VivoPower’s stock rockets toward a record after the EV company buys majority stake in Tembo e-LV

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Shares of VivoPower International PLC rocketed 42% toward a record high on heavy volume in morning trading Friday, enough to make them the biggest gainers on the Nasdaq exchange, after the electric vehicle, battery technology and solar power services company announced a deal to take a majority stake in Tembo e-LV B.V. Trading volume was 43.2 million shares, more than 10-times the full-day average of 4.2 million shares, and enough to make the stock the second-most active on the Nasdaq. VivoPower said it was paying $4.7 million to by 51% of Tembo, which is a Netherland’s-based battery-electric and off-road vehicle company. VivoPower will have the option to buy the remaining 49% of Tembo in the future. VivoPower’s stock has skyrocketed 1,258% year to date, while the S&P 500 has edged up 7.2%.
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