Quanergy Systems, Inc. (“Quanergy”), a leading provider of
OPA-based solid state LiDAR sensors and smart 3D solutions for
automotive and IoT, today announced preliminary financial results
for the fourth quarter ended December 31, 2021.
On January 6, 2022, CITIC Capital Acquisition Corp. (NYSE: CCAC)
(“CCAC”), a publicly traded special purpose acquisition company,
announced that CCAC’s registration statement on Form S-4, relating
to the previously announced proposed business combination (the
“Business Combination”) with Quanergy, has been declared effective
by the U.S. Securities and Exchange Commission (“SEC”). An
extraordinary general meeting (“Extraordinary Meeting”) to approve
the Business Combination is scheduled to be held on January 31,
2022 at 10:00 a.m. Eastern Time.
Today, Quanergy announced preliminary revenue for the fourth
quarter ended December 31, 2021 of $1.503 million, representing
year-over-year growth of 114% compared to the fourth quarter of
2020. Sequentially, 2021 fourth quarter revenue rose by 32% versus
2021 third quarter revenue.
Full year 2021 revenue was $3.928 million, up 30% from the prior
year. This compared favorably to the company’s plan of $3.6 million
outlined at its October 29th analyst day.
As with the third quarter in 2021, revenue growth in the fourth
quarter of 2021 continued to be fortified by increasing demand from
smart city and security applications with outcomes enabled by
Quanergy’s unique pairing of M Series hardware and proprietary
Qortex DTC software for flow management solutions. Importantly,
fourth quarter revenue also saw a notable contribution from sales
to the industrial market supported by the company’s new M1
sensor.
Quanergy ended the fourth quarter of 2021 with $26.2 million in
cash and cash equivalents. This compares to $34.2 million in cash
and cash equivalents in the third quarter of 2021.
"Operating momentum continued to improve in the fourth quarter
of 2021 with the company registering its third consecutive
year-on-year and quarter-on-quarter improvement in revenue growth,"
said Kevin Kennedy, Quanergy’s Chairman and Chief Executive
Officer. "We are further encouraged by the fact that the company
received numerous orders that have not shipped yet, supporting our
continued growth outlook.”
About Quanergy Systems, Inc.
Quanergy Systems’ mission is to create powerful, affordable
smart LiDAR solutions for automotive and IoT applications to
enhance people’s experiences and safety. Quanergy has developed the
only true 100% solid-state CMOS LiDAR sensor built on optical
phased array (OPA) technology to enable the mass production of
low-cost, highly reliable 3D LiDAR solutions. Through Quanergy’s
smart LiDAR solutions, businesses can now leverage real-time,
advanced 3D insights to transform their operations in a variety of
industries including industrial automation, physical security,
smart cities, smart spaces and much more. Quanergy solutions are
deployed by nearly 400 customers across the globe. For more
information, please visit us at www.quanergy.com.
Important Information about the Business Combination and
Where to Find It
In connection with the Business Combination, CCAC filed with the
U.S. Securities and Exchange Commission (the “SEC”) a definitive
proxy statement/prospectus and other relevant materials, and plans
to file with the SEC other documents regarding the Business
Combination with Quanergy. CCAC urges its investors,
shareholders and other interested persons to read the definitive
proxy statement/prospectus filed with the SEC and documents
incorporated by reference therein because these documents will
contain important information about CCAC, Quanergy and the proposed
Business Combination. CCAC has also commenced mailing the
definitive proxy statement/prospectus and a proxy card to each
shareholder of CCAC as of the record date established for voting on
the proposed Business Combination and will contain important
information about the proposed Business Combination and related
matters. Shareholders of CCAC and other interested persons are
advised to read these materials (including any amendments or
supplements thereto) and any other relevant documents in connection
with CCAC’s solicitation of proxies for the meeting of shareholders
to be held to approve, among other things, the proposed Business
Combination because they will contain important information about
CCAC, Quanergy and the proposed Business Combination. Shareholders
can also obtain copies of the definitive proxy statement/prospectus
and other relevant materials in connection with the transaction
without charge at the SEC’s website at www.sec.gov or by directing
a request to: CITIC Capital Acquisition Corp., 28/F CITIC Tower, 1
Tim Mei Avenue, Central, Hong Kong, Attention: Fanglu Wang,
telephone: +852 3710 6888. The information contained on, or that
may be accessed through, the websites referenced in this press
release is not incorporated by reference into, and is not a part
of, this press release.
Participants in the Solicitation
CCAC, Quanergy and their respective directors and executive
officers may be deemed participants in the solicitation of proxies
from CCAC’s shareholders in connection with the proposed Business
Combination. CCAC’s shareholders and other interested persons may
obtain, without charge, more detailed information regarding the
directors and officers of CCAC, including their ownership of CCAC’s
securities in the definitive proxy statement/prospectus for the
Business Combination, while was filed with SEC on January 6, 2022.
Information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of proxies to CCAC’s
shareholders in connection with the proposed Business Combination
are set forth in the proxy statement/prospectus for the Business
Combination. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed Business Combination are included in the proxy
statement/prospectus for the Business Combination. You may obtain
free copies of these documents as described in the preceding
paragraph.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of CCAC or Quanergy, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act.
Unaudited preliminary revenue and cash
The estimates of Quanergy’s 2021 revenue and end-of-year cash
and cash equivalents is preliminary and unaudited. As a result, the
unaudited preliminary revenue and cash and cash equivalents set
forth herein reflects Quanergy’s preliminary estimate with respect
to such information, based on information currently available to
management, and may vary from its actual financial position as of
December 31, 2021. Further, this preliminary estimate is not a
comprehensive statement or estimate of Quanergy’s financial results
or financial condition as of and for the year ended December 31,
2021. The unaudited preliminary revenue and cash and cash
equivalents amounts included herein have been prepared by, and are
the responsibility of, Quanergy’s management. It is possible that
Quanergy may identify items that require adjustments to the
financial information set forth herein. This preliminary estimate
should not be viewed as a substitute for financial statements
prepared in accordance with accounting principles generally
accepted in the United States and they are not necessarily
indicative of the results to be achieved in any future period.
Accordingly, you should not draw any conclusions based on the
foregoing preliminary estimate and should not place undue reliance
on this preliminary estimate. Quanergy assumes no duty to update
this preliminary estimate except as required by law. Quanergy
expects to complete its audited financial statements for the year
ended December 31, 2021 subsequent to the closing of the Business
Combination.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward- looking statements for purposes
of the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” “project,” “anticipate,” “will
likely result” and similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. All statements, other than statements of present or
historical fact included in this press release, including those
regarding our expectations for full year 2021 revenue, the timing
and outcome of the Extraordinary Meeting and CCAC’s ability to
consummate the proposed Business Combination, anticipated timing of
the proposed Business Combination, and the combined company’s
future products and growth are forward-looking statements. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the respective management of CCAC and Quanergy and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on as, a guarantee, an assurance,
a prediction or a definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to
predict and will differ from assumptions. Many actual events and
circumstances are beyond the control of CCAC or Quanergy. Potential
risks and uncertainties that could cause the actual results to
differ materially from those expressed or implied by
forward-looking statements include, but are not limited to, changes
in domestic and foreign business, market, financial, political and
legal conditions; the inability of the parties to successfully or
timely consummate the proposed Business Combination, including the
risk that any regulatory approvals are not obtained, are delayed or
are subject to unanticipated conditions that could adversely affect
the combined company or the expected benefits of the proposed
Business Combination or that the approval of the shareholders of
CCAC or Quanergy is not obtained; the inability to complete the
PIPE offering in connection with the Business Combination; failure
to realize the anticipated benefits of the proposed Business
Combination; risk relating to the uncertainty of the projected
financial information with respect to Quanergy; the amount of
redemption requests made by CCAC’s shareholders; the overall level
of consumer demand for Quanergy’s products; general economic
conditions and other factors affecting consumer confidence,
preferences, and behavior; disruption and volatility in the global
currency, capital, and credit markets; the ability to maintain the
listing of Quanergy’s securities on the New York Stock Exchange;
the financial strength of Quanergy’s customers; Quanergy’s ability
to implement its business strategy; changes in governmental
regulation, Quanergy’s exposure to litigation claims and other loss
contingencies; disruptions and other impacts to Quanergy’s
business, as a result of the COVID-19 global pandemic and
government actions and restrictive measures implemented in
response; stability of Quanergy’s suppliers, as well as consumer
demand for its products, in light of disease epidemics and
health-related concerns such as the COVID-19 global pandemic; the
impact that global climate change trends may have on Quanergy and
its suppliers and customers; Quanergy’s ability to protect patents,
trademarks and other intellectual property rights; any breaches of,
or interruptions in, Quanergy’s information systems; fluctuations
in the price, availability and quality of electricity and other raw
materials and contracted products as well as foreign currency
fluctuations; Quanergy’s ability to utilize potential net operating
loss carryforwards; changes in tax laws and liabilities, tariffs,
legal, regulatory, political and economic risks. The foregoing list
of potential risks and uncertainties is not exhaustive. More
information on potential factors that could affect CCAC’s or
Quanergy’s financial results is included from time to time in
CCAC’s public reports filed with the SEC, including its Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K as well as the other documents CCAC has filed,
or will file, with the SEC, including the final amended
registration statement on Form S-4 that will include proxy
statements/prospectus that CCAC will file with the SEC in
connection with CCAC’s solicitation of proxies for the meeting of
shareholders to be held to approve, among other things, the
proposed Business Combination. If any of these risks materialize or
CCAC’s or Quanergy’s assumptions prove incorrect, actual results
could differ materially from the results implied by these forward-
looking statements. There may be additional risks that neither CCAC
nor Quanergy presently know, or that CCAC and Quanergy currently
believe are immaterial, that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward- looking statements reflect CCAC’s and Quanergy’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Neither CCAC nor Quanergy gives
assurance that either CCAC or Quanergy, or the combined company,
will achieve its expectations. CCAC and Quanergy anticipate that
subsequent events and developments will cause their assessments to
change. However, while CCAC and Quanergy may elect to update these
forward-looking statements at some point in the future, CCAC and
Quanergy specifically disclaim any obligation to do so, except as
required by law. These forward-looking statements should not be
relied upon as representing CCAC’s or Quanergy’s assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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Media:
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Investors:
QuanergyIR@ICRinc.com
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