Nasdaq approved the reservation of the ticker symbol "TEMB" for Tembo Group N.V. on March 26 2026, a key regulatory milestone in the planned business combination with Cactus Acquisition Corp. The combined entity will list ordinary shares and public warrants under the symbols TEMB and TEMBW.
The approval brings Tembo closer to a public listing and supports VivoPower’s strategy to unlock value by spinning off its electric‑vehicle business. The SPAC transaction values Tembo at a pre‑money equity value of approximately $838 million.
The transaction is subject to several closing conditions, including the SEC’s effectiveness of the Form F‑4 registration statement, confirmation of Cactus shareholders’ approval, and other customary conditions. The target closing date for the business combination is March 2026.
VivoPower’s broader strategy focuses on AI data centers, and the spin‑off of Tembo allows the EV business to access growth capital directly. VivoPower expects to retain a significant equity interest in Tembo after the transaction.
Tembo specializes in electric utility vehicles for mining, agriculture, and energy utilities. The company has reported progress in customer adoption, including deliveries in Africa and sales in Australia.
The SPAC process began with a heads‑of‑agreement announcement in April 2024, targeting an August 2024 completion. The definitive business combination agreement was signed in August 2024, with a revised target closing in March 2026 after a December 2025 Form F‑4 submission.
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