VivoPower raises $121 million with Saudi royal backing to launch XRP financial strategy

According to a report by Jinse Finance, Nasdaq-listed energy company VivoPower International (VVPR) announced on Wednesday that it has reached a $121 million private equity placement agreement to fund its transformation to focus on a digital asset XRP strategy. A company spokesperson stated that the financing was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who invested $100 million. According to documents filed with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company plans to issue 20 million shares of common stock at a price of $6.05 per share. According to the press release, former SBI Ripple Asia executive Adam Traidman will join the company as Chairman of the Advisory Board. Founded in 2014, VivoPower stated that its goal is to become a publicly listed company with a crypto funding strategy centered around XRP.