N2OFF Unveils Strategic Initiatives, Mulls Cleantech Business Spin-Off; Shares Down Over 3%

MT Newswires Live10-03

N2OFF (NITO) shares were down more than 3% in recent Thursday trading after the company unveiled several strategic initiatives, including the potential spin-off of its cleantech operations, in an effort to drive shareholder value.

The company said it is mulling the spin-off of its cleantech business into a separate publicly-listed company, creating NTWO OFF and Save Foods. N2OFF said it will maintain at least a 75% ownership in Save Foods should the transaction be pursued.

The initiatives also include the potential acquisition of an unnamed drug discovery company, according to the statement. N2OFF said it already signed a non-binding letter of intent for the acquisition, which contemplates a valuation of at least $5 million in cash and equity.

In addition, N2OFF said it has negotiated a non-recourse credit facility of 6 million euros ($6.6 million), with a 7% interest annually.

Price: 0.24, Change: -0.01, Percent Change: -3.39

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