ASERET, Israel, May 10, 2024 /PRNewswire/ — In a move to streamline operations and focus on its growth strategy, Nostromo Energy Limited (TASE:NOST) has decided to voluntarily delist its shares from trading on the Tel Aviv Stock Exchange. This decision was made following a successful vote by the company’s shareholders in favor of the delisting arrangement.
The shareholders’ meeting, held on May 10, 2024, saw an overwhelming majority of holders voting in favor of the proposed arrangement. A total of 6,013,647 shares, representing 99.37% of total shares present and voting, were in favor of the delisting, while only 38,081 shares, representing 0.63% of total shares present and voting, were against.
However, the completion of the delisting is subject to certain conditions. These include the final approval by the District Court in Israel (Central Circuit) of a pending application under Section 350 of the Israeli Companies Law, the election by holders of at least 60% of outstanding shares to retain their shares following the delisting, and approval by the Tel Aviv Stock Exchange.
Nostromo Energy is a provider of the IceBrick® system, a virtual power plant-enabled thermal energy storage solution for commercial and industrial buildings. This innovative solution allows buildings to store energy during periods of low electricity prices and high renewable energy supply, reducing their energy costs and carbon emissions. With the IceBrick®, Nostromo Energy is driving the shift towards a carbon-free electric grid while offering building owners a financially beneficial and sustainable energy storage solution.
Nostromo Energy’s decision to delist from the Tel Aviv Stock Exchange will enable the company to focus on enhancing its energy storage technology and expanding its market reach. This strategic move aligns with the company’s vision to revolutionize energy storage in commercial and industrial buildings and contribute to a greener future.
For more information about Nostromo Energy and its innovative IceBrick® system, please visit www.nostromo.energy.
This press release may contain forward-looking statements that involve risks and uncertainties. The actual results may differ materially from the statements made in this press release, and Nostromo Energy assumes no obligation to update or revise any forward-looking statements based on new information or future events.
SOURCE Nostromo Energy
Nostromo Energy’s decision to voluntarily delist from the Tel Aviv Stock Exchange reflects the company’s desire to streamline operations and focus on its growth strategy. This move will enable Nostromo Energy to concentrate on enhancing its energy storage technology and expanding its market reach.
One of the key advantages of this delisting arrangement is that it allows Nostromo Energy to prioritize its core objectives without the distractions of being publicly traded. By removing the requirements of being listed on a stock exchange, the company can allocate resources more efficiently and adapt to market dynamics more swiftly.
Additionally, delisting from the Tel Aviv Stock Exchange may reduce administrative and regulatory burdens for Nostromo Energy. Publicly-traded companies face various reporting and compliance requirements, and by delisting, Nostromo Energy can potentially save costs associated with these obligations.
However, there are some challenges and controversies associated with delisting. One important challenge is maintaining transparency and investor trust. Delisting may limit the information available to investors, making it more difficult for them to evaluate the company’s financial performance and prospects. Investors who prefer the liquidity provided by a stock exchange may also be disappointed by Nostromo Energy’s delisting.
Furthermore, delisting may impact the company’s ability to raise capital in the future. With the absence of public trading, Nostromo Energy may find it more challenging to attract investors and secure funding for future growth and development.
In terms of market trends, the energy storage sector is experiencing significant growth globally. As the demand for renewable energy sources increases, the need for effective energy storage solutions becomes crucial. Nostromo Energy’s IceBrick® system, as a provider of a virtual power plant-enabled thermal energy storage solution, aligns with this market trend and presents an opportunity for the company to capitalize on the growing demand for sustainable energy storage.
Forecasting the future of the energy storage market, it is expected to continue growing at a rapid pace. The global energy storage market is projected to reach a value of $13.2 billion by 2024, with a Compound Annual Growth Rate (CAGR) of 37% between 2019 and 2024. This indicates a significant market opportunity for Nostromo Energy to expand its reach and increase its market share.
Moving forward, Nostromo Energy will need to navigate several key challenges, including competition from other energy storage providers, technological advancements, and regulatory changes. The company will also need to focus on maintaining strong relationships with existing customers and building new partnerships to drive adoption of its IceBrick® system.
For more information about Nostromo Energy and its innovative IceBrick® system, please visit www.nostromo.energy.
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