Angel Deal Syndicate LLC (”ADS”) has filed a complaint in the U.S. District Court for the Western District of Texas, Austin Division, against TECSO Charge Zone Limited (”ChargeZone”), the Vadodara, Gujarat-based EV charging company. The case is docketed at Civil No. 1:26-cv-02071.
The claim arises from the Accelerator Charge Zone Warrant dated December 16, 2021 — originally issued by ChargeZone to Newchip, LLC. The warrant granted the right to invest in ChargeZone across qualified financing rounds, along with ongoing rights to financial records and notice of capital-raising events.
When Newchip filed for bankruptcy in March 2023, the U.S. Bankruptcy Court for the Western District of Texas determined that warrants of this kind were individual, severable assets of the estate.
ADS purchased the ChargeZone Warrant from Newchip’s Chapter 7 Trustee in a court-approved auction in April 2024 (In re Astra Labs, Inc., No. 23-10164-smr, before Judge Shad Robinson), and with it, all rights that Newchip held.
The complaint alleges that ChargeZone never delivered the Financial Records — quarterly and annual financials, capitalization tables, offering materials — required under the warrant from inception.
It further alleges that ChargeZone raised capital on multiple occasions without providing the Offering Notices that would have allowed Newchip, and later ADS, to exercise their contractual investment rights at the agreed discount terms.
Because those obligations were not met during the initial two-year warrant period, the warrant’s own terms extended its enforcement period to ten years from inception — through December 16, 2031.
ADS is seeking specific performance of the warrant’s investment and information rights, or in the alternative, monetary damages in excess of $20,000,000. The complaint also includes counts for fraudulent concealment and a request for declaratory judgment establishing the warrant’s continued validity and enforceability.
The complaint and exhibits are publicly available on PACER: Angel Deal Syndicate, LLC v. TECSO Charge Zone Limited, No. 1:26-cv-02071.
This is the first post in a series. We will be publishing the underlying documents and working through the complaint in the weeks ahead.
For legal inquiries: https://www.pulmanlaw.com
Inquiries related to Frontier Alternatives:
We Fight for Small Investor Rights (If you’ve ever wired your own money into someone else’s dream only to be treated like a nuisance, this series for you.):
If you are a warrant issuer and want to resolve your warrant without litigation, schedule a call: https://tidycal.com/advalorem/syndicate