VivoPower International PLC (NASDAQ: VVPR) shares gained ground Friday. The company out of London announced that it has closed the first phase of the previously announced US$121 million investment round led by His Royal Highness Prince Abdulaziz bin Turki bin Talal Al Saud, and including a consortium of non-U.S. investors pursuant to Regulation S under the U.S. Securities Act of 1933. This first phase is equivalent to gross proceeds of US$60.5 million.
The closing was completed within existing authorized share capital parameters. The remaining 50% is expected to close shortly subject to shareholder approval to increase authorized share capital.
Proceeds will support VivoPower’s Ripple and XRP-focused treasury and decentralized finance solutions strategy and broader transformation initiatives.
Vivo, according to this morning’s news release, “is undergoing a strategic transformation into the world’s first XRP-focused digital asset enterprise. The Company’s new direction centers on the acquisition, management, and long-term holding of XRP digital assets as part of a diversified digital treasury strategy.
“Through this shift, VivoPower aims to contribute to the growth and utility of the XRP Ledger (XRPL) by supporting decentralized finance (DeFi) infrastructure and real-world blockchain applications.”
VVPR shares captured 5.5 cents, or 1.1%, to $5.12.
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