VivoPower (VVPR) Prices 2.94M Share Offering at $8.50/Sh

VivoPower International PLC (NASDAQ: VVPR) today announced the pricing of an underwritten public offering of 2,941,176 of its ordinary shares at a price to the public of 8.50 per share. Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $25.0 million. Maxim Group LLC is acting as sole book-running manager for the offering.

In addition, VivoPower has granted the underwriters a 45-day option to purchase up to an additional 441,176 of its ordinary shares at the public offering price less underwriting discounts and commissions. The offering is expected to close on or about October 19, 2020, subject to the satisfaction of customary closing conditions.

VivoPower intends to use the net proceeds from the offering, together with its existing cash and cash equivalents, to fund working capital needs in connection with the expansion of its operations to the commercial electric vehicle segment, including $4.7 million to fund its acquisition of Tembo e-LV B.V., and for working capital and other general corporate purposes.

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