Medigus Ltd. (MDGS) has released an update.
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Medigus Ltd., now renamed Xylo Technologies Ltd., is facing a lawsuit from minority shareholders of its subsidiary Eventer Technologies Ltd., who are seeking to enforce a share conversion option under the terms of the Purchase Agreement. The shareholders allege that the company has violated this agreement by refusing negotiation on Eventer’s valuation, necessary for the share conversion. While the plaintiffs are claiming damages and share conversions worth approximately $2.7 million in total, Xylo Technologies Ltd. is contesting the lawsuit, believing it to be without merit.
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