VivoPower slides on $1.13 bln deal to merge with Canadian hydrogen technology firm
17/09/2024 18:36
(Updates)
** Shares of power infrastructure developer VivoPower
VVPR.O down as much as 28.3% at $1.37, set for their worst
session since Oct. 6, 2023
** VVPR announces all-stock merger with Canada's hydrogen
technology company Future Automotive Solutions and Technologies
(FAST)
** Deal would create a $1.13 billion combined company
** VivoPower shareholders are expected to own 49% of the pro
forma combined group upon completion of merger
** Proposed merger to involve VVPR issuing 5.72 million
restricted new shares to FAST shareholders
** Up to Monday's close, stock had risen ~9% YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))
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