VIVOPOWER’S TEMBO EXTENDS HEADS OF AGREEMENT EXCLUSIVITY FOR US$838M MERGER WITH CCTS
Rhea-AI Summary
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 August 31, 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 VivoPower is progressing towards a significant strategic move in the electric vehicle sector, potentially enhancing its market position and shareholder value.
Positive
- Potential US$838 million merger deal for Tembo, VivoPower's subsidiary
- Extension allows time to consummate a material transaction, potentially enhancing company value
- Opportunity for Tembo to update disclosures, ensuring transparency for investors
Negative
- Delay in finalizing the merger agreement, potentially impacting investor confidence
- Uncertainty surrounding the outcome of the material transaction and its impact on the merger
News Market Reaction 1 Alert
On the day this news was published, VVPR declined 15.56%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Exclusivity period for Heads of Agreement extended to 31 August 2024
Extension to enable Tembo to consummate material transaction and update disclosure
LONDON, July 29, 2024 (GLOBE NEWSWIRE) -- The Nasdaq-listed B Corp, VivoPower International PLC (Nasdaq: VVPR, “VivoPower”), announced today 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.
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FAQ
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