VIVOPOWER ANNOUNCES 1-FOR-10 REVERSE STOCK SPLIT
04 October 2023 - 11:30PM
VivoPower International PLC (NASDAQ: VVPR, “VivoPower” or the
“Company”), today announced that it will proceed with a 1-for-10
reverse stock split of its outstanding ordinary shares (the
“Reverse Split”) following approval by its board of directors and
as authorized by the Company’s shareholders at the Extraordinary
Meeting of the Shareholders held on July 6, 2023.
The Reverse Split will be effective at 4:01 PM, Eastern Time, on
October 5, 2023. The Company’s ordinary shares will begin trading
on a post-split basis at the market open on October 6, 2023. The
Reverse Split is being effected primarily to increase the Company’s
per share trading price and to regain compliance with the $1.00 per
share minimum closing price required to maintain continued listing
on Nasdaq. The Company does not expect the Reverse Split to impact
its current or future business operations.
When the Reverse Split is effective, every 10 ordinary shares
issued and outstanding will be combined automatically into one
ordinary share. The Reverse Split will apply equally to all
outstanding ordinary shares, and each shareholder will hold the
same percentage of ordinary shares outstanding immediately
following the Reverse Split, except for adjustments that may result
from the treatment of fractional shares. No fractional shares will
be issued in connection with the Reverse Split. In the event a
holder of shares would otherwise be entitled to receive a
fractional share, the number of shares to be received by such
shareholder will be rounded up to the next whole number.
About VivoPower
VivoPower is an award-winning global sustainable energy
solutions B Corporation company focused on electric solutions for
customised and ruggedised fleet applications, battery and
microgrids, solar and critical power technology and services. The
Company’s core purpose is to provide its customers with turnkey
decarbonisation solutions that enable them to move toward net-zero
carbon status. VivoPower has operations and personnel in Australia,
Canada, the Netherlands, the United Kingdom, the United States, the
Philippines, and the United Arab Emirates.
Forward-Looking Statements
This communication includes certain statements that may
constitute “forward-looking statements” for purposes of the U.S.
federal securities laws. Forward-looking statements include, but
are not limited to, statements that refer to projections, forecasts
or other characterisations of future events or circumstances,
including any underlying assumptions. The words “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intends,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements may include, for example, statements about the Reverse
Split and its impact on the price of the Company’s ordinary shares,
the Company’s ability to regain compliance with the listing rules
of Nasdaq and maintain its continued listing, or the benefits of
the events or transactions described in this communication and the
expected returns therefrom. These statements are based on
VivoPower’s management’s current expectations or beliefs and are
subject to risk, uncertainty, and changes in circumstances. Actual
results may vary materially from those expressed or implied by the
statements herein due to changes in economic, business, competitive
and/or regulatory factors, and other risks and uncertainties
affecting the operation of VivoPower’s business. These risks,
uncertainties and contingencies include changes in business
conditions, fluctuations in customer demand, changes in accounting
interpretations, management of rapid growth, intensity of
competition from other providers of products and services, changes
in general economic conditions, geopolitical events and regulatory
changes, and other factors set forth in VivoPower’s filings with
the United States Securities and Exchange Commission. The
information set forth herein should be read in light of such risks.
VivoPower is under no obligation to, and expressly disclaims any
obligation to, update or alter its forward-looking statements
whether as a result of new information, future events, changes in
assumptions or otherwise.
Contact
Shareholder Enquiries
shareholders@vivopower.com
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