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. That has more than 8 million shares changing hands. This is 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.
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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.
