ESGL Holdings Limited (NASDAQ: ESGL) Announces Favorable Unanimous Jury Verdict for De Tomaso Automobili
MWN-AI** Summary
ESGL Holdings Limited (NASDAQ: ESGL) announced a significant legal victory for De Tomaso Automobili Holdings Limited following a unanimous jury verdict in the U.S. District Court for the Southern District of New York. The jury rejected claims made by former CEO Ryan Berris, affirming that he had no equity stake in De Tomaso and was not entitled to the alleged compensation, which included a custom supercar. Additionally, the jury sided with De Tomaso on counterclaims for breach of fiduciary duty, resulting in awarded damages, thereby clearing De Tomaso and its owner, Norman Choi, of all fraud-related allegations.
This verdict marks a critical resolution to the ongoing litigation that ESGL had previously disclosed, paving the way for the anticipated business combination between ESGL and De Tomaso Automobili Holdings Limited. However, this merger remains subject to Nasdaq approval and customary closing conditions, with no guarantee of completion.
ESGL, based in Singapore, focuses on innovative solutions aimed at reducing carbon emissions across various industries in Asia. Its operations are primarily conducted through its subsidiary, Environmental Solutions (Asia) Pte. Ltd. The combination with De Tomaso, a renowned Italian luxury automotive brand known for its craftsmanship and exceptional vehicles, could position ESGL strategically within the automotive sector, enhancing its portfolio.
Although this legal decision is a positive development for ESGL and De Tomaso, the company cautions stakeholders regarding forward-looking statements connected to the merger and other business activities, emphasizing the inherent risks and uncertainties in reaching anticipated outcomes. Investors are encouraged to refer to ESGL's filings with the SEC for more comprehensive details on these matters.
MWN-AI** Analysis
ESGL Holdings Limited (NASDAQ: ESGL) has recently achieved a significant legal victory related to its proposed business combination with De Tomaso Automobili Holdings Limited. The unanimous jury verdict, confirming the dismissal of fraudulent allegations against De Tomaso and its owner, Norman Choi, signals a pivotal turning point for ESGL. This outcome not only clears former CEO Ryan Berris’s claims but also reinforces De Tomaso's commitment to move forward with the intended merger.
Investors should view this verdict favorably, as it mitigates legal uncertainties that could have hindered the merger and potentially impacted ESGL’s operations. The clarity provided by this ruling may enhance confidence among stakeholders and attract additional investment as the company seeks to consolidate its position in the circular economy with De Tomaso's prestigious automotive portfolio.
Furthermore, the merger is subject to Nasdaq approval and customary closing conditions, which means while the path appears conducive, completion is not guaranteed. Investors should stay vigilant about the timeline of these proceedings and be prepared for potential volatility as news unfolds.
Looking forward, ESGL’s orientation towards reducing carbon emissions and advancing sustainable practices positions it well within an increasingly eco-conscious market landscape. The integration of De Tomaso, known for its luxury automotive heritage, could open avenues for innovative products targeting environmentally-friendly luxury segments, creating strategic synergy.
However, challenges persist, including market competition and regulatory hurdles. Thus, while the potential for growth is promising, investors should approach with a balanced perspective, factoring in both the positive implications of the recent verdict and the inherent risks associated with the forthcoming merger. Consider monitoring ESGL’s stock closely, especially in the lead-up to any updates regarding the merger conditions and NASDAQ's response.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
SINGAPORE, Feb. 10, 2026 (GLOBE NEWSWIRE) -- ESGL Holdings Limited (NASDAQ: ESGL) today noted the unanimous jury verdict delivered in the U.S. District Court for the Southern District of New York (Case No. 23-cv-09809) in favor of De Tomaso Automobili Holdings Limited and its owner, Norman Choi.
The jury rejected claims asserted by former CEO Ryan Berris, confirming that he held no equity interest in De Tomaso and had no contractual entitlement to the compensation alleged, including any bespoke limited edition supercar. The jury also found in favor of De Tomaso on its counterclaims for breach of fiduciary duty, awarding damages.
This outcome resolves the previously disclosed litigation referenced in ESGL's public filings. The verdict confirms De Tomaso and Mr. Choi have been cleared of all allegations of fraud, dishonesty, or unjust action.
ESGL continues to work toward closing the proposed business combination with De Tomaso Automobili Holdings Limited, which remains subject to Nasdaq approval and customary closing conditions. There is no assurance that the transaction will be completed.
Source: BusinessWire release dated February 6, 2026, available at: https://www.businesswire.com/news/home/20260206706667/en/Jury-Delivers-Unanimous-Verdicts-For-De-Tomaso-Automobili-Dismissing-Meritless-Allegations
About ESGL Holdings Limited
ESGL Holdings Limited (NASDAQ: ESGL) is a Singapore-based circular economy innovator committed to reducing carbon emissions for industries across Asia. ESGL conducts all its operations through its operating entity incorporated in Singapore, Environmental Solutions (Asia) Pte. Ltd. For more information, including the ESGL’s filings with the SEC, please visit https://esgl.asia.
ESGL and De Tomaso Automobili Holdings Limited are currently progressing through the steps of an announced business combination, which remains subject to customary closing conditions and regulatory approvals. There is no assurance that the transaction will be completed.
About De Tomaso Automobili Holdings Limited
De Tomaso Automobili Holdings Limited represents one of Italy’s most iconic luxury automotive marques, with a heritage dating back to 1959. Revived with an emphasis on craftsmanship, coachbuilding, and ultra-exclusive performance vehicles, De Tomaso continues to merge design, innovation, and tradition at the highest levels of automotive excellence.
De Tomaso Automobili Holdings Limited and ESGL are currently progressing through the steps of an announced business combination, which remains subject to customary closing conditions and regulatory approvals. There is no assurance that the transaction will be completed.
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 ESGL and speaks only as of the date on which it is made. ESGL 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.
Investor Relations Contact: ESGL Holdings Limited Investor Relations Department Email: ir@esgl.asia Phone: +65 6653 2299
FAQ**
How does the litigation outcome involving De Tomaso Automobili Holdings Limited affect the potential investment thesis for Invesco ESG Revenue ETF Invesco Exchange-Traded Fund Trust II ESGL given its commitment to sustainable practices in the automotive industry?
What risks should investors in Invesco ESG Revenue ETF Invesco Exchange-Traded Fund Trust II ESGL consider concerning the pending business combination between ESGL Holdings Limited and De Tomaso Automobili Holdings Limited, particularly in light of the cleared allegations against De Tomaso?
Given the performance of ESGL Holdings Limited, how might the court's verdict impact the broader strategy of Invesco ESG Revenue ETF Invesco Exchange-Traded Fund Trust II ESGL in targeting innovative companies within the circular economy space?
In light of the recent legal resolution, how does ESGL Holdings Limited plan to enhance its commitment to reducing carbon emissions and how could this influence investment flows into Invesco ESG Revenue ETF Invesco Exchange-Traded Fund Trust II ESGL?
**MWN-AI FAQ is based on asking OpenAI questions about Invesco ESG Revenue ETF Invesco Exchange-Traded Fund Trust II (NASDAQ: ESGL).
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