Quanergy Systems (QNGY) Prices Upsized 9.8M Unit Offering at $1.70/unit

Quanergy Systems, Inc., (NYSE: QNGY) today announced the pricing of an underwritten public offering for gross proceeds of approximately $16.7 million prior to deducting underwriting discounts and commissions and offering expenses.

The offering is comprised of 9,800,000 Units, with each Unit consisting of one share of our common stock, par value $0.0001 per share (the “Common Stock”) and two warrants to purchase one share of our Common Stock (the “Unit Warrants” and, together with the shares of Common Stock underlying such Unit Warrants, the “Units”) at a public offering price of $1.70 per Unit. Each Unit Warrant has an exercise price of $1.70 and is exercisable for one share of Common Stock with a term of five years following the issuance date. The closing of the offering is expected to take place on or about November 2, 2022, subject to the satisfaction or waiver of customary closing conditions.

Maxim Group LLC is acting as sole book-running manager in connection with this offering.

In addition, the company has granted the underwriter a 30-day option to purchase up to 1,470,000 additional shares of Common Stock, and/or 2,940,000 Unit Warrants to purchase 2,940,000 shares of Common Stock, solely to cover over-allotments, if any, at the public offering price, less the underwriting discounts and commissions.

The securities were offered pursuant to a registration statement on Form S-1 (File No. 333-267420), which was declared effective by the United States Securities and Exchange Commission (“SEC”) on October 28, 2022. The offering is being made solely by means of a prospectus. A preliminary prospectus relating to the proposed offering was filed with the SEC on October 24, 2022 and is available on the SEC’s website located at http://www.sec.gov. A final prospectus relating to this offering will be filed by the company with the SEC. When available, copies of the final prospectus can be obtained at the SEC’s website at http://www.sec.gov or from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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