Published on 2 Apr 2024 on Benzinga
Why VivoPower International Stock (VVPR) Is Up Over 300% - Vivopower Intl (NASDAQ:VVPR)
VivoPower International PLC 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.