(RTTNews) - Tembo E-LV B.V., a subsidiary of VivoPower International plc (VVPR) announced Thursday that it has executed a definitive Business Combination Agreement with Cactus Acquisition Corp. Limited, a Cayman Islands exempted special purpose acquisition company (CCTS, CCTSW, CCTSU).
The agreement assigns a pro forma enterprise value to the combination of Tembo and CCTS, assuming no redemptions by Cactus public shareholders at or before closing of $904 million and precludes any further direct investment into Tembo.
The agreement was entered into by the parties following due diligence and receipt by the Cactus board of directors of a fairness opinion from an independent third party.
The parties expect to close the deal, subject to satisfaction of closing conditions, including, without limitation, the completion of the SEC review process and approval of the transaction by Cactus shareholders, prior to the end of calendar year 2024.
In connection with the agreement, the parties will submit to Nasdaq an application to list the securities of a newly formed company (Tembo Group) established in connection with the transaction on Nasdaq.
