OIO Group, the Singapore‑based company formerly known as ESGL Holdings Limited, announced that its Board has approved a 1‑for‑3 reverse stock split of its ordinary shares, effective at 12:01 a.m. Eastern Time on April 24, 2026.
The reverse split will reduce the number of shares outstanding by two thirds and will be applied to all issued and outstanding ordinary shares, including equity awards and convertible securities. The adjustment does not change the overall economic value of shareholders’ holdings, as the proportion of ownership remains the same across all equity holders.
The split is being executed in preparation for the closing of the company’s business combination with De Tomaso Automobili Holdings Limited and the start of trading on the Nasdaq Capital Market under the ticker “OIO.” Nasdaq approval for the closing was received on April 21, 2026, and the reverse split aligns the share price with Nasdaq’s minimum bid‑price requirement, ensuring compliance once the transaction closes.
The De Tomaso deal is valued at $1.03 billion and will be paid in newly issued ordinary shares of OIO. The reverse split also applies to the consideration shares that will be issued to De Tomaso shareholders, preserving the same ownership percentages after the transaction.
Prior to the combination, OIO’s financial health was weak: in 2023 the company reported revenue of $6.2 million and a net loss of approximately $95 million; in 2024 revenue fell to $6.1 million, the current ratio was 0.23, free cash flow was negative $3.4 million, and return on equity was –4.3%.
The reverse split and Nasdaq listing signal a strategic pivot from a waste‑regeneration specialist to a luxury automotive focus, leveraging ESGL’s engineering capabilities in a high‑margin market. The action supports liquidity and visibility of the combined entity while ensuring regulatory compliance and maintaining shareholder value.
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