Tembo E-LV Progresses Business Combination Agreement with CCTS at a Combined Enterprise Value Of US$904m
Tembo E-LV, a subsidiary of VivoPower International PLC (Nasdaq: VVPR), is progressing towards closing its Business Combination Agreement with CCTS (Cactus Acquisition Corp. 1 ) by Q2 2025. The deal, originally announced in August 2024, values the combined enterprise at US$904 million, assuming no public trust redemptions.
The transaction's timeline was extended beyond the initial end of 2024 target due to new SPAC regulations, requiring a review of the transaction structure. The parties are now finalizing the Form F-4 registration statement for SEC filing. The closing remains subject to various conditions, including SEC review completion and CCTS shareholder approval.
The agreement follows due diligence and receipt of an independent fairness opinion. Post-combination, the newly formed Tembo Group plans to list its securities on Nasdaq.
Tembo E-LV, una filiale di VivoPower International PLC (Nasdaq: VVPR), sta procedendo verso la chiusura del suo Accordo di Combinazione Aziendale con CCTS (Cactus Acquisition Corp. 1) entro il secondo trimestre del 2025. L'accordo, annunciato originariamente nell'agosto 2024, valuta l'impresa combinata a 904 milioni di dollari USA, assumendo che non ci siano riscatti da parte del pubblico.
La tempistica della transazione è stata estesa oltre l'obiettivo iniziale della fine del 2024 a causa di nuove normative SPAC, che richiedono una revisione della struttura della transazione. Le parti stanno ora finalizzando la dichiarazione di registrazione Form F-4 per la presentazione alla SEC. La chiusura rimane soggetta a varie condizioni, inclusa la conclusione della revisione da parte della SEC e l'approvazione degli azionisti di CCTS.
L'accordo segue la due diligence e la ricezione di un'opinione di equità indipendente. Dopo la combinazione, il nuovo Tembo Group prevede di quotare i propri titoli su Nasdaq.
Tembo E-LV, una subsidiaria de VivoPower International PLC (Nasdaq: VVPR), está avanzando hacia el cierre de su Acuerdo de Combinación Empresarial con CCTS (Cactus Acquisition Corp. 1) para el segundo trimestre de 2025. El acuerdo, anunciado originalmente en agosto de 2024, valora la empresa combinada en 904 millones de dólares estadounidenses, asumiendo que no haya redenciones por parte del público.
La línea de tiempo de la transacción se extendió más allá del objetivo inicial de finales de 2024 debido a nuevas regulaciones de SPAC, que requieren una revisión de la estructura de la transacción. Las partes están finalizando la declaración de registro Form F-4 para la presentación ante la SEC. El cierre sigue sujeto a varias condiciones, incluida la finalización de la revisión de la SEC y la aprobación de los accionistas de CCTS.
El acuerdo sigue a la debida diligencia y la recepción de una opinión de equidad independiente. Después de la combinación, el nuevo Tembo Group planea listar sus valores en Nasdaq.
Tembo E-LV는 VivoPower International PLC(Nasdaq: VVPR)의 자회사로서, 2025년 2분기까지 CCTS(Cactus Acquisition Corp. 1)와의 사업 결합 계약을 체결하기 위해 진행 중입니다. 이 거래는 2024년 8월에 발표되었으며, 결합된 기업 가치는 9억 4백만 달러로 평가되며, 공공 신탁 환매가 없다고 가정합니다.
거래 일정은 새로운 SPAC 규제 때문에 2024년 말의 초기 목표를 넘어 연장되었습니다. 이는 거래 구조에 대한 검토가 필요합니다. 당사자들은 현재 SEC 제출을 위한 Form F-4 등록 명세서를 최종화하고 있습니다. 거래 종료는 SEC 검토 완료 및 CCTS 주주 승인 등 여러 조건에 따라 달라집니다.
이 계약은 실사와 독립적인 공정성 의견을 받은 후 체결되었습니다. 결합 후, 새롭게 형성된 Tembo Group은 Nasdaq에 증권을 상장할 계획입니다.
Tembo E-LV, une filiale de VivoPower International PLC (Nasdaq: VVPR), progresse vers la conclusion de son Accord de Combinaison d'Entreprises avec CCTS (Cactus Acquisition Corp. 1) d'ici le deuxième trimestre 2025. L'accord, annoncé à l'origine en août 2024, évalue l'entreprise combinée à 904 millions de dollars américains, en supposant qu'il n'y ait pas de rachats par le public.
Le calendrier de la transaction a été prolongé au-delà de l'objectif initial de fin 2024 en raison de nouvelles réglementations SPAC, nécessitant une révision de la structure de la transaction. Les parties finalisent actuellement la déclaration d'enregistrement Form F-4 pour le dépôt auprès de la SEC. La clôture reste soumise à diverses conditions, y compris l'achèvement de l'examen par la SEC et l'approbation des actionnaires de CCTS.
L'accord fait suite à une diligence raisonnable et à la réception d'un avis d'équité indépendant. Après la combinaison, le nouveau Tembo Group prévoit de coter ses titres sur le Nasdaq.
Tembo E-LV, eine Tochtergesellschaft von VivoPower International PLC (Nasdaq: VVPR), arbeitet auf den Abschluss ihres Geschäftskombinationsvertrags mit CCTS (Cactus Acquisition Corp. 1) bis zum 2. Quartal 2025 hin. Der Deal, der ursprünglich im August 2024 angekündigt wurde, bewertet das kombinierte Unternehmen auf 904 Millionen US-Dollar, vorausgesetzt, es gibt keine Rücknahmen von öffentlichen Treuhandgeldern.
Der Zeitrahmen für die Transaktion wurde aufgrund neuer SPAC-Vorschriften über das ursprüngliche Ziel Ende 2024 hinaus verlängert, was eine Überprüfung der Transaktionsstruktur erforderlich macht. Die Parteien finalisieren derzeit die Registrierungsmitteilung Form F-4 für die SEC-Einreichung. Der Abschluss steht unter dem Vorbehalt verschiedener Bedingungen, einschließlich des Abschlusses der SEC-Prüfung und der Genehmigung durch die CCTS-Aktionäre.
Der Vertrag folgt einer Due-Diligence-Prüfung und dem Erhalt einer unabhängigen Fairness-Meinung. Nach der Kombination plant die neu gegründete Tembo Group, ihre Wertpapiere an der Nasdaq zu listen.
- Significant enterprise valuation of US$904 million
- Independent fairness opinion received supporting the deal
- Planned Nasdaq listing for the combined entity
- Delayed closing timeline from end of 2024 to Q2 2025
- Transaction still subject to multiple closing conditions and approvals
Insights
This announcement represents significant progress on Tembo's previously disclosed SPAC merger with CCTS. The US$904 million enterprise valuation for the combined entity creates an extraordinary valuation disconnect with VivoPower's current
The magnitude of this valuation gap cannot be overstated. For VivoPower shareholders, this transaction potentially represents a tremendous value creation opportunity, as Tembo is merely a subsidiary of the Nasdaq-listed parent company. The fact that the transaction has advanced to the F-4 filing stage after regulatory review suggests continued commitment from both parties to completing the deal.
Several key developments add credibility to this transaction: the CCTS board received a fairness opinion from an independent third party supporting the valuation, and applications for Nasdaq listing of the new Tembo Group are underway. While closing remains contingent on SEC review completion and CCTS shareholder approval, this update confirms the transaction is progressing toward the finish line after addressing regulatory hurdles.
Business Combination Agreement with CCTS originally announced in August 2024
Combined pro forma enterprise value of US
Parties working to close the transaction by Q2, calendar 2025
LONDON, March 21, 2025 (GLOBE NEWSWIRE) -- Tembo E-LV B.V. (“Tembo”), a subsidiary of Nasdaq-listed B Corporation, VivoPower International PLC (Nasdaq: VVPR) ("VivoPower" or the "Company"), today announced that it is working closely with CCTS (“Cactus Acquisition Corp. 1 Limited”), a Cayman Islands exempted special purpose acquisition company to progress towards a closing of the Business Combination by Q2, calendar 2025.
The parties originally announced a Business Combination Agreement (“BCA”) in August 2024 with an original target of closing the Business Combination by the end of calendar 2024. However, as a consequence of new rules relating to special purpose acquisition company transactions, the parties took the opportunity to work with respective counsel to review the transaction structure. This has now been completed, and work has resumed in relation to finalization of the registration statement on Form F-4, to be filed with the U.S. Securities and Exchange Commission (SEC).
The parties expect a registration statement on Form F-4 to be filed shortly with the SEC in connection with the proposed transaction (the “Business Combination”), which they are working to close, subject to satisfaction (or waiver, as applicable) of closing conditions, including, without limitation, the completion of the SEC review process and approval of the transaction by CCTS shareholders, prior to the end of Q2, 2025.
The BCA was entered into by the parties following due diligence and receipt by the CCTS board of directors of a fairness opinion from an independent third party.
In connection with the Business Combination, the parties will submit to Nasdaq an application to list the securities of a newly formed company (“Tembo Group”) established in connection with the transaction on Nasdaq.
About VivoPower
Established in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for off-road and on-road customized and ruggedized fleet applications as well as ancillary financing, charging, battery and microgrids solutions. VivoPower’s core purpose is to provide its customers with turnkey decarbonization solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
About Tembo
Tembo electric utility vehicles (EUVs) are a
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FAQ
What is the enterprise value of Tembo E-LV's business combination with CCTS (VVPR)?
When is the expected closing date for Tembo E-LV's merger with CCTS (VVPR)?
Why was Tembo E-LV's business combination closing delayed from 2024 to 2025 (VVPR)?
What regulatory approvals are needed for the Tembo E-LV and CCTS merger (VVPR)?
