Shares of VivoPower International PLC (NASDAQ: VVPR) skyrocketed on the trading session of Friday as the company gained +4.29. The strong performance of the company has highlighted the positive sentiments of the investors after the company announced the agreement to buy a 51% shareholding in Tembo e-LV B.V. It had a trading volume of 44.02 million as compared to the average volume of 2.77 million.
The financial consideration of the new agreement will be USD$4.7 million and VivoPower International PLC has the option to buy the remaining 49% of the Tembo e-LV B.V in the future. The transaction is based on certain closing conditions including capital structuring and funding mix requirements. Tembo has earned USD$2.3 million in revenue for its fiscal year ended December 31, 2019.
VivoPower International PLC (NASDAQ: VVPR) share price went from a low point around $0.59 to briefly over $14.84 in the past 52 weeks, though shares have since pulled back to $14.38. It has moved up 23367.29% from its 52-weeks low and moved down -3.10% from its 52-weeks low. Looking at its liquidity, it has a current ratio of 1.00. This company market capitalization has remained high, hitting $118.46 million.
Tembo is a Netherlands-based specialist battery-electric and off-road vehicle company with global sales and distribution channels across four continents. The company projected that the market for potential fleet vehicles could be at least USD$36 billion within the markets in which Tembo is currently active. Both the companies have over 700 active customers combined, many of which are in the mining, infrastructure, and utility sectors.