Zooz Power (ZOOZ) said Friday that its shareholders have approved all proposals related to the company's $180 million private placement and bitcoin treasury reserve strategy.

The private placement, which includes $5 million from the initial placement, is set to close during the week of Sept. 22, the company said.

The approval also includes amendments to Zooz's Articles of Association to increase authorized share capital, the company added.

Proceeds from the private placement will primarily fund Zooz's bitcoin treasury reserve strategy, which aims to allocate 95% of net proceeds to bitcoin purchases, the company said.

Shares of the company were up 53% in recent early trading on Friday.

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