VivoPower PLC (NASDAQ: VIVO) announced that Executive Chairman and CEO Kevin Chin and affiliated entities converted 2.96 million Class A ordinary shares into unlisted Class B ordinary shares, removing them from the publicly tradeable float.

The conversion was authorized by shareholders at an extraordinary general meeting held January 30, 2026. Class B shares are not listed on NASDAQ, are not freely tradable, and carry enhanced voting rights. These shares can only be converted back to Class A shares with shareholder approval.

The action follows share acquisitions totaling 2.65 million shares by board members on February 18, 2026, with Chin purchasing the majority. The company stated the conversion represents the next step in demonstrating long-term commitment by moving from acquisition to voluntary unlisted status.

VivoPower said it plans to broaden the conversion program to other executive leadership members over time, subject to board approval and performance criteria. Any future extensions would be disclosed according to securities laws.

The conversion aligns with what the company describes as a non-dilutive capital strategy. VivoPower terminated its at-the-market equity offering agreement with Chardan on February 2, 2026, and withdrew its $180 million Form F-3 registration statement on March 18, 2026.

The company stated it intends to fund growth of its AI data center infrastructure and powered land business through project-level capital raising rather than equity issuance at the corporate level, unless definitively accretive.

VivoPower, founded in 2014 and listed on NASDAQ since 2016, describes itself as a B Corporation that develops data center infrastructure for AI compute applications across multiple global markets.