Medigus Announces Details of its $1.6 Million Cash Capital Distribution

Rhea-AI Summary

Medigus Ltd. (Nasdaq: MDGS) announced a cash capital distribution of $1.6 million, amounting to $0.85 per American Depositary Share (ADS), to be paid to holders as of the record date of December 20, 2022. The payment is expected on December 28, 2022, and is not subject to tax withholding in Israel due to a favorable tax ruling. Eligible holders can request a copy of the ruling. Medigus focuses on advanced medical solutions, digital commerce, and electric vehicle technologies, with various affiliates in these sectors.

Positive

• Distribution of $1.6 million in cash capital boosts shareholder value.
• Payment of $0.85 per ADS reflects a significant return to investors.
• No tax withholding due to Israeli tax ruling enhances the distribution amount.

Negative

• None.

The Cash Capital Represents 14.38% of the ADS Closing Price on December 7, 2022

Tel Aviv, Israel, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Medigus Ltd. (Nasdaq: MDGS), a technology company engaged in advanced medical solutions, innovative internet technologies and electric vehicle and charging solutions, announced today details on its $1.6 million cash capital distribution.

The Company will distribute cash capital of $0.85 per American Depositary Share (ADS) to ADS holders and holders of Nasdaq listed warrants (on an as exercised basis), as of the record date of December 20, 2022. Payment is expected on or about December 28, 2022.

Following the receipt by the Company of a tax ruling from the Israeli Tax Authorities, the payment is not subject to tax withholding in Israel and the Company will pay the cash capital amount in full.

The cash capital distribution is subject to the payment of any and all applicable taxes and compulsory payments by each eligible holder as required by the applicable tax authorities.

Copy of the tax ruling will be available upon the request of eligible holders.

About Medigus

Based in Israel, Medigus Ltd. (Nasdaq: MDGS) is a technology company focused on innovative growth partnerships, mainly in advanced medical solutions, digital commerce and electric vehicle markets. Medigus’ affiliations in the medical solutions arena include ownership in Polyrizon Ltd. and ownership in industry 4.0 company, ScoutCam Inc. The Company’s affiliates in digital commerce include Gix Internet Ltd., Jeffs’ Brands Ltd. and Eventer Technologies Ltd. In the electric vehicle market, Charging Robotics Ltd. and Revoltz Ltd. are also part of the Company’s portfolio of technology solution providers. To learn more about Medigus’ advanced technologies, please visit http://www.medigus.com/.

Forward-Looking Statements

his press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Medigus’ current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release.

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed in any filings with the SEC. Except as otherwise required by law, Medigus undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Medigus is not responsible for the contents of third-party websites.

Company Contact:

Tali Dinar
Chief Financial Officer
+972-8-6466-880
ir@medigus.com

Investor Relations Contact:

Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
MDGS@redchip.com

FAQ

What is the cash capital distribution by Medigus (MDGS)?

Medigus is distributing a cash capital of $1.6 million, which amounts to $0.85 per American Depositary Share (ADS) to holders.

When is the record date for Medigus' cash capital distribution?

The record date for the cash capital distribution is December 20, 2022.

When will Medigus (MDGS) pay the cash capital distribution?

The payment of the cash capital distribution is expected on or about December 28, 2022.

Is the cash capital distribution from Medigus (MDGS) subject to tax withholding?

No, the payment is not subject to tax withholding in Israel due to a favorable tax ruling from the Israeli Tax Authorities.

How much cash capital will Medigus distribute per ADS?

Medigus will distribute $0.85 per ADS to eligible holders.