VivoPower secures Nasdaq listing via M&A deal
Dec 30, 2016 08:21 CET
December 30 – The ordinary shares of solar power company VivoPower International Plc (NASDAQ:VVPR) started trading on the Nasdaq Capital Market following the completion of a merger with an already listed entity.
The company announced on Wednesday it has finalised a business combination with Arowana Inc (NASDAQ:ARWA), which paid about USD 16.8 million (EUR 16.1m) in cash in exchange for nearly 6.1 million newly-issued VivoPower ordinary shares.
Before that transaction, VivoPower was owned by investment holding company Arowana International Ltd (ASX:AWN), which is an affiliate of certain officers, directors and stockholders of ARWA. AWN and entities affiliated with it will own a majority of VivoPower’s shares upon completion of the merger.
“The Nasdaq listing will provide VivoPower with a platform to accelerate the execution of its strategic plan in the coming months, which we believe will establish the company as a leading global solar power company and generate positive results for our shareholders,” said Philip Comberg, CEO of VivoPower.
The company’s ordinary shares started trading on December 29, 2016 under the symbol, while ARWA’s securities ceased trading on December 28.
Once certain other upcoming transactions are closed, VivoPower will end up holding 100% in VivoPower Pty Ltd, which operates solar photovoltaic (PV) plants in Australia, and almost all of power services provider Aevitas Group Ltd.
Meanwhile, VivoPower’s board of directors intends to promptly seek shareholder clearance to buy back roughly USD 10 million of its outstanding ordinary shares, which will be held in treasury and used to seed a dual listing on the Australian Securities Exchange (ASX).
(USD 1.0 = EUR 0.956)
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