VivoPower PLC (NASDAQ: VIVO) announced that NASDAQ approved the ticker symbol "TEMB" for Tembo Group N.V., the entity to be formed from the business combination between VivoPower's subsidiary Tembo e-LV and Cactus Acquisition Corporation I (OTC: CCTSF).

The business combination values Tembo at a pre-money equity value of approximately $838 million. Upon completion, Tembo Group's ordinary shares and public warrants will trade on NASDAQ under the symbols "TEMB" and "TEMBW," respectively.

VivoPower expects to retain a significant equity interest in Tembo Group following the transaction, subject to final mechanics including CCTS redemptions and other closing conditions.

The transaction requires several conditions to close, including the Registration Statement on Form F-4 being declared effective by the Securities and Exchange Commission, confirmation of CCTS shareholder approval, and other customary conditions.

Tembo previously secured long-term strategic investment capital from the Emirates, eliminating the need for structured PIPE capital. The company manufactures electric utility vehicles for mining, agriculture, energy utilities, defense, police, construction, infrastructure, government, humanitarian, and game safari industries.

VivoPower, founded in 2014 and listed on NASDAQ since 2016, operates as a B Corporation developing and owning powered land and data center infrastructure for AI compute applications across the United Kingdom, Australia, North America, Europe, the Middle East, and Southeast Asia.

The announcement includes standard disclaimers that no assurance can be given that the business combination will be completed or that Tembo Group's securities will be listed on NASDAQ.