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In a recent SEC filing, Xylo Technologies Ltd. disclosed that its shareholders have overwhelmingly approved a proposed scheme of arrangement. The decision came during two special general meetings on Tuesday, with approximately 93.63% in favor at the first meeting and 87.87% at the second, excluding interested shareholders and abstentions.
The arrangement, which falls under Section 350 of the Israeli Companies Law, would result in Xylo Technologies becoming a fully owned subsidiary of L.I.A Pure Capital Ltd. This move would lead to the delisting of the company’s ADSs from the Nasdaq Stock Exchange and the cessation of its obligations as a public company.
The shareholder approval marks a significant milestone in the arrangement process, which is still pending approval by the Tel Aviv District Court. Xylo Technologies has stated that it cannot guarantee court approval and that the completion of the arrangement is contingent upon this final endorsement.
The filing also reported that 29,763,019 ordinary shares, representing about 58.08% of the company’s issued and outstanding shares, were present or represented by proxy at the first meeting. The second meeting saw 15,637,619 ordinary shares, or approximately 42.13% of shares excluding interested shareholders, represented.
Xylo Technologies will provide further updates on the progress of the arrangement, which, if successful, will result in the company’s transition to a private entity under Pure Capital’s ownership. The information is based on a press release statement.
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