Tembo E-LV Progresses Business Combination Agreement with CCTS at a Combined Enterprise Value Of US$904m

Group 1 - Tembo E-LV B.V. is working with Cactus Acquisition Corp. 1 Limited (CCTS) to close a Business Combination by Q2 2025, with a combined pro forma enterprise value of US$904 million, assuming no public trust redemptions for CCTS [1] - The Business Combination Agreement (BCA) was initially announced in August 2024, with a target closing date by the end of 2024, but was delayed due to new rules regarding special purpose acquisition company transactions [2][3] - The parties are finalizing the registration statement on Form F-4 to be filed with the U.S. Securities and Exchange Commission (SEC) and expect to close the transaction subject to closing conditions, including SEC review and CCTS shareholder approval [3][4] Group 2 - VivoPower International PLC, established in 2014 and listed on Nasdaq since 2016, focuses on sustainable energy solutions, particularly electric solutions for customized fleet applications, and aims to provide turnkey decarbonization solutions [5] - Tembo, a subsidiary of VivoPower, specializes in 100% electric utility vehicles for ruggedized applications across various industries, including mining, agriculture, and defense, promoting safe and reliable electrification solutions [6]