VivoPower International (VVPR, Financial) has announced a revision to Energi Holdings' takeover proposal, transforming it into a proportional offer targeting 80% of the non-affiliated free float shares. Should this proceed, Energi would emerge as the largest and majority shareholder, substantially reducing the unaffiliated shares in the market by 80%.
Energi, based in Abu Dhabi and boasting $1 billion in revenues, has expanded its presence across multiple regions, including the Middle East, Africa, and Europe. The company has expressed support for VivoPower's strategic initiatives, namely the completion of the Tembo SPAC transaction and the spin-off of Caret Digital.
This proposal represents a clarification of Energi’s earlier non-binding, all-cash offer. The fruition of the transaction is contingent on satisfactory due diligence and the finalization of a definitive agreement. At this stage, no assurance can be made that the transaction will be finalized under the current terms or at all.
Meanwhile, VivoPower is advancing its collaboration with CCTSF (CCTS) towards sealing a business combination with Tembo, with plans to complete the deal by the second quarter of 2025. Concurrently, VivoPower is preparing for the direct listing IPO of Caret Digital on either Nasdaq or NYSE American, with shareholders set to receive five shares of Caret Digital for each share of VivoPower held. This spin-off is expected to have a market capitalization of $250 million, with an initial focus on cryptocurrency mining, particularly Dogecoin, converting the mined assets to Bitcoin at a discounted rate.
