(UPDATED) VIVOPOWER’S TEMBO EXTENDS HEADS OF AGREEMENT EXCLUSIVITY FOR US$838M MERGER WITH CCTS
VivoPower International PLC (Nasdaq: VVPR) announced that its electric vehicle subsidiary, Tembo e-LV B.V., has extended its exclusive heads of agreement with Cactus Acquisition I (Nasdaq: CCTS) until 31 August 2024. This one-month extension aims to provide Tembo with additional time to finalize a material transaction and update disclosures before completing a definitive business combination agreement for the proposed US$838 million merger. The extension will also allow time for an independent fairness opinion to be prepared. This development suggests that the merger process is progressing, albeit with some delays, as both parties work towards finalizing the deal.
VivoPower International PLC (Nasdaq: VVPR) ha annunciato che la sua filiale di veicoli elettrici, Tembo e-LV B.V., ha prorogato il suo accordo esclusivo di massima con Cactus Acquisition I (Nasdaq: CCTS) fino al 31 agosto 2024. Questa proroga di un mese mira a fornire a Tembo ulteriore tempo per finalizzare una transazione significativa e aggiornare le comunicazioni prima di completare un accordo definitivo di fusione per il proposto merger da 838 milioni di dollari USA. La proroga darà anche tempo per preparare un'opinione di equità indipendente. Questo sviluppo suggerisce che il processo di fusione stia procedendo, anche se con alcuni ritardi, mentre entrambe le parti lavorano per finalizzare l'accordo.
VivoPower International PLC (Nasdaq: VVPR) ha anunciado que su subsidiaria de vehículos eléctricos, Tembo e-LV B.V., ha extendido su acuerdo exclusivo con Cactus Acquisition I (Nasdaq: CCTS) hasta el 31 de agosto de 2024. Esta extensión de un mes tiene como objetivo proporcionar a Tembo tiempo adicional para finalizar una transacción material y actualizar las divulgaciones antes de completar un acuerdo definitivo de fusión para la propuesta de fusión de 838 millones de dólares EE. UU.. La extensión también dará tiempo para preparar una opinión de equidad independiente. Este desarrollo sugiere que el proceso de fusión está avanzando, aunque con algunos retrasos, mientras ambas partes trabajan para finalizar el acuerdo.
VivoPower International PLC (Nasdaq: VVPR)는 전기차 자회사인 Tembo e-LV B.V.가 Cactus Acquisition I (Nasdaq: CCTS)와의 독점 협정의 유효 기간을 2024년 8월 31일까지 연장했다고 발표했습니다. 이번 한 달간의 연장은 Tembo가 중요한 거래를 마무리 짓고 공시를 업데이트 할 수 있는 추가 시간을 제공하기 위함입니다. 이는 제안된 8억 3천 8백만 달러의 합병에 대한 최종 사업 결합 계약을 완료하기 위한 것입니다. 이번 연장은 독립적인 공정성 의견서를 준비할 수 있는 시간도 제공합니다. 이번 개발은 합병 과정이 일부 지연이 있긴 하지만 진행 중임을 나타내며, 양측이 거래 완료를 위해 노력하고 있음을 시사합니다.
VivoPower International PLC (Nasdaq: VVPR) a annoncé que sa filiale de véhicules électriques, Tembo e-LV B.V., a prolongé son accord exclusif de principe avec Cactus Acquisition I (Nasdaq: CCTS) jusqu'au 31 août 2024. Cette prolongation d'un mois vise à offrir à Tembo un délai supplémentaire pour finaliser une transaction significative et mettre à jour les divulgations avant de conclure un accord définitif de fusion pour la proposition de fusion de 838 millions de dollars américains. La prolongation permettra également de préparer un avis d'équité indépendant. Ce développement suggère que le processus de fusion progresse, bien qu'avec quelques retards, alors que les deux parties travaillent à finaliser l'accord.
VivoPower International PLC (Nasdaq: VVPR) kündigte an, dass ihre Elektrofahrzeug-Tochtergesellschaft, Tembo e-LV B.V., ihre exklusive Absichtserklärung mit Cactus Acquisition I (Nasdaq: CCTS) bis zum 31. August 2024 verlängert hat. Diese einmonatige Verlängerung soll Tembo zusätzliche Zeit geben, um eine bedeutende Transaktion abzuschließen und die offengelegten Informationen zu aktualisieren, bevor ein endgültiger Geschäftszusammenschlussvertrag für die vorgeschlagene Fusion im Wert von 838 Millionen US-Dollar abgeschlossen wird. Die Verlängerung gibt auch Zeit, um eine unabhängige Fairness-Meinung zu erstellen. Diese Entwicklung deutet darauf hin, dass der Fusionsprozess voranschreitet, obwohl es einige Verzögerungen gibt, während beide Parteien daran arbeiten, den Deal abzuschließen.
- Potential US$838 million merger deal in progress
- Extension allows time to finalize material transaction
- Opportunity for Tembo to update disclosures before finalizing agreement
- Delay in finalizing the merger agreement
- Uncertainty around the completion of the material transaction
Insights
The extension of the exclusivity period for the Heads of Agreement between Tembo e-LV B.V. and Cactus Acquisition I (CCTS) is a significant development in the proposed
The extension to August 31, 2024, provides Tembo with a strategic window to complete a material transaction and update disclosures. This could potentially enhance Tembo's value proposition or address any regulatory concerns before finalizing the merger agreement. The mention of a "material transaction" is particularly intriguing, as it could involve a significant acquisition, partnership, or contract that could substantially impact Tembo's market position or financial outlook.
For VivoPower shareholders, this extension presents a double-edged sword:
- On the positive side, it allows for potentially more favorable terms or increased valuation if Tembo successfully executes its material transaction.
- However, the delay also introduces uncertainty and could potentially lead to deal fatigue or changed market conditions that might affect the merger's attractiveness.
Investors should closely monitor any announcements regarding Tembo's material transaction and updated disclosures, as these could significantly influence the final terms of the merger and, consequently, VivoPower's stock price.
The extended exclusivity period for the Tembo-CCTS merger negotiations offers a fascinating glimpse into the evolving electric vehicle (EV) market dynamics. This
The additional time granted for Tembo to complete a "material transaction" suggests potential strategic positioning in response to market trends:
- Tembo might be looking to strengthen its product portfolio or expand its market reach to enhance its attractiveness in the merger.
- The company could be securing key supply chain partnerships or technology acquisitions to bolster its competitive edge in the rapidly evolving EV landscape.
Moreover, the emphasis on updating disclosures indicates a meticulous approach to transparency, which is important in the current regulatory environment surrounding SPACs and mergers. This cautious stance could be a response to increased scrutiny from regulators and investors alike, potentially setting a new standard for diligence in similar deals within the EV sector.
As the EV market continues to mature, deals of this magnitude will likely shape the competitive landscape. Investors and industry observers should pay close attention to the outcome, as it could signal broader trends in EV sector consolidation and the appetite for specialized EV companies in the public markets.
Exclusivity period for Heads of Agreement extended to 31 August 2024
Extension to enable Tembo to consummate material transaction and update disclosure
LONDON, July 30, 2024 (GLOBE NEWSWIRE) -- The Nasdaq-listed B Corp, VivoPower International PLC (Nasdaq: VVPR, “VivoPower”), announced that its electric vehicle subsidiary, Tembo e-LV B.V. (“Tembo”), has agreed to a further one month extension of its exclusive heads of agreement with Nasdaq-listed Cactus Acquisition Corporation I (Nasdaq: CCTS, CCTSW, CCTSU, “CCTS”) to 31 August 2024.
The extension is intended to provide additional time for Tembo to consummate a material transaction and update disclosures before finalising a definitive business combination agreement relating to the proposed transaction as well as the independent fairness opinion.
About VivoPower
VivoPower is an award-winning global sustainable energy solutions B Corporation company focused on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. The Company’s core purpose is to provide its customers with turnkey decarbonisation 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 the premier
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
Additional Information and Where to Find It
If a definitive business combination agreement relating to the proposed transaction is executed, a full description of the terms of the transaction will be included in a registration statement on Form F-4 (the “Registration Statement”), which will include a proxy statement/prospectus, to be filed with the U.S. Securities and Exchange Commission (the “SEC”). Shareholders of CCTS and other interested persons are advised to read, when available, the Registration Statement, including the preliminary proxy statement/prospectus, any amendments thereto and the definitive proxy statement/prospectus. CCTS, Tembo and VivoPower may also file other documents with the SEC regarding the proposed transaction. The definitive proxy statement/prospectus will be sent to the shareholders of CCTS as of the record date established for voting on the proposed transaction and will contain important information about CCTS, VivoPower, Tembo, the proposed transaction and other related matters. Shareholders of CCTS and other interested persons will be able to obtain copies of the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the definitive proxy statements/prospectus and the other documents filed or that will be filed with the SEC in connection with the proposed transaction, without charge, once available, at the SEC’s website at www.sec.gov.
Participants in the Solicitation
CCTS, Tembo, VivoPower and their respective directors and officers may be deemed participants in the solicitation of proxies of CCTS shareholders in connection with the proposed transaction. More detailed information regarding the directors and officers of CCTS, and a description of their interests in CCTS, is contained in CCTS’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on April 15, 2024, and is available free of charge at the SEC’s website at www.sec.gov. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CCTS’s shareholders in connection with the proposed transaction and other matters to be voted upon at the meeting of CCTS’s shareholders will be set forth in the Registration Statement for the transaction when available.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contact
Shareholder Enquiries
shareholders@vivopower.com
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