VivoPower International PLC said Wednesday it has secured agreements with private investors to raise $121 million through a capital offering priced at $6.05 per share. The offering was led by Saudi Arabia’s Prince Abdulaziz bin Turki Abdulaziz Al Saud and includes contributions from several digital asset-focused institutions.
The transaction, involving the sale of 20 million ordinary shares, was priced slightly above the company’s last closing price of $6.04 on Nasdaq. The capital raise remains subject to shareholder approval and other customary closing conditions, including the finalization of securities purchase agreements.
Shift Toward XRP-Centric Treasury Strategy
Proceeds from the offering will fund VivoPower’s transition into a digital asset treasury operation focused on XRP, a cryptocurrency developed by Ripple Labs. The company aims to invest in the XRP Ledger (XRPL) ecosystem and position itself as the first publicly traded firm to adopt an XRP-centric treasury model.
VivoPower Executive Chairman Kevin Chin described the move as a step toward expanding real-world use cases for XRP, particularly in cross-border payments. He noted the company sees potential blockchain applications across its subsidiaries, including Tembo, which develops electric utility vehicles, and Caret Digital, a crypto mining venture. Both entities are expected to be spun off before the end of the third quarter.
Adam Traidman, a former Ripple board member and co-founder of several blockchain firms, will join VivoPower’s Board of Advisors as chairman. Traidman is also participating in the funding round. He said the initiative reflects institutional interest in scalable blockchain infrastructure.
Conditions and Regulatory Compliance
The offering was made to non-U.S. investors under Regulation S of the Securities Act of 1933. As such, the securities involved have not been registered under U.S. securities laws and cannot be sold to U.S. persons unless they meet exemption criteria.
Shareholders are expected to vote on the proposal at a meeting tentatively scheduled for June 18. VivoPower stated that closing is contingent on conditions, including the absence of material adverse changes and continued listing of its stock.
