TechFlow news, May 29 — According to CoinDesk, Nasdaq-listed energy company VivoPower International (VVPR) announced a $121 million private placement stock offering to advance its digital asset reserve strategy focused on XRP.
The funding round was led by Prince Abdulaziz bin Turki Abdulaziz Al Saud, Chairman of Saudi-based Eleventh Holding Company, who invested $100 million. The company plans to issue 20 million shares of common stock at $6.05 per share. Adam Traidman, former executive at SBI Ripple Asia, will serve as Chairman of the company's Advisory Committee.
VivoPower stated it aims to become the first publicly traded company with an XRP-focused digital asset reserve strategy and plans to divest its traditional business operations.
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