VivoPower secures Nasdaq ticker “TEMB” for planned Tembo listing

VivoPower secures Nasdaq ticker “TEMB” for planned Tembo listing Proactive uses images sourced from Shutterstock

VivoPower PLC (NASDAQ:VIVO, FRA:51J) said Nasdaq has approved the reservation of the ticker symbol “TEMB” for Tembo Group N.V., marking a regulatory step forward in the planned listing of its electric vehicle subsidiary through a business combination with Cactus Acquisition Corporation I.

The combined entity, Tembo Group, is expected to list its ordinary shares and public warrants on Nasdaq under the symbols “TEMB” and “TEMBW,” respectively, upon completion of the transaction.

The proposed business combination values Tembo at an indicative pre-money equity value of approximately $838 million. VivoPower indicated it expects to retain a significant equity interest in Tembo following the transaction, subject to final terms, including potential redemptions by Cactus Acquisition shareholders and other closing adjustments.

The deal remains subject to several conditions, including the US Securities and Exchange Commission declaring the Form F-4 registration statement effective, approval from Cactus Acquisition shareholders, and other customary closing requirements.

VivoPower said the listing is intended to enable Tembo to access growth capital independently while potentially unlocking value for its shareholders.

The company also noted that Tembo has previously secured long-term strategic investment capital from investors in the Emirates and, as a result, does not plan to pursue a structured private investment in public equity (PIPE) financing as part of the transaction.

There can be no assurance that the business combination will be completed or that Tembo Group’s securities will ultimately be listed on Nasdaq, the company added.

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