09:10 AM EDT, 08/29/2024 (MT Newswires) -- VivoPower International ( VVPR ) subsidiary Tembo E-LV said Thursday it has agreed to merge with Cactus Acquisition Corp. 1 ( CCTS ) .

The pro forma enterprise value of the combined company is $904 million, assuming no redemptions by Cactus Acquisition public shareholders and precludes any further direct investment into Tembo.

The transaction is expected to close before the year ends, pending review of the Securities and Exchange Commission and Cactus Acquisition shareholder approval.

The companies will also seek to list the newly formed entity, to be called Tembo Group, on Nasdaq, Tembo said.

Shares of VivoPower ( VVPR ) were down more than 4% pre-bell Thursday.

Price: 2.1000, Change: -0.09, Percent Change: -4.11