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LONDON - VivoPower International PLC (NASDAQ:VVPR), currently valued at $55.31 million, announced Monday it has engaged advisors to fast-track the direct spin-off of its subsidiary Caret Digital through a NASDAQ IPO with a target market capitalization of $308 million. According to InvestingPro data, the stock has shown remarkable momentum with a 352% gain over the past six months, despite recent volatility.
The company is in negotiations with potential strategic investors in the Middle East and Asia to secure up to $50 million in pre-IPO funding to support growth plans.
According to the press release, VivoPower shareholders will receive five Caret Digital shares for each VVPR share held as of a future record date. The company has filed a notice with NASDAQ providing at least 10 calendar days’ notice of an ex-date.
Caret Digital’s business focuses on digital asset mining, primarily DOGE cryptocurrency. The subsidiary plans to convert mined DOGE into either XRP or BTC cryptocurrencies. The company states it has identified renewable power sources at less than 3 cents per watt for its operations.
VivoPower is assembling a dedicated management team for Caret Digital with support from Adam Traidman, Chairman of VivoPower’s Board of Advisors, who has experience scaling digital asset mining operations for Japan’s SBI Group.
The company noted that the proposed transaction remains subject to market conditions, with no assurance it will be completed on the terms described or at all.
The announcement comes as VivoPower reports increased interest in digital asset mining activities outside the United States following recent political developments. While the company maintains impressive gross profit margins of 74.68%, InvestingPro analysis reveals several additional key metrics and insights available to subscribers, including detailed financial health scores and valuation metrics.
In other recent news, VivoPower International PLC has announced several significant developments. The company has appointed David Mansfield as Chief Financial Officer and Keith Loose as Chief Technology Officer, with Suneet Wadhwa joining the Board of Advisors. Mansfield’s previous experience includes leading VinFast to a $23 billion NASDAQ IPO. Additionally, VivoPower has partnered with Flare Network to generate yield on its digital assets, starting with $100 million in XRP holdings. This partnership marks the first major implementation of VivoPower’s XRP-centric treasury management strategy. Furthermore, VivoPower has set an ex-dividend date of June 12, 2025, for potential special dividend distributions related to its subsidiary, Tembo e-LV B.V. The company also announced a strategic partnership with BitGo, utilizing BitGo’s OTC trading desk and custody platform for its digital asset treasury strategy, including an initial $100 million acquisition of XRP tokens. VivoPower has raised $121 million to fund its strategic shift towards XRP digital assets and has filed a registration statement with the U.S. Securities and Exchange Commission for a public offering of its ordinary shares.
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