On Thursday, Xylo Technologies Ltd. (NASDAQ: XYLO) experienced a notable rise in its stock value, with shares advancing by 24.72% to close the trading session at $2.22. This upward trend followed the company’s announcement of a significant strategic equity move.
Upcoming Reverse Split and ADR Ratio Adjustment
Plans to execute a reverse split of its American Depositary Receipts (ADR) scheme were revealed by Xylo Technologies. Each new American Depositary Share (ADS) will be exchanged for 2.666666 old ADSs under the terms of this scheme. This means that each ADS will now represent forty ordinary shares instead of fifteen.
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This reverse split is set to take effect on August 5, 2024. Post-split, the ADSs will continue to be traded on the Nasdaq Capital Market under the symbol “XYLO,” with a new CUSIP Number 58471G 508. It is important to note that the ordinary shares of Xylo will remain unaffected by this adjustment.
Holders of the old ADSs will have to turn them in to BNY Mellon for cancellation starting on August 5, 2024. For every 2.666666 old ADS, holders will get one new ADS. This exchange procedure will be facilitated by the Bank of New York Mellon, which is serving as the depositary bank for Xylo’s ADR program.
Charging Robotics Secures First Commercial Order
In addition to the ADR changes, Xylo Technologies has announced a significant business development. Charging Robotics, Inc., a subsidiary in which Xylo holds a 67% stake, has secured its inaugural commercial order for its innovative wireless charging systems, designed specifically for automatic parking facilities. This order, placed by Parking Design Ltd., a pioneer in parking solutions, marks a substantial advancement in automated parking and electric vehicle (EV) charging technology.
The initial order consists of twelve wireless charging systems capable of simultaneously charging multiple EVs, enhancing the efficiency and convenience of automated parking operations. The fulfillment of this order is planned throughout 2025, with the systems expected to be fully operational and integrated into Parking Design’s facilities within the year.
