Nostromo Energy Shareholders Approve Going-Private Arrangement

Source: www.gulfoilandgas.com 5/10/2024, Location: Middle East

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 results of its shareholders vote on the proposed arrangement to delist the company's shares from trading on the Tel Aviv Stock Exchange. Details of the proposed delisting arrangement were released by the company in its announcement on February 28, 2024 and are available here. At the shareholders meeting, duly convened and held today, at 2:00 PM Israel time, the proposed arrangement was approved by a vote of holders of 6,013,647 shares (representing 99.37% of total shares present and voting) who voted FOR the proposed arrangement, vs. a vote of holders of 38,081 of shares (representing 0.63% of total shares present and voting) who voted AGAINST.

The closing of the transaction and delisting remains subject to certain conditions, including final approval by the District Court in Israel (Central Circuit) of a pending application under Section 350 of the Israeli Companies Law, an election by holders of at least 60% of outstanding shares made by May 16, 2024 to retain their shares following the delisting (i.e., to rollover), and approval by the Tel Aviv Stock Exchange of the company's delisting request.


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