Vivopower International Plc Stock Price, News & Analysis

VivoPower announced that its subsidiary, Caret Digital, will begin Dogecoin mining operations in January 2025, utilizing renewable-powered facilities in Wisconsin and Oregon. The operation will deploy up to 1,000 Antminer L9s across both locations, with potential to generate annual revenues of up to US$25 million and cash EBITDA of up to US$12 million based on current Dogecoin prices.

The company plans to sell most mined Dogecoins rather than hold them, with free cashflow being reinvested into its Tembo e-LV business. Caret Digital is also developing a 55MW renewable-powered mining facility that could generate up to $150 million in annual revenue. A previously approved spin-off of Caret Digital and special dividend is in progress, with updates pending.

VivoPower International (NASDAQ: VVPR) has scheduled its 20-F annual results and strategic update presentation for Thursday, December 5, 2024, at 4:45 PM Eastern Time. The presentation will include significant strategic updates regarding Caret Digital's Dogecoin mining and spin-off, the Tembo merger, and other key developments. Participants can access dial-in details and webcast information through VivoPower's website. A replay will be available for one year after the presentation.

VivoPower International PLC (NASDAQ: VVPR) has announced it will file its 20-F Annual Report by November 29, 2024, meeting NASDAQ compliance requirements. The filing delay was attributed to significant strategic changes, including the sale of Aevitas critical power businesses and the Tembo business combination agreement with Cactus Acquisition Corp. 1 The company's management has also been focused on completing Tembo e-LV B.V.'s audited accounts for the Form F-4 Registration Statement. Following the 20-F filing, VivoPower will conduct its annual shareholder update call, with details to be released before December 6, 2024.

VivoPower International PLC (VVPR) has received a notice from Nasdaq regarding non-compliance with listing requirements due to delayed filing of Form 20-F for the period ending June 30, 2024. While this doesn't affect current listing status, the company has until January 20, 2025 to submit a compliance plan. The delay is attributed to significant strategic changes, including the sale of Aevitas businesses, Tembo business combination, and proposed Caret Digital spin-off. VivoPower aims to file the Form 20-F before month-end to regain compliance. If needed, Nasdaq may grant up to 180 days (until May 19, 2025) for compliance upon plan acceptance.

VivoPower's subsidiary Tembo has secured full on-road homologation vehicle type approval (VTA) for its Tembo Tusker electric vehicles in Australia, becoming only the second electric utility vehicle to achieve this certification. The approval allows Tuskers to be driven both on and off-road across all Australian territories. Operating in the US$10 billion Australasian pick-up truck market, the Tusker range includes single and dual-cab configurations with 65Kwh and 77Kwh variants, offering ranges of 330-400 km per charge, 1000 kg payload capacity, and 750 kg towing capacity. Tembo plans to expand into other markets including UAE, Africa, Europe, Asia, and Canada.

VivoPower announced its Board's approval for subsidiary Caret Digital to develop up to 55MW of its solar farm portfolio for Dogecoin and Litecoin mining. This follows a proposal from a Canadian group seeking a reverse merger with Caret Digital. Based on current cryptocurrency prices and Antminer GPU costs, the project could generate annual revenues of approximately US$150 million. Capital expenditure will be funded through equity and debt raised by Caret Digital post-merger. VivoPower shareholders previously approved Caret Digital's spin-off and special dividend in December 2023.

VivoPower International PLC's subsidiary, Tembo E-LV B.V., has announced a definitive partnership agreement with Sarao Motors, the iconic Philippine jeepney manufacturer. Tembo will provide state-of-the-art and cost-effective solutions to electrify the next generation of public utility jeepneys in the Philippines' estimated US$10bn jeepney market.

Sarao Motors, established in 1953, is the pre-eminent jeepney group in the Philippines and has selected Tembo as its exclusive partner for electric jeepneys. Tembo's electric jeepney kits are already en route to Sarao's headquarters in Las Piñas City. The partnership aims to modernize and electrify the jeepney industry while preserving its cultural heritage and creating local jobs.

VivoPower International PLC (NASDAQ: VVPR) has announced the closure of its F-1 offering after successfully raising $4 million in gross proceeds from institutional investors. The company issued an aggregate of 3,200,000 Ordinary Shares, with the offering terminating after market on September 27, 2024.

The funds will be used to reduce debt and finance inventory for customer orders. VivoPower has transitioned to a capital light business model, leveraging its strategic supply chain across Asia, which significantly reduces its funding requirements. This shift eliminates the need for building out assembly and manufacturing facilities.

Chardan acted as the sole placement agent for this offering. The securities were offered through a registration statement on Form F-1, which was declared effective on August 29, 2024, with the final prospectus filed on September 19, 2024.

VivoPower International Plc (Nasdaq: VVPR) has announced further details on its proposed merger with Future Automotive Solutions and Technologies (FAST). The combined entity will be headquartered in the UK to qualify for significant UK Government clean energy incentives. The UK Government has allocated a combined budget of US$21bn for clean energy projects through the Great British Energy unit and National Wealth Fund, with green hydrogen as an investment priority.

The merger structure proposes that VivoPower will acquire FAST and issue restricted shares as consideration. Post-merger, VivoPower will remain a UK PLC with 49% owned by VivoPower shareholders and 51% by FAST shareholders. The pro forma combined company is valued at an equity valuation of $1.13bn, with VivoPower's 49% stake valued at $556m and FAST's 51% at $578m. VivoPower insiders and affiliates will commit to a share lock-up in the merged entity.