VivoPower reports XRP-focused digital asset treasury strategy, private placement

VivoPower (VVPR) International announced that it has reached agreement with certain investors in relation to a private capital raise priced at $6.05 per share, above the last market closing price of $6.04 under Nasdaq rules. In connection therewith, the company has entered into securities purchase agreements with the investors for the purchase and sale of an aggregate of 20,000,000 ordinary shares of the company at a price of $6.05 per share for aggregate gross proceeds of approximately $121M, before deducting placement agent fees and other offering expenses. The private offering was spearheaded by His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, Chairman of Eleventh Holding Company in Saudi Arabia with participation from a number of other prominent digital asset industry investors, institutions, as well as the investment office of VivoPower Chairman, Kevin Chin. As part of the strategic move, Adam Traidman, former Ripple board member and co-founder of multiple blockchain ventures, is investing in the offering and joined VivoPower’s Board of Advisors as Chairman. Traidman said: “Having been involved with Ripple since its formative years, I’ve seen the strength and adaptability of the XRPL ecosystem. VivoPower’s initiative to become the first publicly listed company with an XRP-centric treasury strategy is a forward-thinking move that reflects growing institutional conviction in real-world blockchain applications. I look forward to contributing to the company’s efforts in scaling its XRP presence.” The closing of the offering is subject to the satisfaction of certain closing conditions, including receiving approval from VivoPower’s shareholders at a shareholder meeting, to be called by the Company, and the satisfaction of other customary closing conditions. The company intends to use the majority of the funds raised to accumulate XRP and establish its XRP-focused treasury operations ,as well as to contribute and invest in the XRPL DeFi ecosystem.