Vivopower (NASDAQ:VVPR) stock is soaring higher on Wednesday following news that its Tembo subsidiary is closing in on a merger.
Tembo is seeking to merge with special purpose acquisition company (SPAC) Cactus Acquisition Corporation (NASDAQ:CCTS). As part of this, the companies have agreed to a one-month extension for their exclusive heads of agreement.
This extension gives the two companies more time to finish their SPAC merger. With it, they now have until the end of July to finalize a deal combining Tembo and Cactus Acquisition Corporation.
What This Means for VVPR Stock
Investors are excited about this news today as it gives Tembo more time to complete its merger with CCTS. This is a sign that holders of VVPR stock are in favor of the deal with the SPAC.
This also brings with it heavy trading of VVPR stock this morning. More than 8 million shares have changed hands, well above the green energy company’s daily average trading volume of about 338,000 shares.
VVPR stock is up 120% as of Wednesday morning.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest stock market news available on Wednesday! That includes the biggest pre-market stock movers this morning and other happenings worth reading about. You can catch up on all of that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
