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N2OFF, Inc. (NASDAQ:NITO) announced Monday that it has entered into a new loan agreement with MitoCareX Bio Ltd. and L.I.A. Pure Capital Ltd. According to a statement based on a Securities and Exchange Commission filing, the company agreed to provide a loan of $372,000 to MitoCareX Bio Ltd., a private company incorporated in Israel.
The loan has a six-month term, with repayment of principal and accrued interest due at maturity. The interest rate is set at the annual rate published by the Israel Tax Authority for U.S. dollar loans, currently reflecting the U.S. dollar exchange rate fluctuation plus 3%, subject to adjustments. L.I.A. Pure Capital Ltd. has guaranteed the repayment of the loan.
The agreement includes a provision that if MitoCareX becomes a subsidiary of N2OFF, any outstanding loan amount will be deducted from future allocations by N2OFF to MitoCareX during the first year following such a transaction.
This loan follows a previously disclosed securities purchase and exchange agreement dated February 25, 2025, under which N2OFF agreed to acquire all outstanding shares of MitoCareX from its current shareholders, including SciSparc Ltd., Dr. Alon Silberman, and Prof. Ciro Leonardo Pierri. The closing of this acquisition remains subject to various conditions, including shareholder approval.
N2OFF stated that the purpose of the new loan is to assist MitoCareX in covering ongoing costs and obligations until the closing of the acquisition agreement.
The information in this article is based on a press release statement and the company’s Form 8-K filing with the SEC.
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