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Video and audio advertising reports the signing of a memorandum of understanding for the acquisition of Nostromo, a company that operates in the hot field of storage and energy demand management in exchange for an allotment of shares and warrants, which after the allotment will constitute about 73.5% of Sumoto shares. Nostromo’s shareholders include the Ben Nun family, a transportation group, Yehudit and Kobi Richter, Rami Unger and Menora Mivtachim Energy. In response to the report, the stock is now soaring 35% pre-price.
The Memorandum of Understanding stipulates that if the transaction is completed, Sumoto reserves the right to split (spin) off the existing activity of video and audio advertising together with the estimated cash balance of approximately $ 15 million, and to list the existing activity as a new company. The company emphasizes that There is no certainty that the split will be completed, Among other things because its execution depends on external factors.
Sumoto’s plan – splitting the company into two separate public companies
Source: Immediate report by Sumoto
Since its inception, Nostromo has been developing clean and advanced technologies for storing and managing energy demand. Nostromo has several patents in the registration process in the United States, Europe, China and Israel. Nostromo operates in a market for storing and managing energy demand resulting from cooling and air conditioning requirements in commercial buildings, hospitals, shopping centers and factories, a market that is a significant part of global energy consumption.
Nostromo has developed an energy storage system based on phase change in water and has been operating a system installed at a customer for over a year. The company states that the system developed by Nostromo shows energy and operational superiority over competing systems based on lithium technology and that Nostromo technology has been proven to be clean and without any negative effects on the environment.
According to the terms of the Memorandum of Understanding (Non-binding agreementSumoto will acquire all Nostromo shares, when at the time of completion of the transaction the company will be free of any debt except current liabilities during the normal course of business, and with a cash flow of $ 2.5 million.
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