VivoPower International is pleased to announce that its subsidiary Tembo has now met all the milestones to obtain the final follow-on strategic direct equity investment into Tembo, at a pre-money valuation of $120M. This is pursuant to a commitment received in June 2023 from a UAE based private investment office backed by a member of the ruling Al Maktoum family of Dubai. The investor, under the agreement terms, can exercise the option to increase its cumulative investment in subsequent closings, up to $10M based on milestones which have now all been met. VivoPower will continue to retain its majority stake in Tembo. Tembo recently announced a binding heads of agreement to execute a business combination agreement with CCTS, a NASDAQ listed SPAC at an indicative pre money equity valuation of $838m.
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