VivoPower Reinforces Focus on AI Data Center Business and Provides Update on Non-Core Businesses

About this update from Vivopower Plc

LONDON, UNITED KINGDOM, July 02, 2026 (GLOBE NEWSWIRE) -- VivoPower PLC (NASDAQ: VIVO) ("VivoPower" or the "Company"), a B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, today provides the following update in respect of its strategic direction and the previously announced separation initiatives relating to its subsidiaries Tembo e-LV B.V. ("Tembo") and Caret Digital ("Caret Digital"). Following a strategic review, the Board of Directors of the Company has determined that VivoPower will focus, as a group and as its principal strategic priority, on the development and scale-up growth of its AI data center business and that the separation of each of Tembo and Caret Digital from the VivoPower group (each a non-core business of the group) will be progressed in a manner consistent with that strategic priority. Tembo Business Combination As previously disclosed, on 29 August 2024 the Company entered into a Business Combination Agreement (as amended) with Cactus Acquisition Corp. 1 Limited ("CCTS") in relation to a proposed business combination involving Tembo (the "Tembo Business Combination"). The registration statement on Form F-4 in respect of the proposed Tembo Business Combination remains under review with the United States Securities and Exchange Commission (the "SEC"). Subject to completion of the SEC review process, receipt of the requisite shareholder approvals and the satisfaction (or, where applicable, waiver) of the other conditions to closing, it is currently contemplated that, on completion, the combined entity will be named Tembo Group N.V. and that its ordinary shares will be listed on the Nasdaq Stock Market, with the Company retaining a minority shareholding in the combined entity, subject to customary conditions and required regulatory approvals. Consistent with the Board's determination that VivoPower will focus on its AI data center business as its principal strategic priority, and having regard to the terms of the Tembo Business Combination described above, the Company confirms that any special dividend distribution and related record date arrangements referenced in the Company's press release dated 9 June 2025 and any related or subsequent announcements (together, the "Prior Tembo Distribution Announcements") are hereby discontinued and will be superseded by the arrangements described in the Business Combination Agreement (as amended) and the registration statement on Form F-4, as and when declared effective by the SEC. Without limitation, the indicative ex-dividend date and indicative record date referenced in the Prior Tembo Distribution Announcements, together with any other indicative parameters, valuation indications, distribution ratios, implementation steps or expected timing set out or referenced in the Prior Tembo Distribution Announcements, are no longer operative and should not be relied upon by any VivoPower shareholder or other person.

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