Cold thermal energy storage company Nostromo is set to start trading on the Tel Aviv Stock Exchange through a merger with Somoto (TASE: SMTO), which has sold its app distribution activities. Somoto has notified the TASE that it has signed a non-binding memorandum of understanding (MoU) with Nostromo, as part of which it will allocate 75% of its shares to the company, while Somoto will retain 25% of equity.
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Somoto said that for the purposes of the deal, Nostromo is being valued at $37.5 million.
Nostromo’s shareholders include its founder Yaron Ben-Nun, the son of former Israel Air Force commander Avihu Ben-Nun, Koby and Yehudit Richter, the founders of Orbitech and Medinol, Taavura’s owners the Livnat family, and Rami Ungar, who imports Daihatsu cars.
Somoto’s share price rose over 60% yesterday.
Published by Globes, Israel business news – en.globes.co.il – on August 13, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020