Issue of common stock only
Funds will be used to reduce debt and fund inventory for customer orders
Transition to capital light business model significantly reduces funding requirements
LONDON, Sept. 30, 2024 (GLOBE NEWSWIRE) -- VivoPower International PLC (NASDAQ:VVPR) ("VivoPower"), a global sustainable energy solutions company, is pleased to announce it has closed its F-1 offering, after the issuance of an aggregate of 3,200,000 Ordinary Shares to institutional investors. The offering was terminated and closed after market on September 27, 2024.
The offering provides the Company with approximately $4 million in gross proceeds, which will be used for reducing debt and to fund inventory for customer orders. With the Company now having transitioned to a capital light business model leveraging its strategic supply chain across Asia, there is no longer a requirement for it to build out assembly and manufacturing facilities.
Chardan acted as the sole placement agent in connection with this offering.
