VivoPower Announces Strategic Merger Heads Of Agreement With FAST At A Pro-Forma Combined Equity Value Of $1.13B; Expected To Issue 5.72M Restricted Shares At $101 Per VivoPower Share As Consideration For FAST; VivoPower Shareholders Are Expected To Own 49% Of The Pro Forma Combined Group
Portfolio Pulse from Benzinga Newsdesk
VivoPower International PLC (VVPR) has announced a strategic merger heads of agreement with Future Automotive Solutions and Technologies Inc. (FAST), valuing the combined entity at $1.13 billion. VivoPower will issue 5.72 million restricted shares at $101 per share to FAST shareholders, with VivoPower shareholders owning 49% of the new entity. The merger is non-binding and subject to various conditions, including a business combination with Cactus Acquisition Corp. 1 Limited (CCTS) and a fairness opinion.
September 17, 2024 | 12:36 pm
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VivoPower's strategic merger with FAST values the combined entity at $1.13 billion, with VVPR shareholders owning 49% of the new group. The merger is non-binding and subject to conditions, including a business combination with CCTS.
The merger with FAST is a significant strategic move for VivoPower, potentially increasing its market value and expanding its business into hydrogen technology. The issuance of new shares and the valuation at $101 per share could positively impact VVPR's stock price in the short term, assuming the merger conditions are met.
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