Xylo Technologies Announces Plan To Implement ADS Ratio Change On The Basis Of 1 New ADS For Every 2.666666 Old ADSs Held; Ordinary Shares Of The Co Represented By Each ADS, Will Be Changed From 15 Ordinary Shares To 40 Ordinary Shares

Author: Benzinga Newsdesk | July 30, 2024 03:14pm

Xylo Technologies Ltd. (NASDAQ:XYLO) ("Xylo" and the "Company"), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle ("EV") and charging solutions, announced today that it plans a ratio change which will result in a reverse split of the Company's American Depositary Receipt, or ADR, program on the basis of one (1) new ADS for every 2.666666 old ADSs held. As a result, the number of ordinary shares of the Company represented by each American Depositary Share, or ADS, will be changed from fifteen (15) ordinary shares to forty (40) ordinary shares. The effective date anticipated for the reverse split and the ratio change is August 5, 2024 and the Company's ADSs will continue to be traded on the Nasdaq Capital Market under the symbol "XYLO" with a new CUSIP Number 58471G 508. The ordinary shares of Xylo will not be affected by this change in the ADS to ordinary share ratio.

Effective August 5, 2024, ADS holders will be required on a mandatory basis to surrender their old ADSs to BNY Mellon for cancellation at a rate of one (1) new ADS for every 2.666666 old ADS held. The Bank of New York Mellon., as the depositary bank for Xylo's ADS program, will arrange for the exchange of current ADSs for new ADSs (subject to receipt of applicable ADS fees from the exchanging ADS holders).

Only whole ADSs will be distributed. BNY Mellon will attempt to sell any fractional

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