VivoPower-backed Tembo E-LV to go public via a SPAC merger with Cactus Acquisition 1 in a $838m deal.

VivoPower-backed Tembo E-LV, an electric vehicle manufacturer, is set to go public via a SPAC merger with Cactus Acquisition 1, a blank cheque company, in a $838m deal. The parties expect a registration statement on Form F-4 to be filed with the US Securities and Exchange Commission in connection with the proposed transaction, which they are working to close, subject to satisfaction of closing conditions, including, without limitation, the completion of the SEC review process and approval of the transaction by CCTS shareholders, prior to the end of calendar year 2024. In connection with the business combination, the parties will submit to Nasdaq an application to list the securities of a newly formed company (“Tembo Group”) established in connection with the transaction on Nasdaq.