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Xylo Technologies Ltd. Report: Major Shareholder Push for Privatization

$XYLO
Form 6-K
Filed on: 2024-12-30
Source
Xylo Technologies Ltd. Report: Major Shareholder Push for Privatization

Here are the key insights extracted from the financial report of Xylo Technologies Ltd. based on the provided text:

  1. Company Overview:
  • The report is filed by Xylo Technologies Ltd., a foreign private issuer, under SEC Form 6-K.
  • The report is dated December 30, 2024.
  1. Significant Shareholder Action:
  • L.I.A Pure Capital Ltd. holds 4.76% of the company's share capital and has filed a request with the Tel Aviv District Court to convene a special general meeting of shareholders.
  1. Meeting Purpose:
  • The purpose of the meeting is to discuss Pure Capital's acquisition of the remaining 95.24% of the company's shares at a price of USD 0.0925 per ordinary share (or USD 3.70 per American Depositary Share (ADS)).
  • This acquisition would lead to the privatization of Xylo Technologies, the delisting of its ADSs from the Nasdaq, and terminating its obligations as a public company.
  1. Legal Process:
  • The court request seeks to establish the necessary legal procedures, reports, and publications, which the company is expected to undertake at its own expense.
  • The document indicates that the company has not yet responded to the court request within the required 21-day period as mandated by relevant companies' regulations.
  1. Compliance:
  • The company has indicated that it will comply with the procedures outlined in the Israeli Companies Law, 5799-1999 regarding the arrangement approval.
  1. Executive Signature:
  • The report is signed by Tali Dinar, the Chief Financial Officer of Xylo Technologies Ltd.

Overall, this report highlights a significant strategic move towards privatization initiated by a major shareholder, which could impact the company's future operations and market presence.