VivoPower begins share conversion program to reduce public float, bolster long-term alignment

The institution said enforcement president and CEO Kevin Chin and affiliated entities person voluntarily converted astir 2.96 cardinal Nasdaq-listed Class A mean shares into unlisted Class B shares, which transportation enhanced voting rights but cannot beryllium freely traded.

The determination removes the converted shares from the publically tradeable excavation and follows caller insider purchases totaling astir 2.65 cardinal shares, the bulk acquired by Chin.

VivoPower said the conversion is portion of a wider superior strategy aimed astatine limiting shareholder dilution, aft the institution precocious scrapped an at-the-market equity programme and withdrew a $180 cardinal support registration.

The dual-class stock operation enabling the conversion was approved by shareholders astatine an bonzer wide gathering successful January.

The institution added that it whitethorn grow the conversion programme among elder enactment implicit time, taxable to committee approval, to reenforce semipermanent ownership and governance alignment.

Class B shares tin lone beryllium converted backmost into Class A shares with shareholder approval, the institution said.

VivoPower has said it intends to money maturation successful its AI information halfway and powered onshore infrastructure concern chiefly done project-level financing alternatively than issuing caller equity, unless specified issuance is intelligibly accretive.