Following shortly after the announcement of VivoPower’s successful signing of definitive agreement to acquire Tembo e-LV B.V., we are happy to announce the that VivoPower has raised USD$28.75 million in upsized public share offering.
On October 20, VivoPower 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 their 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 VivoPower’s existing cash and cash equivalents, which will be deployed to fund working capital needs and accelerate the expansion of operations into the commercial electric vehicle space. That expansion includes their recent acquisition of Tembo e-LV B.V., a specialist battery-electric and off-road vehicle company.