OIO Group (NASDAQ:OIO) shares are trading higher during Monday’s premarket session after sinking 58.44% to close sharply lower on Friday.
Last week, the company completed a business combination with De Tomaso Automobili Holdings Limited, marking a significant shift in control.
Completes De Tomaso Deal
The completion of the business combination with De Tomaso was announced on April 23, 2026. The company positioned Norman Choi, De Tomaso’s founder, as the controlling shareholder of OIO Group.
He will assume the roles of CEO and chairman following completion of customary post-closing corporate actions.
The business combination with De Tomaso is a pivotal moment for OIO, as it aims to leverage De Tomaso’s expertise in the luxury automotive market to drive growth.
This strategic shift may position OIO to explore new opportunities in high-margin industries, enhancing its long-term value creation potential.
Reverse Stock Split
With the deal closure, the company confirmed a 1-for-3 reverse split of its ordinary shares. It became effective at the start of trading on April 24, 2026.
The move is intended to align the capital structure with Nasdaq listing requirements following completion of the business combination.
OIO Stock Price Activity: OIO shares were up 1.71% at $2.980 during premarket trading on Monday, according to Benzinga Pro data.
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