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FinanceVivoPower secures $50M PIPE led by Blue Sky Capital
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VivoPower PLC (NASDAQ:VIVO) announced a definitive $50 million private investment in public equity (PIPE) led by New York-based Blue Sky Capital, a specialist investor in AI data centers. The financing includes institutional investors from the US, Europe, UK, and Nordic region, with Arctic Securities as sole placement agent. Gulf Cooperation Council-based family offices and entities associated with CEO Kevin Chin also participated. Net proceeds will fund the operational conversion of the Mo i Rana AI data center in Norway and reduce corporate debt. The PIPE is structured as convertible preference shares with a conversion price of $7.50 per share, a 6% annual payment-in-kind coupon, and fixed-price warrants. The structure converts into a fixed number of shares with no variable share overhang. CEO Kevin Chin stated the financing strengthens the balance sheet and accelerates the transition toward powered land and AI data center infrastructure.
Source report
Source: Proactive Read Time: 2 minutes
VivoPower PLC (NASDAQ: VIVO, FRA: 51J) has announced a definitive $50 million private investment in public equity (PIPE) from a group of institutional investors across the US, Europe, the UK, and the Nordic region. The financing is led by New York-based Blue Sky Capital.
Key Details of the Financing
- Lead Investor: Blue Sky Capital, a specialist investor in AI data centers.
- Sole Placement Agent: Arctic Securities, which also introduced additional institutional investors, including:
- Infrastructure and real estate-focused funds from the UK, European Union, and Nordic region.
- Nordic family offices.
- Additional Participants: Gulf Cooperation Council-based family offices and entities associated with VivoPower executive chairman and CEO Kevin Chin, participating on the same terms.
Use of Proceeds
VivoPower stated that the net proceeds will be used to:
- Support the operational conversion of its Mo i Rana AI data center in Norway.
- Reduce corporate debt.
Structure of the PIPE
The investment is primarily structured as convertible preference shares with the following terms:
- Conversion Price: $7.50 per share, into a fixed number of Class A ordinary shares.
- Coupon: 6% annual payment-in-kind.
- Warrants: Fixed-price warrants priced at a premium to the market.
VivoPower noted that the structure converts into a fixed number of shares, with no variable share overhang.
Executive Commentary
"This strategic financing further strengthens VivoPower's balance sheet and provides growth capital to accelerate our transition toward powered land and AI data center infrastructure commencing with Mo i Rana in Norway," said Kevin Chin, executive chairman and CEO.
"We are pleased to have broadened our base of long-term oriented institutional investors who share our vision and recognize the value in what we are building," he added.
Source
Yahoo FinanceWestern
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VivoPower secures $50M PIPE led by Blue Sky Capital to fund AI data center project