ESGL and De Tomaso Extend Term of Merger Agreement, Reaffirming Commitment to Business Combination
Rhea-AI Summary
ESGL Holdings (NASDAQ: ESGL) and De Tomaso Automobili have announced an extension of their merger agreement term, setting a new deadline of October 31, 2025. The merger, currently in advanced stages of Nasdaq review, represents a strategic combination between the sustainability-focused holding company and the heritage ultra-luxury performance automobile brand.
Both companies' CEOs have reaffirmed their commitment to completing the business combination, with ESGL's CEO Quek Leng Chuang emphasizing the merger's potential for long-term shareholder value creation. The transaction is expected to close promptly following Nasdaq approval.
Positive
- Merger is in final stages of Nasdaq review, indicating progress towards completion
- Strategic combination of sustainability focus with luxury automotive brand
- Both companies' management teams remain committed to the deal
Negative
- Extended merger deadline suggests potential delays in closing
- Lack of specific financial terms or valuation details
- Regulatory approval from Nasdaq still pending
News Market Reaction
On the day this news was published, ESGL declined 1.85%, reflecting a mild negative market reaction. Argus tracked a trough of -6.3% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $148M at that time. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, Sept. 08, 2025 (GLOBE NEWSWIRE) -- ESGL Holdings Limited (NASDAQ: ESGL) ("ESGL"), a sustainability-focused holding company, today announced that it has extended the term of the merger agreement with De Tomaso Automobili (“De Tomaso”), a heritage ultra-luxury performance automobile brand. The extension underscores the continued commitment of both parties to completing the proposed business combination. The updated term of the merger agreement reflects a revised long stop date of 31 October 2025.
The merger is currently in the later stages of Nasdaq review, with the closing anticipated to occur promptly following Nasdaq approval.
“We remain fully aligned with De Tomaso and are jointly committed to closing this transformative merger,” said Quek Leng Chuang, Chief Executive Officer of ESGL. “This business combination represents a unique opportunity to deliver long-term shareholder value.”
“De Tomaso stands behind our partnership with ESGL,” said Norman Choi, Chief Executive Officer of De Tomaso Automobili. “This extension reflects our mutual commitment to complete the merger and build a strong, value-driven public company together.”
The extended term of the merger agreement reflects the intent of both parties to proceed to closing and unlock new growth opportunities as a combined entity.
About De Tomaso Automobili
Founded in 1959 by Alejandro de Tomaso, De Tomaso is a historic Italian luxury sports car manufacturer known for iconic models such as the Pantera, Mangusta, and Vallelunga. Revived in recent years under new ownership, De Tomaso is committed to artisanal, coachbuilt manufacturing and producing limited-run vehicles that blend classic design with modern performance.
About ESGL Holdings Limited
ESGL Holdings Limited is a Singapore-based carbon-neutral enviro-tech company dedicated to transforming industrial waste into circular products. With a commitment to sustainable waste management solutions, ESGL is a leading player in the environmental solutions industry. ESGL conducts all its operations through its operating entity incorporated in Singapore, Environmental Solutions (Asia) Pte. Ltd. For more information, including the Company’s filings with the SEC, please visit https://esgl.asia.
Investor Relations Contact:
ESGL Holdings Limited
Investor Relations Department
Email: ir@esgl.asia
Phone: +65 6653 2299
Forward-Looking Statements
Certain statements in this press release may be considered to contain certain “forward-looking statements” within the meaning of “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “shall,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” “forecast,” “intend,” “plan,” “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on ESGL management’s current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.
A further list and description of risks and uncertainties can be found in documents filed with the Securities and Exchange Commission (“SEC”) by ESGL and other documents that we may file or furnish with the SEC, which you are encouraged to read. Any forward-looking statement made by us in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise, except as required by law.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e90beb18-267b-4196-b890-3a49b48f9a2a
FAQ
When is the new deadline for the ESGL and De Tomaso merger agreement?
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