VivoPower InternationalNASDAQ: VVPR

Vivopower (NASDAQ: VVPR ) stock is soaring higher on Wednesday following news that its Tembo subsidiary is closing in on a merger. Tembo is seeking to merge with special purpose acquisition company (SPAC) Cactus Acquisition Corporation (NASDAQ: CCTS ).

LONDON, July 02, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR, "VivoPower” or the "Company”) is pleased to announce that it has completed the sale of one of its non-core business units, Kenshaw Electrical (“Kenshaw”), to ARA Group Limited (“ARA”), a leading diversified industrial services group based in Australia. This follows the announcement on April 29, that a definitive asset sale agreement had been reached with ARA with expected timing for completion of July 1. The divestment is in line with VivoPower's previously announced strategy to focus on reinvesting in its strong growth businesses including Tembo.

Tembo has secured a minimum of 200 Tuskers for the Australia and NZ markets Australian sales of pick up trucks reached approximately US$700m in the month of May 2024 Tembo exhibited the Tuskers successfully at leading Australian mining focused trade show Interest and demand for Tuskers has been significantly stronger than expected Tembo is now accelerating a push into other markets for the Tuskers LONDON, June 18, 2024 (GLOBE NEWSWIRE) -- the NASDAQ listed B Corp, VivoPower International PLC (“VivoPower”) announced today that its electric vehicle subsidiary, Tembo E-LV B.V. (“Tembo”) has secured a minimum 200 committed Tembo Tuskers, its full electric pick up utility vehicle (“Tembo Tusker”) for delivery to customers and partners in Australia and New Zealand by February 2026.

Shares of VivoPower International PLC took off on Tuesday, after the U.K.-based sustainable-energy company announced a deal to sell its electric-utility-vehicle subsidiary Tembo for a big profit.

VivoPower (NASDAQ: VVPR ) stock is rocketing higher on Tuesday after the company announced plans for its Tembo subsidiary to go public via a special purpose acquisition company (SPAC) merger. That merger will see Tembo combine with SPAC Cactus Acquisition Corp. 1 (NASDAQ:CCTS).