VivoPower announces binding heads of agreement to merge Tembo into NASDAQ listed CCTS at an indicative US$838m Equity Value

April 2, 2024

https://www.globenewswire.com/news-release/2024/04/02/2856229/0/en/VivoPower-announces-binding-heads-of-agreement-to-merge-Tembo-into-NASDAQ-listed-CCTS-at-an-indicative-US-838m-Equity-Value.html

LONDON, April 02, 2024 (GLOBE NEWSWIRE) — Tembo, a global leader in utility vehicle electrification (“Tembo”), and a subsidiary of VivoPower International PLC (NASDAQ:VVPR, “VivoPower”), today announced it has entered into a binding heads of agreement (“Agreement”) whereby it will exclusively negotiate to consummate a business combination agreement to merge with Cactus Acquisition Corp. 1 Limited (NASDAQ:CCTS, CCTSW, CCTSU, “CCTS”), a special purpose acquisition company (“SPAC”). Upon closing of a business combination, the combined company is expected to remain NASDAQ-listed under the name “Tembo Group”.

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