VivoPower announces binding heads of agreement to merge Tembo into NASDAQ listed CCTS at an indicative US$838m Equity Value
Tembo E-LV ("Tembo"), a subsidiary of VivoPower International PLC ("VivoPower"), will merge with CCTS ("Cactus Acquisition Corp. 1 Limited"), a NASDAQ-listed company. Tembo will be the surviving entity and upon closing, will change its name to Tembo Group. CCTS has $25m of cash on its balance sheet, as of its last quarterly filing. VivoPower shareholders on the final record date will receive 5 Tembo Group shares for each 1 VivoPower share held. Final Business Combination Agreement, an independent fairness opinion to be finalised by early May 2024 with the merger targeted for completion by August 2024 LONDON, April 02, 2024 (GLOBE NEWSWIRE) -- Tembo, a global leader in utility vehicle
