OIO Group Finalizes De Tomaso Takeover and Reverse Split, Shifting Control and Strategy
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OIO Group has completed its takeover of De Tomaso Automobili Holdings, making it a subsidiary and shifting control to De Tomaso founder Norman Choi, who now holds 67.6% of OIO's stock. A 1-for-3 reverse stock split was implemented, and shares began trading under the symbol OIO. The company plans to restructure its board and management to enhance its strategic position in the luxury automotive sector. Despite some improvements, OIO faces financial challenges, with a neutral stock rating from Spark due to negative profitability and cash flow issues.
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