Quanergy systems announces closing of business combination

Transaction Proceeds and Committed Funding of $175 Million Position Company for Continued Growth

Quanergy Systems, (the “Company”), a provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT, announced the closing of its previously announced business combination with CITIC Capital Acquisition. (“CCAC”) (NYSE: CCAC), a publicly traded special purpose acquisition company. The transaction gives the Company access to approximately $175 million in available liquidity on top of its existing balance sheet, before transaction expenses and debt paydown, consisting of approximately $50 million in cash proceeds from the PIPE and SPAC Trust, as well as up to $125 million in committed funding from a previously announced share subscription facility from Global Emerging Markets (“GEM”), a Luxembourg-based private alternative investment group. Under the GEM facility, the Company can draw on a $25 million advance from the total $125M following effectiveness of a resale S-1 Registration Statement. Proceeds from the transaction will be used for working capital, repayment of $35 million of secured notes, and transaction expenses, positioning the Company to fund future growth and continue investing in its portfolio of smart LiDAR and 3D perception solutions.

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

Marks another major milestone for Quanergy, following the significant technological, product and commercial achievements in the last few years,” said Dr. Kevin J. Kennedy, Chairman of the Board and CEO at Quanergy. “The capital raised from the transaction, together with the GEM facility, enables us to further our position as a provider of smart LiDAR solutions that are poised to transform the IoT and automotive industries by driving down cost and enabling powerful levels of automation and insights.”