- VivoPower ( NASDAQ: VVPR ) entered into a definitive agreement with a single U.S. institutional investor for the purchase and sale of 4.23M shares at an offering price of $1.30/share for gross proceeds of ~$5.5M.
- It has also agreed to issue to the investor, in a concurrent private placement, unregistered warrants to purchase shares.
- The warrants will have an exercise price of $1.30/ share, will be exercisable on the six-month anniversary of the issuance date and will expire five years from initial exercise date.
- Net proceeds to be used for hiring additional engineering talent, progress the scale up of assembly and production capabilities in key markets globally and for general corporate purposes.
- Offer is expected to occur on or about Aug.2, 2022.
- Shares trading 7.3% down premarket.
For further details see:
VivoPower prices $5.5M in stock and warrants offering