01:33 PM EDT, 05/28/2025 (MT Newswires) -- VivoPower International ( VVPR ) said Wednesday it agreed with certain investors for the purchase and sale of 20 million company shares at $6.05 per share, raising gross proceeds of about $121 million.

The company said it intends to use most of the funds to accumulate XRP (XRP-USD) cryptocurrency and establish its XRP-focused treasury operations, as well as to invest in the XRP Ledger decentralized finance ecosystem and reduce debt.

Closing of the offering is subject to certain conditions, including shareholder approval. A shareholder meeting is expected to be held on or around June 18.

VivoPower ( VVPR ) said the move to become an XRP-focused digital asset treasury company supports its plan to spin out its operating subsidiaries, electric vehicle business Tembo and digital asset mining unit Caret Digital.

The company also said it will continue engaging with Energi on its takeover proposal but plans to redirect the focus of the discussions to Tembo.

Shares of VivoPower ( VVPR ) were up more than 18% in recent trading.

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