Director Nomination Agreement, dated April 28, 2023, by and between Zapp Electric Vehicles Group Limited and Swin Chatsuwan (incorporated by reference to Exhibit 4.6 of the Company's Shell Company Report on Form 20-F (File No. 001-41693), filed with the SEC on May 4, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523136041/d487724dex46.htm) |
| 10.7 | [Form of Indemnification Agreement between Zapp Electric Vehicles Group Limited and each executive officer and director of Zapp Electric Vehicles Group Limited (incorporated by reference to Exhibit 4.7 of the Company's Shell Company Report on Form 20-F (File No. 001-41693), filed with the SEC on May 4, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523136041/d487724dex47.htm) |
| 10.8† | [Nomination Letter, dated September 11, 2022, between Zapp Scooters (Thailand) Co., Ltd. and Summit Laemchabang Auto Body Work Co., Ltd (incorporated by reference to Exhibit 10.8 to the Company's Registration Statement on Form F-4 (File No. 333-268857), filed with the SEC on March 13, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523012163/d410823dex108.htm) |

---

10.9 [Novation, Assumption and Amendment Agreement, dated April 28, 2023, between Zapp Electric Vehicles Limited, Zapp Electric Vehicles Group Limited, Michael Joseph and CIIG Capital Partners II, Inc. (incorporated by reference to Exhibit 4.9 of the Company's Shell Company Report on Form 20-F (File No. 001-41693), filed with the SEC on May 4, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523136041/d487724dex49.htm)

10.10 [Form of Pubco Exchange Option Agreement (incorporated by reference to Exhibit 10.13 to the Company's Registration Statement on Form F-4 (File No. 333-268857), filed with the SEC on March 13, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523043489/d410823dex1013.htm)

10.11 [Second Amended and Restated Subscription Agreement, dated September 14, 2021 by and among CIIG Capital Partners II, Inc., CIIG Management II LLC and HC NCBR Fund (incorporated by reference to Exhibit 10.10 to the Company's Registration Statement on Form F-4 (File No. 333-268857), filed with the SEC on March 13, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523025739/d410823dex1010.htm)

10.12 [Second Amended and Restated Subscription Agreement, dated September 14, 2021 by and among CIIG Capital Partners II, Inc., CIIG Management II LLC and BlackRock Credit Alpha Master Fund L.P. (incorporated by reference to Exhibit 10.11 to the Company's Registration Statement on Form F-4 (File No. 333-268857), filed with the SEC on March 13, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523025739/d410823dex1011.htm)

10.13 [Form of Forward Purchase Agreement (incorporated by reference to Exhibit 10.1 to CIIG Capital Partners II, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on April 26, 2023).](http://www.sec.gov/Archives/edgar/data/1841338/000119312523116759/d486788dex101.htm)

10.14 [Form of Promissory Note (incorporated by reference to Exhibit 10.1 to Zapp Electric Vehicles Group Limited's Form 6-K (File No. 333-268857), furnished to the SEC on April 18, 2023).](http://www.sec.gov/Archives/edgar/data/1955104/000119312523105029/d474798dex101.htm)

10.15 [Form of Amended and Restated Working Capital Promissory Note (incorporated by reference to Exhibit 10.4 to Zapp Electric Vehicles, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on May 1, 2023).](http://www.sec.gov/Archives/edgar/data/1841338/000119312523128099/d479954dex104.htm)

10.16 [Amended and Restated Extension Promissory Note, dated April 27, 2023, by and between CIIG Capital Partners II, Inc. and CIIG Management II LLC (incorporated by reference to Exhibit 10.5 to Zapp Electric Vehicles, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on May 1, 2023).](http://www.sec.gov/Archives/edgar/data/1841338/000119312523128099/d479954dex105.htm)

10.17 [Form of Amended and Restated BlackRock Extension Promissory Note (incorporated by reference to Exhibit 10.3 to Zapp Electric Vehicles, Inc.'s Form 8-K (File No. 001-40802), filed with the SEC on May 1, 2023).](http://www.sec.gov/Archives/edgar/data/1841338/000119312523128099/d479954dex103.htm)

10.18 [Standby Equity Purchase Agreement, dated February 10, 2024, between Zapp Electric Vehicles Group Limited and YA II PN, Ltd., including the form of Promissory Note included therein (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K (File No. 001,41693), furnished to the SEC on February 14, 2024).](http://www.sec.gov/Archives/edgar/data/1955104/000095017024014949/zapp-ex99_1.htm)

10.19 [Standby Equity Purchase Agreement, dated July 11, 2024, between Zapp Electric Vehicles Group Limited and YA II PN, Ltd., including the form of Promissory Note included therein (incorporated by reference to Exhibit 99.1 to the Company's Form 6-K (File No. 001-41693), furnished to the SEC on July 16, 2024).](http://www.sec.gov/Archives/edgar/data/1955104/000095017024083760/zapp-ex99_1.htm)

10.20 [Registration Rights Agreement, dated July 11, 2024, by and between Zapp Electric Vehicles Group Limited. and YA II PN, Ltd. (incorporated by reference to Exhibit 99.2 to the Company's Form 6-K (File No. 001-41693), furnished to the SEC on July 16, 2024.](http://www.sec.gov/Archives/edgar/data/1955104/000095017024083760/zapp-ex99_2.htm)

10.21 [Share Transfer Agreement, dated December 11, 2024, between Zapp Electric Vehicles Limited and Swin Chatsuwan (incorporated by reference to Exhibit 4.20 to the Company's Annual Report on Form 20-F (File No. 001-41693) filed with the SEC on January 30, 2025).](http://www.sec.gov/Archives/edgar/data/1955104/000095017025011073/zapp-ex4_20.htm)

10.22 [Shareholders Agreement, dated December 11, 2024, between Zapp Electric Vehicles Limited and Swin Chatsuwan (incorporated by reference to Exhibit 4.21 to the Company's Annual Report on Form 20-F (File No. 001-41693) filed with the SEC on January 30, 2025).](http://www.sec.gov/Archives/edgar/data/1955104/000095017025011073/zapp-ex4_21.htm)

10.23 [Intercompany Agreement, dated December 11, 2024, between Zapp Electric Vehicles Limited and Zapp Scooters (Thailand) Company Limited (incorporated by reference to Exhibit 4.22 to the Company's Annual Report on Form 20-F (File No. 001-41963) filed with the SEC on January 30, 2025).](http://www.sec.gov/Archives/edgar/data/1955104/000095017025011073/zapp-ex4_22.htm)

10.24 [At The Market Offering Agreement dated March 3, 2025, between Zapp Electric Vehicles Group Limited and H.C. Wainwright & Co., LLC (incorporated by reference to Exhibit 1.2 to the Company's Registration Statement on Form F-3 (File No. 333-285544), filed with the SEC on March 4, 2025.](http://www.sec.gov/Archives/edgar/data/1955104/000095017025032438/zapp-ex1_2.htm)

21.1 [List of Subsidiaries of Zapp Electric Vehicles Group Limited (incorporated by reference to Exhibit 8.1 to the Company's Annual Report on Form 20-F (File No. 001-41693) filed with the SEC on January 30, 2025).](http://www.sec.gov/Archives/edgar/data/1955104/000095017025011073/zapp-ex8_1.htm)

---

| | |
|:---|:---|
| 23.1\* | [Consent of PKF Littlejohn LLP.](ex_888117.htm) |
| 23.2\*\* | [Consent of the Company's Chief Legal Officer (included in Exhibit 5.1).](http://www.sec.gov/Archives/edgar/data/1955104/000095017024084970/zapp-ex5_1.htm) |
| 24.1\* | [Power of Attorney (included on the signature page of the filing of this registration statement).](#POWER_OF_ATTORNEY) |
| 107\*\* | [Filing Fee Table.](http://www.sec.gov/Archives/edgar/data/1955104/000095017024084970/zapp-exfiling_fees.htm) |

---

\* Filed herewith. <br> \*\* Previously filed. <br> † Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request

(b) Financial Statement Schedules.

All schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the financial statements or notes thereto.

------

**Item 9. Undertakings**

The undersigned Registrant hereby undertakes:

(1) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

i. to include any prospectus required by Section 10(a)(3) of the Securities Act;

ii. to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

iii. to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

provided, however, that paragraphs (1)(i), (1)(ii) and (1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(2) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;

(3) to remove from registration by means of a post-effective amendment any of the securities being deregistered which remain unsold at the termination of the offering;

(4) to file a post-effective amendment to the registration statement to include any financial statements required by "Item 8.A. of Form 20-F" at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act or Item 8.A. of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement;

(5) that, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

(6) that, for the purpose of determining any liability under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser

i. any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

ii. any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

iii. the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

iv. any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in London, United Kingdom on November 25, 2025.

---

| | | |
|:---|:---|:---|
| **ZAPP ELECTRIC VEHICLES GROUP LIMITED** |  |  |
|  | By:  | /s/ David McIntyre |
|  | Name: | David McIntyre |
|  | Title: | Chief Executive Officer |

---

NOW ALL PERSONS BY THESE PRESENTS, that each of the undersigned constitutes and appoints David Sturgeon, with full power to act alone, as his or her true and lawful attorney-in-fact, with the full power of substitution, for and in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement and any registration statement filed pursuant to Rule 462(b) promulgated under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that such attorney-in-fact, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **NAME** | **POSITION** | **DATE** |
| /s/ David McIntyre |  | November 25, 2025 |
| David McIntyre | Chief Executive Officer and Director |  |
|  | (*Principal Executive Officer*) |  |
| /s/ David Sturgeon |  | November 25, 2025 |
| David Sturgeon | Chief Financial Officer |  |
|  | (*Principal Financial Officer and Principal Accounting Officer)* |  |
| /s/ Jeremy North |  | November 25, 2025 |
| Jeremy North | President and Director |  |
| /s/ Anthony Posawatz |  | November 25, 2025 |
| Anthony Posawatz | Chairman of the Board |  |
| /s/ Kenneth West |  | November 25, 2025 |
| Kenneth West | Independent Director |  |
| /s/ Patricia Wilber |  | November 25, 2025 |
| Patricia Wilber | Independent Director |  |
| /s/ Edouard Meylan |  | November 25, 2025 |
| Edouard Meylan | Non-Executive Director |  |

---

------

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of America has signed this registration statement on Form F-1 in Newark, Delaware, on November 25, 2025.

---

| | |
|:---|:---|
| By:  | /s/ Donald J. Puglisi |
| Name: | Donald J. Puglisi  |
| Title:  | Managing Director  |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATES**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**ZAPP ELECTRIC VEHICLES GROUP LIMITED**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 APRIL 2024)**

**(AUTHORISED SHARE CAPITAL AMENDED BY ORDINARY RESOLUTION**

**DATED 8 OCTOBER 2025 AND APENDED HERETO)**

------

**THE COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**ZAPP ELECTRIC VEHICLES GROUP LIMITED**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 APRIL 2024)**

1. The name of the company is Zapp Electric Vehicles Group Limited (the "Company").

2. The registered office of the Company will be situated at the offices of Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands or at such other location as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by any law as provided by Section 7(4) of the Companies Act (as amended) of the Cayman Islands (the "Companies Act").

4. The Company shall have and be capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit as provided by Section 27(2) of the Companies Act.

5. The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands.

6. The liability of the shareholders of the Company is limited to the amount, if any, unpaid on the shares respectively held by them.

7. The authorised share capital of the Company is US$50,000 divided into 25,000,000 ordinary shares of a nominal or par value of US$0.002 each provided always that subject to the Companies Act and the Articles of Association the Company shall have power to redeem or purchase any of its shares and to sub-divide or consolidate the said shares or any of them and to issue all or any part of its capital whether original, redeemed, increased or reduced with or without any preference, priority, special privilege or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and so that unless the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

8. The Company may exercise the power contained in Section 206 of the Companies Act to deregister in the Cayman Islands and be registered by way of continuation in some other jurisdiction.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **CLAUSE** | **PAGE** |
| TABLE A | [1](#TABLE_A) |
| INTERPRETATION | [1](#INTERPRETATION) |
| PRELIMINARY | [4](#PRELIMINARY) |
| SHARES | [4](#SHARES) |
| MODIFICATION OF RIGHTS | [5](#MODIFICATION_OF_RIGHTS) |
| CERTIFICATES | [5](#CERTIFICATES) |
| FRACTIONAL SHARES | [5](#FRACTIONAL_SHARES) |
| LIEN | [6](#LIEN) |
| CALLS ON SHARES | [6](#CALLS_ON_SHARES) |
| FORFEITURE OF SHARES | [7](#FORFEITURE_OF_SHARES) |
| TRANSFER OF SHARES | [8](#TRANSFER_OF_SHARES) |
| TRANSMISSION OF SHARES | [8](#TRANSMISSION_OF_SHARES) |
| ALTERATION OF SHARE CAPITAL | [9](#ALTERATION_OF_SHARE_CAPITAL) |
| REDEMPTION, PURHCASE AND SURRENDER OF SHARES | [9](#REDEMPTION_PURCHASE_AND_SURRENDER_OF_SHARES) |
| TREASURY SHARES | [10](#TREASURY_SHARES) |
| GENERAL MEETINGS | [10](#GENERAL_MEETINGS) |
| NOTICE OF GENERAL MEETINGS | [11](#NOTICE_OF_GENERAL_MEETINGS) |
| PROCEEDINGS AT GENERAL MEETINGS | [11](#PROCEEDINGS_AT_GENERAL_MEETINGS) |
| VOTES OF SHAREHOLDERS | [12](#VOTES_OF_SHAREHOLDERS) |
| CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS | [12](#CORPORATIONS_ACTING_BY_REPRESENTATIVES_AT_MEETINGS) |

---

------

---

| | |
|:---|:---|
| DIRECTORS | [13](#DIRECTORS) |
| ALTERNATE DIRECTOR | [13](#ALTERNATE_DIRECTOR) |
| POWERS AND DUTIES OF DIRECTORS | [14](#POWERS_AND_DUTIES_OF_DIRECTORS) |
| THE SEAL | [16](#THE_SEAL) |
| DISQUALIFICATION OF DIRECTORS | [16](#DISQUALIFICATION_OF_DIRECTORS) |
| PROCEEDINGS OF DIRECTORS | [17](#PROCEEDINGS_OF_DIRECTORS) |
| DIVIDENDS | [19](#DIVIDENDS) |
| ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION | [19](#ACCOUNTS_AUDIT_AND_ANNUAL_RETURN_AND_DECLARATION) |
| CAPITALISATION OF RESERVES | [20](#CAPITALISATION_OF_RESERVES) |
| SHARE PREMIUM ACCOUNT | [20](#SHARE_PREMIUM_ACCOUNT) |
| NOTICES | [21](#NOTICES) |
| INDEMNITY | [22](#INDEMNITY) |
| NON-RECOGNITION OF TRUSTS | [22](#NON_RECOGNITION_OF_TRUSTS) |
| WINDING UP | [22](#WINDING_UP) |
| AMENDMENT OF ARTICLES OF ASSOCIATION | [23](#AMENDMENT_OF_ARTICLES_OF_ASSOCIATION) |
| CLOSING OF REGISTER OR FIXING OF RECORD DATE | [23](#CLOSING_OF_REGISTER_OR_FIXING_RECORD_DATE) |
| REGISTRATION BY WAY OF CONTINUATION | [23](#REGISTRATION_BY_WAY_OF_CONTINUATION) |
| MERGERS AND CONSOLIDATION | [23](#MERGERS_AND_CONSOLIDATION) |
| DISCLOSURE | [23](#DISCLOSURE) |
| EXECUTIVE FORUM | [24](#EXCLUSIVE_FORUM) |

---

------

**THE COMPANIES ACT (AS AMENDED)**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**ZAPP ELECTRIC VEHICLES GROUP LIMITED**

**(ADOPTED BY SPECIAL RESOLUTION DATED 11 APRIL 2024)**

**TABLE A**

The regulations contained or incorporated in Table 'A' in the First Schedule of the Companies Act shall not apply the Zapp Electric Vehicles Group Limited (the "**Company**") and the following articles shall comprise the Articles of Association of the Company.

**INTERPRETATION**

---

| | |
|:---|:---|
| 1. | In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent with the subject or context: |
|  | "**Articles**" means these articles of association of the Company, as amended or substituted from time to time. |
|  | "**Board**" means the board of Directors of the Company from time to time. |
|  | "**Branch Register**" means any branch Register of such category or categories of Members as the Company may from time to time determine. |
|  | "**Chairman**" means chair of the Board. |
|  | "**Class**" or "**Classes**" means any class or classes of Shares as may from time to time be issued by the Company. |
|  | "**Companies Act**" means the Companies Act (as amended) of the Cayman Islands. |
|  | "**Compensation Committee**" means a compensation committee of the Board as defined under the Designated Stock Exchange rules. |

---

------

---

| | |
|:---|:---|
| "**Designated Stock Exchange**" means any national securities exchange or automated quotation system on which the Company's securities are traded, including but not limited to Nasdaq Capital Market. | "**Designated Stock Exchange**" means any national securities exchange or automated quotation system on which the Company's securities are traded, including but not limited to Nasdaq Capital Market. |
| "**Directors**" means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof. | "**Directors**" means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof. |
| "**Independent Director**" means a Director who qualifies as "independent" under the rules of the Designated Stock Exchange. | "**Independent Director**" means a Director who qualifies as "independent" under the rules of the Designated Stock Exchange. |
| "**Listing Date**" means 1 May 2023. | "**Listing Date**" means 1 May 2023. |
| "**Memorandum of Association**" means the memorandum of association of the Company, as amended or substituted from time to time. | "**Memorandum of Association**" means the memorandum of association of the Company, as amended or substituted from time to time. |
| "**Office**" means the registered office of the Company as required by the Companies Act. | "**Office**" means the registered office of the Company as required by the Companies Act. |
| "**Officers**" means the officers for the time being and from time to time of the Company. | "**Officers**" means the officers for the time being and from time to time of the Company. |
| "**Ordinary Resolution**" means a resolution: | "**Ordinary Resolution**" means a resolution: |
| (a) | passed by a simple majority of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; or |
| (b) | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed. |
| "**paid up**" means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up. | "**paid up**" means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up. |
| "**Person**" means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires, other than in respect of a Director or Officer in which circumstances Person shall mean any person or entity permitted to act as such in accordance with the laws of the Cayman Islands. | "**Person**" means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires, other than in respect of a Director or Officer in which circumstances Person shall mean any person or entity permitted to act as such in accordance with the laws of the Cayman Islands. |
| "**Principal Register**", where the Company has established one or more Branch Registers pursuant to the Companies Act and these Articles, means the Register maintained by the Company pursuant to the Companies Act and these Articles that is not designated by the Directors as a Branch Register. | "**Principal Register**", where the Company has established one or more Branch Registers pursuant to the Companies Act and these Articles, means the Register maintained by the Company pursuant to the Companies Act and these Articles that is not designated by the Directors as a Branch Register. |

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|:---|:---|
|  | "**Register**" means the register of Members of the Company required to be kept pursuant to the Companies Act and includes any Branch Register(s) established by the Company in accordance with the Companies Act. |
|  | "**Seal**" means the common seal of the Company (if adopted) including any facsimile thereof. |
|  | "**Secretary**" means any Person appointed by the Directors to perform any of the duties of the secretary of the Company. |
|  | "**Share**" means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share. |
|  | "**Shareholder**" or "**Member**" means a Person who is registered as the holder of Shares in the Register and includes each subscriber to the Memorandum of Association pending entry in the Register of such subscriber. |
|  | "**Share Premium Account**" means the share premium account established in accordance with these Articles and the Companies Act. |
|  | "**signed**" means bearing a signature or representation of a signature affixed by mechanical means. |
|  | "**Special Resolution**" means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |
| (a) | passed by a majority of not less than two-thirds of such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given and where a poll is taken regard shall be had in computing a majority to the number of votes to which each Shareholder is entitled; or |
| (b) | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed. |
|  | "**Treasury Shares**" means Shares that were previously issued but were purchased, redeemed, surrendered or otherwise acquired by the Company and not cancelled. |
| 2. | In these Articles, save where the context requires otherwise: |
| (a) | words importing the singular number shall include the plural number and vice versa; |
| (b) | words importing the masculine gender only shall include the feminine gender and any Person as the context may require; |

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(c) the word "may" shall be construed as permissive and the word "shall" shall be construed as imperative;

(d) reference to a dollar or dollars or USD (or $) and to a cent or cents is reference to dollars and cents of the United States of America;

(e) reference to a statutory enactment shall include reference to any amendment or re- enactment thereof for the time being in force;

(f) reference to any determination by the Directors shall be construed as a determination by the Directors in their sole and absolute discretion and shall be applicable either generally or in any particular case; and

(g) reference to "in writing" shall be construed as written or represented by any means reproducible in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format for storage or transmission for writing or partly one and partly another.

2. Subject to the preceding Articles, any words defined in the Companies Act shall, if not inconsistent with the subject or context, bear the same meaning in these Articles.

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**PRELIMINARY**

4. The business of the Company may be commenced at any time after incorporation.

5. The Office shall be at such address in the Cayman Islands as the Directors may from time to time determine. The Company may in addition establish and maintain such other offices and places of business and agencies in such places as the Directors may from time to time determine.

6. The expenses incurred in the formation of the Company and in connection with the offer for subscription and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and the amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

7. The Directors shall keep, or cause to be kept, the Register at such place or (subject to compliance with the Companies Act and these Articles) places as the Directors may from time to time determine. In the absence of any such determination, the Register shall be kept at the Office. The Directors may keep, or cause to be kept, one or more Branch Registers as well as the Principal Register in accordance with the Companies Act, provided always that a duplicate of such Branch Register(s) shall be maintained with the Principal Register in accordance with the Companies Act. Title to Shares may be evidenced and transferred in accordance with the laws applicable to and the rules and regulations of the Designated Stock Exchange.

**SHARES**

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| 8. | Subject to these Articles, all Shares for the time being unissued shall be under the control of the Directors who may: |
| (a) | issue, allot and dispose of the same to such Persons, in such manner, on such terms and having such rights and being subject to such restrictions as they may from time to time determine; and |
| (b) | grant options with respect to such Shares and issue warrants or similar instruments with respect thereto; |
|  | and, for such purposes, the Directors may reserve an appropriate number of Shares for the time being unissued. |
| 9. | The Directors, or the Shareholders by Ordinary Resolution, may authorise the division of Shares into any number of Classes and sub-classes and the different Classes and sub-classes shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including, without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between the different Classes (if any) may be fixed and determined by the Directors or the Shareholders by Ordinary Resolution. |
| 10. | The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of their subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also pay such brokerage as may be lawful on any issue of Shares. |
| 11. | The Directors may refuse to accept any application for Shares, and may accept any application in whole or in part, for any reason or for no reason. |

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**MODIFICATION OF RIGHTS**

12. Whenever the capital of the Company is divided into different Classes (and as otherwise determined by the Directors) the rights attached to any such Class may, subject to any rights or restrictions for the time being attached to any Class only be materially adversely varied or abrogated with the consent in writing of the holders of not less than two-thirds of the issued Shares of the relevant Class, or with the sanction of a resolution passed at a separate meeting of the holders of the Shares of such Class by a majority of two-thirds of the votes cast at such a meeting. To every such separate meeting all the provisions of these Articles relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the necessary quorum shall be one or more Persons at least holding or representing by proxy one- third in nominal or par value amount of the issued Shares of the relevant Class (but so that if at any adjourned meeting of such holders a quorum as above defined is not present, those Shareholders who are present shall form a quorum) and that, subject to any rights or restrictions for the time being attached to the Shares of that Class, every Shareholder of the Class shall on a poll have one vote for each Share of the Class held by them. For the purposes of this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if they consider that all such Classes would be affected in the same way by the proposals under consideration **,** but in any other case shall treat them as separate Classes. The Directors may vary the rights attaching to any Class without the consent or approval of Shareholders provided that the rights will not, in the determination of the Directors, be materially adversely varied or abrogated by such action.

13. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially adversely varied or abrogated by, *inter alia*, the creation, allotment or issue of further Shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any Shares of any Class by the Company.

**CERTIFICATES**

14. No Person shall be entitled to a certificate for any or all of their Shares, unless the Directors shall determine otherwise.

**FRACTIONAL SHARES**

15. The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction of a Share of the same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

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**LIEN**

16. The Company has a first and paramount lien on every Share (whether or not fully paid) for all amounts (whether presently payable or not) payable at a fixed time or called in respect of that Share. The Company also has a first and paramount lien on every Share (whether or not fully paid) registered in the name of a Person indebted or under liability to the Company (whether they are the sole registered holder of a Share or one of two or more joint holders) for all amounts owing by them or their estate to the Company (whether or not presently payable). The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of this Article. The Company's lien on a Share extends to any amount payable in respect of it.

17. The Company may sell, in such manner as the Directors may determine, any Share on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently payable nor until the expiration of fourteen days after a notice in writing, demanding payment of such part of the amount in respect of which the lien exists as is presently payable, has been given to the registered holder for the time being of the Share, or the Persons entitled thereto by reason of their death or bankruptcy.

18. For giving effect to any such sale the Directors may authorise some Person to transfer the Shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer and they shall not be bound to see to the application of the purchase money, nor shall their title to the Shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.

19. The proceeds of the sale after deduction of expenses, fees and commission incurred by the Company shall be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

20. The Directors may from time to time make calls upon the Shareholders in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares.

21. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

22. If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof, the Person from whom the sum is due shall pay interest upon the sum at the rate of eight percent per annum from the day appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly or in part.

23. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

24. The Directors may make arrangements on the issue of partly paid Shares for a difference between the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

25. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or any part of the moneys uncalled and unpaid upon any partly paid Shares held by them, and upon all or any of the moneys so advanced may (until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Shareholder paying the sum in advance and the Directors.

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**FORFEITURE OF SHARES**

26. If a Shareholder fails to pay any call or instalment of a call in respect of any Shares on the day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid, serve a notice on them requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

27. The notice shall name a further day (not earlier than the expiration of fourteen days from the date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the time appointed the Shares in respect of which the call was made will be liable to be forfeited.

28. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution of the Directors to that effect.

29. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

30. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by them to the Company in respect of the Shares forfeited, but their liability shall cease if and when the Company receives payment in full of the amount unpaid on the Shares forfeited.

31. A statutory declaration in writing that the declarant is a Director, and that a Share has been duly forfeited on a date stated in the declaration, shall be conclusive evidence of the facts in the declaration as against all Persons claiming to be entitled to the Share.

32. The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to whom the Share is sold or disposed of and that Person shall be registered as the holder of the Share, and shall not be bound to see to the application of the purchase money, if any, nor shall their title to the Shares be affected by any irregularity or invalidity in the proceedings in reference to the disposition or sale.

33. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which by the terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

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**TRANSFER OF SHARES**

34. Subject to these Articles and the rules or regulations of the Designated Stock Exchange or any relevant securities laws, any Shareholder may transfer all or any Shares by an instrument of transfer in a usual or common form or in a form prescribed by the Designated Stock Exchange or in any other form approved by the Directors and may be under hand or, if the transferor or transferee is a clearing house or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Directors may approve from time to time.

35. Subject to the rules of any Designated Stock Exchange on which the Shares in question may be listed and to any rights and restrictions for the time being attached to any Share, the Directors shall not unreasonably decline to register any transfer of Shares and shall, upon making any decision to decline to register any transfer of Shares, assign an appropriate reason therefor. If the Directors refuse to register a transfer of any Share the Company shall, within two (2) months after the date on which the transfer request was lodged with the Company, send to the transferor and transferee notice of the refusal, including the relevant reason for such refusal. For the avoidance of doubt, it shall not be unreasonable for the Directors to decline to register any transfer of a Share if such transfer would breach or cause a breach of: (i) the rules of any Designated Stock Exchange on which the Shares may be listed; or (ii) applicable law or regulation.

36. The registration of transfers may be suspended at such times and for such periods as the Directors may from time to time determine.

37. All instruments of transfer that are registered shall be retained by the Company, but any instrument of transfer that the Directors decline to register shall (except in any case of fraud) be returned to the Person depositing the same.

**TRANSMISSION OF SHARES**

38. The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors or survivor, or the legal personal representatives of the deceased holder of the Share, shall be the only Person recognised by the Company as having any title to the Share.

39. Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder in respect of the Share or, instead of being registered themself, to make such transfer of the Share as the deceased or bankrupt Person could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

40. A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled to the same dividends and other advantages to which they would be entitled if they were the registered Shareholder, except that they shall not, before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the Company.

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**ALTERATION OF SHARE CAPITAL**

41. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be divided into Shares of such Classes and amount, as the resolution shall prescribe.

42. The Company may by Ordinary Resolution:

(a) consolidate and divide all or any of its share capital into Shares of a larger amount than its existing Shares;

(b) convert all or any of its paid up Shares into stock and reconvert that stock into paid up Shares of any denomination;

(c) subdivide its existing Shares, or any of them into Shares of a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be the same as it was in case of the Share from which the reduced Share is derived; and

(d) cancel any Shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any Person and diminish the amount of its share capital by the amount of the Shares so cancelled.

43. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any manner authorised by law.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

44. Subject to the Companies Act, the Company may:

(a) issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Shareholder on such terms and in such manner as the Directors may determine;

(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner as the Directors may determine and agree with the Shareholder;

(c) make a payment in respect of the redemption or purchase of its own Shares in any manner authorised by the Companies Act, including out of its capital; and

(d) accept the surrender for no consideration of any paid up Share (including any redeemable Share) on such terms and in such manner as the Directors may determine.

45. Any Share in respect of which notice of redemption has been given shall not be entitled to participate in the profits of the Company in respect of the period after the date specified as the date of redemption in the notice of redemption.

46. The redemption, purchase or surrender of any Share shall not be deemed to give rise to the redemption, purchase or surrender of any other Share.

47. The Directors may when making payments in respect of redemption or purchase of Shares, if authorised by the terms of issue of the Shares being redeemed or purchased or with the agreement of the holder of such Shares, make such payment either in cash or in specie including, without limitation, interests in a special purpose vehicle holding assets of the Company or holding entitlement to the proceeds of assets held by the Company or in a liquidating structure.

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**TREASURY SHARES**

48. Shares that the Company purchases, redeems or acquires (by way of surrender or otherwise) may, at the option of the Company, be cancelled immediately or held as Treasury Shares in accordance with the Companies Act. In the event that the Directors do not specify that the relevant Shares are to be held as Treasury Shares, such Shares shall be cancelled.

49. No dividend may be declared or paid, and no other distribution (whether in cash or otherwise) of the Company's assets (including any distribution of assets to members on a winding up) may be declared or paid in respect of a Treasury Share.

50. The Company shall be entered in the Register as the holder of the Treasury Shares provided that:

(a) the Company shall not be treated as a member for any purpose and shall not exercise any right in respect of the Treasury Shares, and any purported exercise of such a right shall be void; and

(b) a Treasury Share shall not be voted, directly or indirectly, at any meeting of the Company and shall not be counted in determining the total number of issued shares at any given time, whether for the purposes of these Articles or the Companies Act, save that an allotment of Shares as fully paid bonus shares in respect of a Treasury Share is permitted and Shares allotted as fully paid bonus shares in respect of a treasury share shall be treated as Treasury Shares.

51. Treasury Shares may be disposed of by the Company on such terms and conditions as determined by the Directors.

**GENERAL MEETINGS**

52. The Directors may, whenever they think fit, convene a general meeting of the Company.

53. The Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting, except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason or for no reason at any time prior to the time for holding such meeting or, if the meeting is adjourned, the time for holding such adjourned meeting. The Directors shall give Shareholders notice in writing of any cancellation or postponement. A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

54. General meetings shall also be convened on the requisition in writing of any Shareholder or Shareholders entitled to attend and vote at general meetings of the Company holding at least ten percent of the paid up voting share capital of the Company deposited at the Office specifying the objects of the meeting by notice given no later than 21 days from the date of deposit of the requisition signed by the requisitionists, and if the Directors do not convene such meeting for a date not later than 45 days after the date of such deposit, the requisitionists themselves may convene the general meeting in the same manner, as nearly as possible, as that in which general meetings may be convened by the Directors, and all reasonable expenses incurred by the requisitionists as a result of the failure of the Directors to convene the general meeting shall be reimbursed to them by the Company.

55. If at any time there are no Directors, any two Shareholders (or if there is only one Shareholder then that Shareholder) entitled to vote at general meetings of the Company may convene a general meeting in the same manner as nearly as possible as that in which general meetings may be convened by the Directors.

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**NOTICE OF GENERAL MEETINGS**

56. At least fourteen (14) clear days' notice in writing counting from the date of service is deemed to take place as provided in these Articles specifying the place, the day and the hour of the meeting and the business to be considered at the meeting, shall be given in the manner hereinafter provided or in such other manner (if any) as may be prescribed by the Company by Ordinary Resolution to such Persons as are, under these Articles, entitled to receive such notices from the Company, but with the consent of all the Shareholders entitled to receive notice of some particular meeting and attend and vote thereat, that meeting may be convened by such shorter notice or without notice and in such manner as those Shareholders may think fit.

57. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

58. All business carried out at a general meeting shall be deemed special with the exception of sanctioning a dividend, the consideration of the accounts, balance sheets, any report of the Directors or of the Company's auditors, and the fixing of the remuneration of the Company's auditors. No special business shall be transacted at any general meeting without the consent of all Shareholders entitled to receive notice of that meeting unless notice of such special business has been given in the notice convening that meeting.

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| 59. | No business shall be transacted at any general meeting unless a quorum of Shareholders is present at the time when the meeting proceeds to business. Save as otherwise provided by these Articles, one or more Shareholders holding at least a majority of the paid up voting share capital of the Company present in person or by proxy and entitled to vote at that meeting shall form a quorum. |
| 60. | If within half an hour from the time appointed for the meeting a quorum is not present, the meeting, if convened upon the requisition of Shareholders, shall be dissolved. In any other case it shall stand adjourned to the same day in the next week, at the same time and place, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting the Shareholder or Shareholders present and entitled to vote shall form a quorum. |
| 61. | If the Directors wish to make this facility available for a specific general meeting or all general meetings of the Company, participation in any general meeting of the Company may be by means of a telephone or similar communication equipment by way of which all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting. |
| 62. | The Chairman shall preside as chair at every general meeting of the Company. |
| 63. | If there is no Chairman, or if at any general meeting the Chairman is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as chair, any Director or Person nominated by the Directors shall preside as chair, failing which the Shareholders present in person or by proxy shall choose any Person present to be chair of that meeting. |
| 64. | The chair may adjourn a meeting from time to time and from place to place either: |
| (a) | with the consent of any general meeting at which a quorum is present (and shall if so directed by the meeting); or |
| (b) | without the consent of such meeting if, in their sole opinion, they consider it necessary to do so to: |
| (i) | secure the orderly conduct or proceedings of the meeting; or |
| (ii) | give all persons present in person or by proxy and having the right to speak and / or vote at such meeting, the ability to do so, |
|  | but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting, or adjourned meeting, is adjourned for fourteen days or more, notice of the adjourned meeting shall be given in the manner provided for the original meeting. Save as aforesaid, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting. |

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65. At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the chair or one or more Shareholders present in person or by proxy entitled to vote, and unless a poll is so demanded, a declaration by the chair that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion of the votes recorded in favour of, or against, that resolution.

66. If a poll is duly demanded it shall be taken in such manner as the chair directs, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

67. In the case of an equality of votes, whether on a show of hands or on a poll, the chair of the meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled to a second or casting vote.

68. A poll demanded on the election of a chair of the meeting or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the chair of the meeting directs.

**VOTES OF SHAREHOLDERS**

69. Subject to any rights and restrictions for the time being attached to any Share, on a show of hands every Shareholder present in person and every Person representing a Shareholder by proxy shall, at a general meeting of the Company, each have one vote and on a poll every Shareholder and every Person representing a Shareholder by proxy shall have one vote for each Share of which they or the Person represented by proxy is the holder.

70. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register.

71. A Shareholder of unsound mind, or in respect of whom an order has been made by any court having jurisdiction in lunacy, may vote in respect of Shares carrying the right to vote held by them, whether on a show of hands or on a poll, by their committee, or other Person in the nature of a committee appointed by that court, and any such committee or other Person, may vote in respect of such Shares by proxy.

72. No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any, or other sums presently payable by them in respect of Shares carrying the right to vote held by them have been paid.

73. On a poll votes may be given either personally or by proxy.

74. The instrument appointing a proxy shall be in writing under the hand of the appointor or of their attorney duly authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an Officer or attorney duly authorised. A proxy need not be a Shareholder.

75. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors may approve.

76. The instrument appointing a proxy shall be deposited at the Office or at such other place as is specified for that purpose in the notice convening the meeting no later than the time for holding the meeting or, if the meeting is adjourned, the time for holding such adjourned meeting.

77. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a poll.

78. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

79. Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing body authorise such Person as it thinks fit to act as its representative at any meeting of the Company or of any meeting of holders of a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers on behalf of the corporation which they represent as that corporation could exercise if it were an individual Shareholder or Director.

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**DIRECTORS**

80. Subject to these Articles, the Board shall consist of no more than seven (7) Directors (or such higher number as may be approved by the Shareholders by Special Resolution) and shall include at least three (3) Independent Directors or such higher number of Independent Directors as may be required by the rules of the Designated Stock Exchange to the extent applicable to the Company from time to time.

81. Subject to Article 80, the Company may by Ordinary Resolution or by resolution of the Directors appoint any Person to be a Director.

82. The Directors shall be divided into three (3) classes designated as Class I Directors, Class II Directors and Class III Directors, respectively. Directors shall be assigned to each class in accordance with the resolution of the Directors or the Ordinary Resolution appointing such Director, with each class serving for staggered three (3)-year terms commencing as follows:

(a) at the first annual general meeting of the Company following the Listing Date, the term of office of the Class I Directors shall expire and replacement Class I Directors may be appointed by Ordinary Resolution for a full term of three (3) years (or, if later, until the first annual general meeting of the Company to occur after such three (3) year term). If no replacement Class I Directors are appointed, the existing Class I Directors shall be automatically re-appointed for a further term of three (3) years;

(b) at the second annual general meeting of the Company following the Listing Date, the term of office of the Class II Directors shall expire and replacement Class II Directors may be appointed by Ordinary Resolution for a full term of three (3) years (or, if later, until the second annual general meeting of the Company to occur after such three (3) year term). If no replacement Class II Directors are appointed, the existing Class II Directors shall be automatically re-appointed for a further term of three (3) years; and

(c) at the third annual general meeting of the Company following the Listing Date, the term of office of the Class III Directors shall expire and replacement Class III Directors may be appointed by Ordinary Resolution for a full term of three (3) years (or, if later, until the third annual general meeting of the Company to occur after such three (3) year term). If no replacement Class III Directors are appointed, the existing Class III Directors shall be automatically re-appointed for a further term of three (3) years.

83. No decrease in the number of Directors constituting the board of Directors shall shorten the term of any incumbent Director.

84. Subject to these Articles, a Director shall hold office until such time as he or she resigns office by notice in writing to the Company, is removed from office by Ordinary Resolution or is otherwise disqualified from acting as a Director (including pursuant to the Companies Act).

85. The remuneration of the Directors may be determined by the Compensation Committee or by Ordinary Resolution.

86. There shall be no shareholding qualification for Directors unless determined otherwise by Ordinary Resolution.

87. The Directors shall have power at any time and from time to time to appoint any Person to be a Director, either as a result of a casual vacancy or as an additional Director, subject to the maximum number (if any) imposed by Ordinary Resolution.

**ALTERNATE DIRECTOR**

88. Any Director may in writing appoint another Person to be their alternate and, save to the extent provided otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director, but shall not be authorised to sign such written resolutions where they have been signed by the appointing Director, and to act in such Director's place at any meeting of the Directors. Every such alternate shall be entitled to attend and vote at meetings of the Directors as the alternate of the Director appointing them and where they are Director to have a separate vote in addition to their own vote. A Director may at any time in writing revoke the appointment of an alternate appointed by them. Such alternate shall not be an Officer solely as a result of their appointment as an alternate other than in respect of such times as the alternate acts as a Director. The remuneration of such alternate shall be payable out of the remuneration of the Director appointing them and the proportion thereof shall be agreed between them.

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**POWERS AND DUTIES OF DIRECTORS**

89. Subject to the Companies Act, these Articles and to any resolutions passed in a general meeting, the business of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors that would have been valid if that resolution had not been passed.

90. The Directors may from time to time appoint any Person, whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company, including but not limited to, the office of president, one or more vice-presidents, treasurer, assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any Person so appointed by the Directors may be removed by the Directors or by the Company by Ordinary Resolution. The Directors may also appoint one or more of their number to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases from any cause to be a Director, or if the Company by Ordinary Resolution resolves that their tenure of office be terminated.

91. The Directors may appoint any Person to be a Secretary (and if need be an assistant Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company by Ordinary Resolution.

92. The Directors may delegate any of their powers to committees consisting of such member or members of their body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on it by the Directors.

93. The Board shall establish an audit committee to operate in accordance with the terms of reference of that committee as approved by the Board and such audit committee shall be comprised solely of members who qualify as "independent" under the rules of the Designated Stock Exchange.

94. The Directors may from time to time and at any time by power of attorney (whether under Seal or under hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors, to be the attorney or attorneys or authorised signatory (any such person being an "**Attorney**" or "**Authorised Signatory"**, respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such power of attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing with any such Attorney or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised Signatory to delegate all or any of the powers, authorities and discretion vested in them.

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95. The Directors may from time to time provide for the management of the affairs of the Company in such manner as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred by this Article.

96. The Directors from time to time and at any time may establish any committees, local boards or agencies for managing any of the affairs of the Company and may appoint any Person to be a member of such committees or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such Person.

97. The Directors from time to time and at any time may delegate to any such committee, local board, manager or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time remove any Person so appointed and may annul or vary any such delegation, but no Person dealing in good faith and without notice of any such annulment or variation shall be affected thereby.

98. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers, authorities, and discretion for the time being vested in them.

99. The Directors may agree with a Shareholder to waive or modify the terms applicable to such Shareholder's subscription for Shares without obtaining the consent of any other Shareholder; provided that such waiver or modification does not amount to a variation or abrogation of the rights attaching to the Shares of such other Shareholders.

100. The Directors shall have the authority to present a winding up petition on behalf of the Company on the grounds that the Company is unable to pay its debts within the meaning of section 93 of the Companies Act or where a winding up petition has been presented, apply on behalf of the Company, for the appointment of a provisional liquidator without the sanction of a resolution passed by the Company at a general meeting.

**BORROWING POWERS OF DIRECTORS**

101. The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and uncalled capital or any part thereof, or to otherwise provide for a security interest to be taken in such undertaking, property or uncalled capital, and to issue debentures, debenture stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the Company or of any third party.

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**THE SEAL**

102. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form confirming a number of affixings of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every instrument to which the Seal is so affixed in their presence.

103. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence of any one or more Persons as the Directors may appoint for the purpose.

104. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

105. The office of Director shall be vacated, if the Director:

(a) becomes bankrupt or makes any arrangement or composition with their creditors;

(b) dies or is found to be or becomes of unsound mind;

(c) resigns their office by notice in writing to the Company;

(d) is removed from office by Ordinary Resolution; or

(e) is removed from office pursuant to any other provision of these Articles.

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**PROCEEDINGS OF DIRECTORS**

106. The Directors may meet together (either within or outside the Cayman Islands) for the despatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In case of an equality of votes the chair shall have a second or casting vote. A Director may, and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors provided that not less than 48 hours' notice of the meeting is given to all Directors.

107. A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting.

108. The quorum necessary for the transaction of the business of the Directors is a majority of the Directors holding office. A Director represented by an alternate Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present.

109. A Director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with the Company shall declare the nature of their interest at a meeting of the Directors. A general notice given to the Directors by any Director to the effect that they are to be regarded as interested in any contract or other arrangement which may thereafter be made with that company or firm shall be deemed a sufficient declaration of interest in regard to any contract so made. A Director may vote in respect of any contract or proposed contract or arrangement notwithstanding that they may be interested therein and if they do so their vote shall be counted and they may be counted in the quorum at any meeting of the Directors at which any such contract or proposed contract or arrangement shall come before the meeting for consideration.

110. A Director may hold any other office or place of profit under the Company (other than the office of auditor) in conjunction with their office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine and no Director or intending Director shall be disqualified by their office from contracting with the Company either with regard to their tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered into by or on behalf of the Company in which any Director is in any way interested, be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding their interest, may be counted in the quorum present at any meeting of the Directors whereat such Director or any other Director is appointed to hold any such office or place of profit under the Company or whereat the terms of any such appointment are arranged and they may vote on any such appointment or arrangement.

111. Any Director may act by themselves or their firm in a professional capacity for the Company, and they or their firm shall be entitled to remuneration for professional services as if they were not a Director; provided that nothing herein contained shall authorise a Director or their firm to act as auditor to the Company.

112. The Directors shall cause minutes to be made in books or loose-leaf folders provided for the purpose of recording:

(a) all appointments of Officers made by the Directors;

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(b) the names of the Directors present at each meeting of the Directors and of any committee of the Directors; and

(c) all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees of Directors.

113. When the chair of a meeting of the Directors signs the minutes of such meeting the same shall be deemed to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical defect in the proceedings.

114. A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided otherwise in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf of their appointer), shall be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee of Directors, as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors or their duly appointed alternate.

115. The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

116. The Directors may elect a chair of their meetings and determine the period for which they are to hold office but if no such chair is elected, or if at any meeting the chair is not present within fifteen minutes after the time appointed for holding the meeting, the Directors present may choose one of their number to be chair of the meeting.

117. Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may elect a chair of its meetings. If no such chair is elected, or if at any meeting the chair is not present within fifteen minutes after the time appointed for holding the meeting, the committee members present may choose one of their number to be chair of the meeting.

118. A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes of the committee members present and in case of an equality of votes the chair shall have a second or casting vote.

119. All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed and was qualified to be a Director.

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**DIVIDENDS**

120. Subject to any rights and restrictions for the time being attached to any Shares, or as otherwise provided for in the Companies Act and these Articles, the Directors may from time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same out of the funds of the Company lawfully available therefor.

121. Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

122. The Directors may determine, before recommending or declaring any dividend, to set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall be applicable for meeting contingencies, or for equalising dividends or for any other purpose to which those funds may be properly applied and pending such application may, at the determination of the Directors, either be employed in the business of the Company or be invested in such investments as the Directors may from time to time think fit.

123. Any dividend may be paid in any manner as the Directors may determine. If paid by cheque it will be sent through the post to the registered address of the Shareholder or Person entitled thereto, or in the case of joint holders, to any one of such joint holders at their registered address or to such Person and such address as the Shareholder or Person entitled, or such joint holders as the case may be, may direct. Every such cheque shall be made payable to the order of the Person to whom it is sent or to the order of such other Person as the Shareholder or Person entitled, or such joint holders as the case may be, may direct.

124. The Directors when paying dividends to the Shareholders in accordance with the foregoing provisions of these Articles may make such payment either in cash or in specie and may determine the extent to which amounts may be withheld therefrom (including, without limitation, any taxes, fees, expenses or other liabilities for which a Shareholder (or the Company, as a result of any action or inaction of the Shareholder) is liable).

125. Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares dividends may be declared and paid according to the par value of the Shares.

126. If several Persons are registered as joint holders of any Share, any of them may give effectual receipts for any dividend or other moneys payable on or in respect of the Share.

127. No dividend shall bear interest against the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

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| 129 | The books of account relating to the Company's affairs shall be kept in such manner as may be determined from time to time by the Directors. |
| 129. | The books of account shall be kept at the Office, or at such other place or places as the Directors think fit, and shall always be open to the inspection of the Directors. |
| 130. | The Directors may from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders not being Directors, and no Shareholder (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by law or authorised by the Directors or by Ordinary Resolution. |
| 131. | Subject to the requirements of applicable law and the listing rules of the Designated Stock Exchange, the accounts relating to the Company's affairs shall only be audited if the Directors so determine and/or if required by any applicable law, rule, regulation or regulatory authority, in which case the accounting principles will be determined by the Directors. The financial year of the Company shall end on 30 September of each year or such other date as the Directors may determine. |
| 132. | The Directors in each year shall prepare, or cause to be prepared, an annual return and declaration setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands. |

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**CAPITALISATION OF RESERVES**

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| 133. | Subject to the Companies Act and these Articles, the Directors may: |
| (a) | resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account, capital redemption reserve and profit and loss account), whether or not available for distribution; |
| (b) | appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards: |
| (i) | paying up the amounts (if any) for the time being unpaid on Shares held by them respectively, or |
| (ii) | paying up in full unissued Shares or debentures of a nominal amount equal to that sum, |
|  | and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid; |
| (c) | make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors may deal with the fractions as they think fit; |
| (d) | authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company providing for either: |
| (i) | the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which they may be entitled on the capitalisation, or |
| (ii) | the payment by the Company on behalf of the Shareholders (by the application of their respective proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining unpaid on their existing Shares, |
|  | and any such agreement made under this authority being effective and binding on all those Shareholders; and |
| (e) | generally do all acts and things required to give effect to any of the actions contemplated by this Article. |

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**SHARE PREMIUM ACCOUNT**

134. The Directors shall in accordance with the Companies Act establish a Share Premium Account and shall carry to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any Share.

135. There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference between the nominal value of such Share and the redemption or purchase price provided always that at the determination of the Directors such sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

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**NOTICES**

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| 136. | Any notice or document may be served by the Company or by the Person entitled to give notice to any Shareholder either personally, or by posting it airmail or air courier service in a prepaid letter addressed to such Shareholder at their address as appearing in the Register, or by electronic mail to any electronic mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile should the Directors deem it appropriate. In the case of joint holders of a Share, all notices shall be given to that one of the joint holders whose name stands first in the Register in respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders. |
| 137. | Any Shareholder present, either personally or by proxy, at any meeting of the Company shall for all purposes be deemed to have received due notice of such meeting and, where requisite, of the purposes for which such meeting was convened. |
| 138. | Any notice or other document, if served by: |
| (a) | post, shall be deemed to have been served five clear days after the time when the letter containing the same is posted; |
| (b) | facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of a report confirming transmission of the facsimile in full to the facsimile number of the recipient; |
| (c) | recognised courier service, shall be deemed to have been served 48 hours after the time when the letter containing the same is delivered to the courier service; or |
| (d) | electronic mail, shall be deemed to have been served immediately upon the time of the transmission by electronic mail. |
|  | In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service. |
| 139. | Any notice or document delivered or sent in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not the Company has notice of their death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of such Shareholder as sole or joint holder, unless their name shall at the time of the service of the notice or document, have been removed from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or document on all Persons interested (whether jointly with or as claiming through or under them) in the Share. |
| 140. | Notice of every general meeting of the Company shall be given to: |
| (a) | all Shareholders holding Shares with the right to receive notice and who have supplied to the Company an address for the giving of notices to them; and |
| (b) | every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for their death or bankruptcy would be entitled to receive notice of the meeting. |
|  | No other Person shall be entitled to receive notices of general meetings. |

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**INDEMNITY**

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|:---|:---|
| 141. | Every Director (including for the purposes of this Article any alternate Director appointed pursuant to the provisions of these Articles), Secretary, assistant Secretary, or other Officer (but not including the Company's auditors) and the personal representatives of the same (each an "**Indemnified Person**") shall be indemnified and secured harmless out of the assets and funds of the Company against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, wilful default or fraud as determined by a court of competent jurisdiction, in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of their duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. |
| 142. | No Indemnified Person shall be liable: |
| (a) | for the acts, receipts, neglects, defaults or omissions of any other Director or Officer or agent of the Company; or |
| (b) | for any loss on account of defect of title to any property of the Company; or |
| (c) | on account of the insufficiency of any security in or upon which any money of the Company shall be invested; or |
| (d) | for any loss incurred through any bank, broker or other similar Person; or |
| (e) | for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement or oversight on such Indemnified Person's part; or |
| (f) | for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto; |
|  | unless the same shall happen through such Indemnified Person's own dishonesty, wilful default or fraud as determined by a court of competent jurisdiction. |

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**NON-RECOGNITION OF TRUSTS**

143. Subject to the proviso hereto, no Person shall be recognised by the Company as holding any Share upon any trust and the Company shall not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register, provided that, notwithstanding the foregoing, the Company shall be entitled to recognise any such interests as shall be determined by the Directors.

**WINDING UP**

144. If the Company shall be wound up the liquidator shall apply the assets of the Company in such manner and order as they think fit in satisfaction of creditors' claims.

145. If the Company shall be wound up, the liquidator may, with the sanction of an Ordinary Resolution divide amongst the Shareholders in specie or kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may, for such purpose set such value as they deem fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the Shareholders or different Classes. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as the liquidator, with the like sanction shall think fit, but so that no Shareholder shall be compelled to accept any assets whereon there is any liability.

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**AMENDMENT OF ARTICLES OF ASSOCIATION**

146. Subject to the Companies Act and the rights attaching to the various Classes, the Company may at any time and from time to time by Special Resolution alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

147. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend, or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide that the Register shall be closed for transfers for a stated period which shall not exceed in any case 40 days. If the Register shall be so closed for the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders the Register shall be so closed for at least ten days immediately preceding such meeting and the record date for such determination shall be the date of the closure of the Register.

148. In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within 90 days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such determination.

149. If the Register is not so closed and no record date is fixed for the determination of those Shareholders entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

150. The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

**MERGERS AND CONSOLIDATION**

151. The Company may merge or consolidate in accordance with the Companies Act.

152. To the extent required by the Companies Act, the Company may by Special Resolution resolve to merge or consolidate the Company.

**DISCLOSURE**

153. The Directors, or any authorised service providers (including the Officers, the Secretary and the registered office agent of the Company), shall be entitled to disclose to any regulatory or judicial authority, or to any stock exchange on which the Shares may from time to time be listed, any information regarding the affairs of the Company including, without limitation, information contained in the Register and books of the Company.

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**EXCLUSIVE FORUM**

154. Unless the Company consents in writing to the selection of an alternative forum, to the fullest extent permitted by relevant law, the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the United States Securities Act of 1933, regardless of whether such legal suit, action, or proceeding also involves parties other than the Company.

156. Any person or entity purchasing or otherwise acquiring any Share or other securities in the Company, or purchasing or otherwise acquiring depositary shares representing the Company's shares issued pursuant to relevant deposit agreements, whether such acquisition be by transfer, sale, operation of law or otherwise, shall be deemed to have notice of, irrevocably agreed and consented to the provisions of this Article and Articles 154 and 155 above. Without prejudice to the foregoing, if any part of this Article, Articles 154 or 155 are held to be illegal, invalid or unenforceable under applicable law, the legality, validity or enforceability of the rest of these Articles shall not be affected nor be impaired and this Article, Articles 154 and/or 155 shall be interpreted and construed to the maximum extent possible to apply in the relevant jurisdiction with whatever modification or deletion as may be necessary so as best to give effect to the intention of the Company.

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**ZAPP ELECTRIC VEHICLES GROUP LIMITED**

**(the "Company")**

**<u> </u>**

**Minutes of the 2025 Annual General Meeting of Shareholders of the Company**

**Held 8 October 2025 at 14:00 GMT via Live Webcast**

**<u> </u>**

Present: Anthony Posawatz (Chairman, Presiding); J. North (Director and President, acting as secretary of the meeting).

Tinka Welch, Continental Stock Transfer & Trust Co. (Inspector of Elections).

<u>Call to Order:</u>

Noting the Chairman's request and authorisation, the Company's President, acting as secretary of the meeting ("Secretary"), brought the meeting to order at 14:00 GBM, noting that the instant meeting is a continuation of the meeting noticed for and commenced on October 1, 2025.

<u>Notice and Quorum</u>

The Secretary noted that, per affidavit of Continental Stock Transfer & Trust Co., on or about September 15, 2025, each shareholder of record of the Company was sent by email an official Notice of 2025 Annual General Meeting, along with a proxy card, and was afforded online access to materials relevant to the business of the meeting. The Secretary then noted that ordinary shares entitle to approximately 4,214,520 votes, or approximately 22.6% of the total votes of holders of the Company's ordinary shares entitled to be cast, were present at the meeting or represented by proxies duly held by the Secretary. Whereupon, the Secretary noted that the meeting was not quorate.

Next, pursuant to Article 60 of the Company's memorandum and articles of association, the Secretary declared that the meeting would be held open in silence for thirty minutes, after which time, per said Article 60, the shareholders present and entitled to vote, including those who voted by proxy in advance, would constitute a quorum. This occurred, and the Secretary noted such quorum before proceeding with the business of the meeting.

<u>Order of business:</u>

<u>Proposal 1:</u>

The Secretary noted that it was proposed, as an ordinary resolution, to approve an increase in the Company's authorised share capital, to be effective on a date to be determined by the Company's Board of Directors, in order that the Company's authorised share capital be amended *from* US$50,000 divided into 25,000,000 ordinary shares of a nominal or par value of US$0.002 each, *to* US$500,000 divided into 250,000,000 ordinary shares of a nominal or par value of US$0.002 each, having the rights and subject to the restrictions set out in the Amended and Restated Memorandum and Articles of Association as adopted April 11, 2024.

<u>Proposal 2:</u>

The Secretary noted that it was proposed, as a special resolution, that the existing Memorandum and Articles of Association of the Company be replaced in their entirety with a new Memorandum and Articles of Association, reflecting the increase in the Company's authorised share capital, once approved.

<u>Voting:</u>

The Secretary declared the polls open and Proposal 1 and Proposal 2 were put to a vote, including voting by ballot of the proxy designee. Noting receipt of the preliminary report of the Inspector of Elections, the Secretary noted that the required simple majority of the shares present or represented by proxies had voted in favour or Proposal 1 and that the same is PASSED. The Secretary then noted that less than the required two-thirds majority had voted in favour of Proposal 2 and that the same is NOT PASSED.

A final tally of the votes cast is appended to these meeting minutes

<u>Closing of the meeting:</u>

Noting that the business of the meeting was concluded, the Secretary brought the meeting to a close at 14:40 GMT.

A TRUE COPY

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| | |
|:---|:---|
| ATTEST: | /s/ Anthony Posawatz |
|  | Anthony Posawatz |
|  | Chairman |

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October 8, 2025

Theodore Allegaert

Chief Legal Officer

Zapp Electric Vehicles Group Limited

190 Elgin Avenue, George Town, Grand Cayman

KY1-9001, Cayman Islands

Dear Mr. Allegaert;

With reference to, your Annual Meeting of Shareholders, held on Wednesday, October , 8 2025; wherein holders of the common stock, as of the record date of September 12, 2025, were entitled to receive notice and vote at the meeting, held virtually at https://www.cstproxy.com/zappev/2025 at 2 p.m. Greenwich Mean Time (10 a.m. U.S. Eastern Daylight Time). I hereby certify that as of the record date, there were 18,633,264 shares of Common Stock entitled to vote; and that the total number of shares voted in person or by proxy were 4,560,759 – **24.47%,** which were cast as follows:

1. As an ordinary resolution, to approve an increase of the Company's authorized share capital, to be effective on a date to be determined by the Company's Board of Directors, from US$50,000 divided into 25,000,000 ordinary shares of a nominal or par value of US$0.002 each, to $500,000 divided into 250,000,000 ordinary shares having a nominal or par value of $0.002 each, having the rights and subject to the restrictions set out in the Amended and Restated Memorandum and Articles of Association as adopted April 11, 2024 or as proposed to be adopted pursuant to Resolution 2.

<u>For</u> <u>Against</u> <u>Abstain</u> <br> 2,704,804 1,805,241 50,714

2. As a special resolution, that the existing Memorandum and Articles of Association of the Company be replaced in their entirety with a new Memorandum and Articles of Association, reflecting the proposed increase in authorized share capital, once approved.

<u>For</u> <u>Against</u> <u>Abstain</u> <br> 2,706,140 1,803,833 50,786

Sincerely,

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| |
|:---|
| /s/ Tinka Welch |
| Tinka Welch |
| Inspector of Election |

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## Exhibit 23.1

**Exhibit 23.1**

![picture1.jpg](picture1.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion of our report, dated January 30, 2025, with respect to the consolidated financial statements of Zapp Electric Vehicles Group Limited for the year ended September 30, 2024, in the Post-Effective Amendment No. 2 to the Registration Statement on Form F-1 (File No. 333-280921) filed by Zapp Electric Vehicles Group Limited with the Securities and Exchange Commission.

We also consent to the reference to us under the heading "Experts" in the Post-Effective Amendment.

/s/ PKF Littlejohn LLP

London, United Kingdom

November 25, 2025