Ronen Rosenbloom, a director at N2OFF, Inc. (NASDAQ:NITO), has acquired 50,000 restricted shares of common stock, according to a recent filing. The stock, currently trading at $0.19, has seen a significant decline of 91% over the past year, though InvestingPro analysis suggests the company is currently undervalued. The transaction, which took place on December 23, 2024, was conducted under the N2OFF, Inc. 2022 Share Incentive Plan and involved no cash payment, as the shares were issued at a price of $0. This acquisition brings Rosenbloom's total direct holdings to 64,500 shares in the company, which maintains a market capitalization of $2.19 million and holds more cash than debt on its balance sheet. InvestingPro subscribers can access 10 additional key insights about NITO's financial health and market position.
In other recent news, N2OFF, Inc. has secured approximately $1.5 million in gross proceeds from a private placement offering. The company also finalized an asset disposition with Plantify Foods, Inc., receiving a majority stake in the company. Moreover, an agreement with L.I.A. Pure Capital Ltd. has been disclosed, preventing the exercise of a previously issued warrant until stockholder approval is secured.
N2OFF's subsidiary, Save Foods Ltd., has signed a non-binding letter of intent with GENSIS PM TDC, an Ethiopian federal entity, which could generate significant revenue and support sustainable agriculture initiatives in Ethiopia. Additionally, the company is considering strategic initiatives, including the potential spin-off of its cleantech operations and the acquisition of a computational drug discovery firm.
N2OFF has also secured a €6 million credit line and issued shares to key executives and an investor. In the renewable energy sector, the company has partnered with Solterra Renewable Energy Ltd. on a solar PV project in Germany, committing a loan of €2.08 million. However, a proposal to increase the number of authorized shares of capital stock did not receive majority approval. These are recent developments shaping N2OFF's journey in the renewable energy sector and corporate restructuring.
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