XTLB XTL Biopharmaceuticals Ltd

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

 

For the month of October, 2024

 

Commission File Number: 001-36000

 

XTL Biopharmaceuticals Ltd.

(Translation of registrant’s name into English)

 

Ramat Gan,
4365603, Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒          Form 40-F ☐

  

 

  

As previously disclosed, XTL Biopharmaceuticals Ltd. (the “Company”) on August 14, 2024 consummated its acquisition of The Social Proxy Ltd. (“Social Proxy”), whereby the Social Proxy became a wholly owned subsidiary of the Company. The Social Proxy is an AI web data company, developing and powering a unique ethical, IP based, proxy and data extraction platform for AI & BI Applications at scale.

 

A controversy has arisen between the Company and the Social Proxy’s Chief Executive Officer and the previous shareholders of the Social Proxy, in connection with the financial data and related representations and warranties provided by the Social Proxy and said previous shareholders.

 

The Board of Directors of the Company (the “Board”) has established a review committee with the mandate of reviewing the Social Proxy’s financial data (the “Review”) (the “Committee”). The Chairman of the Board and the two Non-Executive and External Directors of the Company were appointed members to the Committee. The Review work of the Committee is still ongoing. The parties are talking with the purpose and aim of reaching an understanding with respect to the said controversy in an expeditious manner.

 

About XTL Biopharmaceuticals Ltd. (XTL)

 

XTL is an IP portfolio company. The company has IP surrounding hCDR1 for the treatment of Lupus disease (SLE) and has decided, to explore collaboration with a strategic partners in order to execute the clinical trials. In parallel, the Company is actively looking to expand and identify additional assets to add to XTL’s portfolio.

 

XTL is traded on the Nasdaq Capital Market (NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTLB.TA).

 

About THE SOCIAL PROXY LTD.

 

The Social Proxy is a web data AI company, developing and powering, a unique ethical, IP based, proxy data extraction platform for AI & BI Applications at scale.

 

The company self-developed an innovative, next-generation proxy technology with unlimited IPs, and 100x faster than any other solution at the market. The Social Proxy’s proxy technology does NOT source other users IP and is a real ethical solution.

 

 

Cautionary Note Regarding Forward-Looking Statements

 

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of the Company and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, the Company’s ability to address the controversy with the Social Proxy’s Chief Executive Officer and former shareholders on a favorable basis or at all. Additional examples of such risks and uncertainties include, but are not limited to (i) the Company’s ability to successfully manage and integrate the Social Proxy and any joint ventures, acquisitions of businesses, solutions or technologies; (ii) unanticipated operating costs, transaction costs and actual or contingent liabilities; (iii) the ability to attract and retain qualified employees and key personnel; (iv) the Company’s ability to protect its intellectual property; and (v) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual and current reports filed by the Company with the Securities and Exchange Commission. The Company anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. The Company assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing the Company’s plans and expectations as of any subsequent date.

 

For further information, please contact:

 

Investor Relations, XTL Biopharmaceuticals Ltd.

Email: info@xtlbio.com

www.xtlbio.com

  

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: October 15, 2024	XTL BIOPHARMACEUTICALS LTD.
	By:	/s/ Shlomo Shalev
		Shlomo Shalev Chief Executive Officer

 

 

 

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