RTTNews | Sep 21, 2020 10:35AM EDT

10:35 Monday, September 21, 2020 (RTTNews.com) - Shares of VivoPower International PLC (VVPR) jumped nearly 25% on Monday morning after the company announced plans to acquire 51% stake in Tembo 4x4 e-LV B.V., a specialist battery-electric and off-road vehicle company.

VVPR is currently trading at $10.88, up $2.14 or 24.49%, on the Nasdaq.

VivoPower proposes to buy a 51% shareholding in Tembo 4x4 e-LV, for $4.7 million. VivoPower will also have the option to acquire the remaining 49% of Tembo in the future.

Founded in the Netherlands, Tembo reported revenues of $2.3 million and an EBITDA loss of $0.2 million for its fiscal year ended December 31, 2019.

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