VivoPower raises USD$28.75 million in upsized public share offering

2020-10-20T21:06:59-04:00

VivoPower is very pleased to announce that we’ve closed an underwritten public offering to sell 2,941,176 ordinary shares to the public at a price of $8.50 a share.

On top of the original 2.9+ million shares, the underwriters have exercised an option to purchase 441,174 ordinary shares at the public offering price, less the underwriting discounts and commissions.

Due to strong demand from a range of institutional investors, the offering was upsized from our initial USD$15 million target. Gross proceeds – before underwriting discounts and commissions, and estimated offering expenses – will now be about USD$28.75 million.

Net proceeds from the offering will supplement our existing cash and cash equivalents, and we will use them to fund our working capital needs as we expand our operations into the commercial electric vehicle space. That expansion includes our recent acquisition of Tembo e-LV B.V., a specialist battery-electric and off-road vehicle company.

New York­–based Maxim Group LLC was the sole book-running manager for the offering, which was conducted under our registration statements filed with and declared effective by the Securities and Exchange Commission (SEC).

For more information, you can read the full prospectus on the SEC website.

To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.