Core Viewpoint - VivoPower International PLC's electric vehicle subsidiary, Tembo e-LV B.V., has extended its exclusive heads of agreement with Cactus Acquisition Corporation I to August 31, 2024, to facilitate a material transaction and update disclosures before finalizing a definitive business combination agreement [1][4]. Company Overview - VivoPower is a global sustainable energy solutions B Corporation focused on electric solutions for customized fleet applications, including off-road and on-road vehicles, as well as ancillary services like financing, charging, battery, and microgrids [2]. - The company operates in multiple countries, including Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates [2]. Tembo's Offerings - Tembo provides 100% electric utility vehicles (EUVs) designed for ruggedized and customized applications across various industries such as mining, agriculture, energy utilities, defense, and construction [3]. - The core mission of Tembo is to deliver safe and reliable electrification solutions for utility vehicle fleet owners, aiming to enhance asset returns, reduce costs, and support ESG goals [3]. Transaction Details - The extension of the exclusivity period is aimed at allowing Tembo to complete a significant transaction and update necessary disclosures prior to the finalization of a business combination agreement [4].
VIVOPOWER'S TEMBO EXTENDS HEADS OF AGREEMENT EXCLUSIVITY FOR US$838M MERGER WITH CCTS