Nasdaq-listed B Corp VivoPower announced today that its independent directors have secured an amendment and extension to its US$34m shareholder loan financing agreement following the conclusion of negotiations with the independent directors of its major shareholder, AWN Holdings Limited.
As part of the amended terms, VivoPower has consolidated all of its shareholder loans at VivoPower International PLC level, as well as amending all of the outstanding loans to non-current status. This improves the balance sheet profile of VivoPower. AWN will also receive an option to acquire 1,150,000 Tembo shares from VivoPower post business combination with Cactus Acquisition Corp 1 Limited (CCTS) at an exercise price of $1.35 per share. This replaces a previous agreement to issue warrants on VivoPower shares. The exercise price reflects the valuation at which the private investment office backed by a member of the ruling Al Maktoum family of Dubai agreed to invest an advance as announced in June 2023, and takes into account AWN’s continued financial support since 2017. It is anticipated that the underlying shares to the Option will represent less than 1.3% of the estimated total number of shares in newly listed Tembo post-deSPAC and these underlying shares will be subject to lock up for at least 6 months.
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