VivoPower International PLC (NASDAQ:VVPR) shares are trading higher by 323% to $6.18 during Tuesday’s session after the company’s Tembo subsidiary announced it will merge with the Nasdaq-listed Cactus Acquisition Corp. 1 Limited.
VivoPower says the agreement entails exclusive negotiations for a business combination to merge with CCTS, with Tembo surviving the merger and changing its name to “Tembo Group.” Under the terms, CCTS will issue 83.8 million shares valued at $10 each in exchange for Tembo shares, indicating a pre-money equity valuation of $838 million for Tembo.
Additionally, VivoPower shareholders are set to receive a dividend in Tembo shares, subject to certain conditions and lock-up periods. The transaction is contingent upon the final execution of a Business Combination Agreement and an independent fairness opinion. ...
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