SOL Global Announces Portfolio Company Andretti Acquisition to Enter into Business Combination with Zapata AI

Toronto, Ontario--(Newsfile Corp. - September 6, 2023) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) ("SOL Global" or the "Company") (Frankfurt: 9SB), a global asset manager, announced that portfolio company Andretti Acquisition Corp. (NYSE: WNNR), ("Andretti Acquisition"), a publicly traded special purpose acquisition company, has entered into a definitive business combination agreement with Zapata Computing, Inc. ("Zapata AI") which will result in Zapata AI becoming a U.S. publicly listed company (the "Business Combination").

SOL Global, a founding investor in Andretti Acquisition, invested US$3.456 million and currently holds 1.430 million shares. Post completion of the transaction, SOL Global will hold 1.208 million shares net of agreements to assign shares to other investors, and 3.450 million warrants exercisable at US$11.50/share that expire 5 years from completion of the Business Combination.

Andretti Acquisition and Zapata AI have jointly announced the Business Combination today. Zapata AI is an industrial generative AI software company using advanced algorithms that leverage quantum techniques and have the potential to revolutionize existing AI solutions. Zapata AI currently has a commercial partnership with Andretti Autosport, in which Zapata AI's Orquestra® platform provides the Andretti INDYCAR® team with real-time analytics to inform race strategy and deliver performance edges.

The pro forma equity value of the combined company (inclusive of the remaining cash in trust at Andretti Acquisition after redemptions) is expected to be between $281 million and $365 million, depending on the level of redemptions. The transaction is expected to close in the first quarter of 2024, subject to the satisfaction of customary closing conditions (including the approval of the shareholders of Andretti Acquisition Corp.). Upon closing of the transaction, the combined company is expected to be listed on the New York Stock Exchange under the new ticker symbol "ZPTA".

Portfolio Company Tevva to Complete Business Combination with ElectraMeccanica

The Company also reports that a second portfolio company, Tevva Motors Ltd. ("Tevva"), announced a proposed merger with ElectraMeccanica on August 15, 2023 https://www.tevva.com/en/articles/emv-tevva-proposed-merger. SOL Global invested US$14.5 million and, through its investment in House of Lithium, holds 547,170 common shares.

Tevva is a leading pioneer in electric medium and heavy-duty commercial vehicles with proprietary electric truck technology. The proposed combination between Tevva and ElectraMeccanica is expected to accelerate Tevva's growth in the UK, Europe, and entry into the U.S. market by leveraging ElectraMeccanica's U.S. manufacturing facility and supply chain.

Both of the foregoing transactions are expected to close by the first quarter of 2024. SOL Global expects to update its shareholders with additional corporate updates on its portfolio companies in the coming months.

Disclaimer for Forward-Looking Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the Company's business and strategic plans; expected liquidity of current positions and the plans to restructure the assets.

Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to stock exchange approval of the newly-appointed directors, the ability of the Company to execute its business plan, the liquidity of assets in the Company's portfolio and the continued implementation of existing plans. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. Such risks include, without limitation: the ability of the Company to service its debt; the Company's ability to obtain additional financing from time to time to pursue its business objectives; a resurgence in the cases of COVID-19, which has occurred in certain locations and the possibility of which in other locations remains high and creates ongoing uncertainty that could result in restrictions to contain the virus being re-imposed or imposed on a more strict basis, including restrictions on movement and businesses; the extent to which COVID-19 impacts the global economy; the success of new COVID-19 workplace policies and the ability of people to return to workplaces; the Company's reliance on management; not adding new assets to the Company's portfolio; adverse market and economic conditions; inflation; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; costs of inputs; currency fluctuations; competition; and loss of key management and/or employees. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.

The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

CONTACT INFORMATION

SOL Global Investments Corp.
Paul Kania, Interim CEO, CFO
Phone: (212) 729-9208
Email: info@solglobal.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179632