Process completed following 99% shareholder
approval and 70% rollover to the privately-held
surviving entity
ASERET, Israel, Aug. 1, 2024
/PRNewswire/ -- Nostromo Energy Limited (TASE: NOST) - provider of
the IceBrick® system, a virtual power plant (VPP)-enabled thermal
energy storage for commercial and industrial (C&I) buildings -
announced today the closing of the arrangement for its voluntary
delisting from the Tel-Aviv Stock Exchange (TASE). Details of the
delisting arrangement were released by the company on February 28, 2024 (see announcement here). The
company shareholders approved the arrangement with 99.37% consent
rate at a meeting held May 9, 2024
(results were reported here), and 69.27% of shareholders elected to
remain shareholders (i.e., rollover) and maintain their position in
the non-listed entity.
The delisting arrangement pursuant to Section 350 of the Israeli
Companies Law was approved by the District Court in
Israel (Central Circuit), the
prospectus describing the arrangement was approved by the Israeli
Securities Authority, and the requested delisting was approved by
the board of directors of the TASE. Following the closing and
required regulatory reporting, trading on the TASE will be
suspended for two days, following which the shares will be finally
delisted.
The arrangement and delisting was effected by a tax-free merger
under Section 104B of the Israeli Tax
Ordinance and approved by the Israel Tax Authority, following which
Nostromo Energy Limited (the listed entity) became a wholly-owned
subsidiary of Nostromo Energy Holding Corporation, a newly formed,
BVI business company, which issued shares to the rollover
shareholders at 1:1 ratio to their shareholding in the delisted
entity. Shares of the shareholders who did not elect to rollover,
were purchased by both existing shareholders and new investors.
About Nostromo Energy
Nostromo Energy's ice-based energy storage solution is
redefining energy storage for commercial and industrial buildings,
enabling them to become sustainable energy storage assets and
reduce their energy costs and carbon emissions. Nostromo's
IceBrick® system uses ice to store energy when electricity prices
are low and renewable energy is abundant, and discharge the energy
to avoid purchasing electricity that is both carbon intensive and
expensive. In this way, Nostromo helps accelerate the renewable
revolution and paves the way to a carbon free electric grid, while
offering building owners a safe, clean and financially beneficial
energy storage solution. The IceBrick® is non-flammable, modular
and compact, easily retrofitted to existing commercial and
industrial buildings. To learn more about Nostromo and the
IceBrick® technology, visit www.nostromo.energy.
This press release contains forward-looking statements.
Forward-looking statements are based on assumptions about the
future, involve risks and uncertainties, and are not guarantees.
Future results may differ materially from those expressed or
implied in any forward-looking statement. These forward-looking
statements represent our estimates and assumptions only as of the
date of this press release. We assume no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise.
Media Contact:
Julie
Levi
Gova10 for Nostromo Energy
julie@gova10.com
View original
content:https://www.prnewswire.com/news-releases/nostromo-energy-completes-voluntary-delisting-302212828.html
SOURCE Nostromo