Spin-off of Caret Digital previously approved by shareholders and subsequently confirmed in December 2023
Caret Digital approached with proposal to mine Dogecoin and Litecoin on its assets, ahead of a potential definitive agreement to enter into reverse merge spin-off with a Canadian counterparty
Economics of Dogecoin and Litecoin mining have improved markedly
Dogecoin and Litecoin mining use case consistent with Caret Digital's previously announced Power-to-X strategy
LONDON, Nov. 14, 2024 (GLOBE NEWSWIRE) -- VivoPower ("the Company”) announced today that its Board of Directors has approved an execution plan for its wholly owned subsidiary, Caret Digital, to develop up to 55MW of its solar farm asset portfolio for Dogecoin and Litecoin mining purposes. This follows a proposal from a Canadian group seeking to enter into a reverse merger with Caret Digital, with the Company currently progressing negotiations to finalise a definitive agreement.
Based on current Dogecoin and Litecoin prices and Antminer GPU costs, there is potential for Caret Digital to generate annual revenues of approximately US$150 million from Dogecoin and Litecoin mining. Capital expenditure would be funded through a combination of equity and debt to be raised independently by Caret Digital following any reverse merger spin-off.
VivoPower shareholders had previously approved a spin-off of Caret Digital, in whole or part, as well as a special dividend during the Annual General Meeting held in December 2023.
The Company will provide further updates in relation to the progress of the spin-off via a reverse merger and the consequences for VivoPower and its stakeholders, including any special dividend shares for VivoPower shareholders.
About VivoPower
Established in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning global sustainable energy solutions B Corporation company focussed on electric solutions for off-road and on-road customised and ruggedised fleet applications as well as ancillary financing, charging, battery and microgrids solutions. VivoPower's core purpose is to provide its customers with turnkey decarbonisation solutions that enable them to move toward net-zero carbon status. VivoPower has operations and personnel covering Australia, Canada, the Netherlands, the United Kingdom, the United States, the Philippines, and the United Arab Emirates.
Forward-Looking Statements
This communication includes certain statements that may constitute "forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterisations of future events or circumstances, including any underlying assumptions. The words "anticipate,” "believe,” "continue,” "could,” "estimate,” "expect,” "intends,” "may,” "might,” "plan,” "possible,” "potential,” "predict,” "project,” "should,” "would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower's management's current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower's business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower's filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
Contact
Shareholder Enquiries
