OIO Group is no longer a Singapore industrial-waste recycler that happens to carry a Nasdaq ticker. In late April the Cayman holdco closed an all-share combination with De Tomaso Automobili Holdings that handed founder Norman Choi about two thirds of the ordinary shares and left legacy public holders with a sliver of the register. The equity is now a controlled-company claim on whether a revived Italian collector-car marque can convert heritage and customer deposits into delivered vehicles. It is not a claim on cash flow from the Tuas South Avenue waste plant.
The combination issued more than three hundred million new ordinary shares and took the post-split count to about 348 million. Former De Tomaso holders own more than nine tenths of that stack. Audited fiscal 2025 revenue from the waste subsidiary was about $6 million and still declining, while the pro forma income statement showed De Tomaso contributing no recognized sales. A mid-September close near two prices the whole enterprise at roughly $682 million, which is a brand multiple rather than a waste-services multiple.
The next stretch of reporting resolves a simple question. Does the flagship road car and its track-only sister program produce customer cars and cash, or does the listing remain a narrative vehicle that still needs a $50 million private raise to fund production working capital?