- ESGL shareholders approve all proposals for the business combination with De Tomaso Automobili.
- Approval includes share capital expansion, potential consolidation for Nasdaq compliance, and name change.
- Closing contingent on Nasdaq listing approval and customary conditions.
ESGL Holdings Limited (ESGL, Financial), a leader in sustainable waste management and circular chemical solutions, announced that its shareholders have unanimously approved all proposals at the recent Extraordinary General Meeting for a strategic business combination with De Tomaso Automobili, an iconic Italian luxury performance car brand.
The approved proposals covered several key areas, including the expansion of authorized share capital, a potential share consolidation to meet Nasdaq's minimum bid price requirements, the proposed name change to better align the identity of the combined entity, and the adoption of a revised corporate charter. Additionally, authority to adjourn the EGM if necessary was also secured.
Despite this major shareholder endorsement, the closing of the transaction is still conditional, pending Nasdaq's approval of ESGL's continued listing application and other standard closing conditions. ESGL is actively working with Nasdaq and related parties to finalize these requirements.
Quek Leng Chuang, Chairman and CEO of ESGL, expressed confidence in the merger's potential to create new growth opportunities across industries and markets, aiming to enhance long-term shareholder value. The combination of ESGL's sustainable management expertise with De Tomaso's luxury automotive brand offers a strategic expansion pathway for both entities.
