Quanergy Announces Reverse Stock Split

Quanergy Systems, Inc., (NYSE:QNGY) (“Quanergy” or the “Company”) a leading provider of LiDAR sensors and smart 3D solutions, announced today that its Board of Directors has approved a reverse stock split of its outstanding shares of common stock (the “Common Stock”) at a ratio of 1-for-20 (the “reverse stock split”). The reverse stock split will be effective at 4:01 p.m. (EDT) on October 6, 2022, and shares of Common Stock will begin trading on a split-adjusted basis when the New York Stock Exchange (the “NYSE”) opens on Friday, October 7, 2022. The Common Stock will continue to trade on the NYSE under the trading symbol "QNGY," but will trade under the following new CUSIP number starting October 7, 2022: 74764U 203. The reverse stock split was approved by Quanergy’s stockholders at the special meeting of stockholders held on October 3, 2022.

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Quanergy Announces Reverse Stock Split (Graphic: Business Wire)

As a result of the reverse stock split, every 20 shares of Common Stock issued and outstanding or held as treasury shares as of the effective date will be automatically combined into one share of Common Stock. Outstanding warrants, equity-based awards and other outstanding equity rights will be proportionately adjusted. No fractional shares will be issued as a result of the reverse stock split. Stockholders of record otherwise entitled to receive a fractional share as a result of the reverse stock split will receive a cash payment in lieu of such fractional shares. The par value of the Common Stock will remain unchanged at $0.0001 per share after the reverse split. The reverse split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the reverse split results in some stockholders owning a fractional share as described above.

Further, as a result of the reverse stock split, the number of shares of Common Stock issuable upon exercise of the Company’s (i) 7,520,000 private warrants (the “private warrants”) originally issued in a private placement in connection with the initial public offering of CITIC Capital Acquisition Corp. (“CCAC”) and (ii) 13,799,987 warrants (the “public warrants” and, together with the private warrants, the “warrants”) originally issued in the initial public offering of CCAC and traded on the NYSE under the symbol QNGY.WS, will be also be reduced at a ratio of 1-for-20. The exercise price of each warrant will increase from $11.50 per share to $230.00 per share.