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

SOL Global 2023 Q2 NAV per share was equal to $0.89. To report 2023 Q3 NAV per share end of October 2023.

TORONTO, Ontario, September 6, 2023 – SOL Global Investments Corp. (“SOL Global” or the “Company”) (CSE: SOL) (OTCPK: SOLCF) (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”.