TEL AVIV - Medigus Ltd. (NASDAQ: MDGS), an Israel-based technology company, has announced it will undergo a corporate rebranding that includes a name change to Xylo Technologies Ltd. This rebranding reflects the company's shift in focus towards innovative technologies. As part of this change, Medigus will also update its corporate logo and launch a new website.
The transition will be marked by the change of its Nasdaq trading symbol to XYLO. Trading under the new name and ticker is set to commence on the Nasdaq Capital Market at the opening of the market on April 18, 2024.
Medigus, currently known for its diverse portfolio in advanced medical solutions, digital commerce, and electric vehicle markets, holds ownership in various technology solution providers. These include Polyrizon Ltd. in the medical solutions sector, Gix Internet Ltd., Jeffs' Brands Ltd., and Eventer Technologies Ltd. in digital commerce, as well as Charging Robotics Ltd., and Revoltz Ltd. through Fuel Doctor Holdings, Inc. in the electric vehicle domain.
This strategic rebranding initiative is intended to better represent the company's current direction and its core values centered on innovation. However, Medigus has made it clear that the forward-looking statements in the press release are subject to risks and uncertainties, and there is no guarantee that the anticipated results, performance, or achievements will materialize.
The information for this article is based on a press release statement from Medigus Ltd., and it is important to note that the company is responsible for the content of its press release. Medigus currently trades on the Nasdaq Capital Market and invites those interested in learning more about its technologies to visit the company's website.
InvestingPro Insights
As Medigus Ltd. (NASDAQ: MDGS) prepares to embark on its new journey under the name Xylo Technologies Ltd., investors are closely monitoring the company's financial health and market performance.
According to InvestingPro data, Medigus has a market capitalization of a modest 4.89 million USD, and despite a significant revenue growth rate of 158.37% over the last twelve months as of Q2 2023, the company's P/E ratio stands at -0.51, indicating that it is not currently profitable.
InvestingPro Tips suggest that Medigus is trading at a low revenue valuation multiple and is quickly burning through cash. These factors, combined with an analyst consensus that does not anticipate profitability for the company this year, could be of particular interest to investors considering the potential risks and opportunities associated with the rebranding.
With the company trading near its 52-week low and displaying a price performance that has been poor over the last decade, these insights may guide investors in their decision-making process.
For those looking to dive deeper into Medigus' financial metrics and gain additional insights, InvestingPro offers a total of 9 InvestingPro Tips for the company, accessible at https://www.investing.com/pro/MDGS. Investors can also use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing them with a comprehensive toolkit for informed investment decisions.
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