Nostromo has signed an agreement to merge with TASE company Somoto, which has sold its app distribution activities.
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.
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
Kobi and Yehudit Richter Photo: Shlomi Yosef