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SINGAPORE - ESGL Holdings Limited (NASDAQ:ESGL), a $125 million market cap company whose stock has surged 175% over the past year, announced that its shareholders have approved all proposals related to its planned business combination with Italian luxury performance car brand De Tomaso Automobili at an Extraordinary General Meeting held on June 10. According to InvestingPro analysis, the stock appears overvalued at current levels.
The approved proposals include expanding authorized share capital, implementing a share consolidation if needed to meet Nasdaq minimum bid price requirements, changing the company name, adopting a revised charter, and authorizing potential adjournment of the meeting to secure maximum shareholder support. The company currently maintains a Fair financial health score according to InvestingPro’s comprehensive analysis, with revenue of $6.1 million in the last twelve months.
Despite shareholder approval, the business combination still requires Nasdaq’s approval of the continued listing application and satisfaction of other customary closing conditions before it can be finalized.
"We are pleased to secure strong shareholder backing as we advance this strategic combination with De Tomaso," said Quek Leng Chuang, Chairman and CEO of ESGL, according to the company’s press release.
ESGL, which describes itself as a provider of sustainable waste management and circular chemical solutions, stated it is working with Nasdaq and relevant parties to complete the listing review process and fulfill remaining closing conditions.
The company indicated it would provide further updates as material developments occur in the transaction process.
The information in this article is based on a press release statement from ESGL Holdings Limited. For deeper insights into merger implications and comprehensive financial analysis, including 12+ additional ProTips, consider subscribing to InvestingPro.
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