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
SOURCE Nostromo
