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 E-LV (“Tembo”), a subsidiary of VivoPower International PLC (“VivoPower”), will merge with CCTS (“Cactus Acquisition Corp. 1 Limited”), a NASDAQ-listed company.
- VivoPower shareholders on the final record date will receive 5 Tembo Group shares for each 1 VivoPower share held.
- A business combination between CCTS and Tembo will be effected through the merger of CCTS with and into Tembo, with Tembo surviving the merger.
- CCTS will issue 83.8 million shares in exchange for Tembo shares at $10 per CCTS share.