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N2OFF, Inc. (NASDAQ:NITO), a Nevada-based company specializing in agriculture chemicals with a market capitalization of $3.54 million, has entered into a loan agreement with MitoCareX Bio Ltd., an Israeli private company, and its guarantor L.I.A. Pure Capital Ltd. The agreement, dated March 12, 2025, stipulates a six-month term loan of $250,000 with an interest rate tied to the USD exchange rate fluctuations plus 3%. According to InvestingPro data, N2OFF maintains a debt-free balance sheet, positioning it well for this lending activity.
This transaction follows a previous loan of the same amount provided to MitoCareX by N2OFF under similar terms, as reported on December 26, 2024. Additionally, on February 25, 2025, N2OFF and MitoCareX were involved in a securities purchase and exchange agreement, which is pending stockholder approval and other closing conditions. The company’s strong liquidity position, evidenced by a current ratio of 6.52, supports its ability to extend such financing.
The purpose of the most recent loan is to support MitoCareX’s ongoing costs and obligations in anticipation of the closing of the aforementioned securities transaction. Should MitoCareX become a subsidiary of N2OFF, the outstanding loan amount will be deducted from future allocations to MitoCareX within the first year post-transaction.
The details of the loan agreement were disclosed in an 8-K filing with the SEC, which serves as the source for this information. The loan agreement itself has been attached as Exhibit 10.1 to the filing for reference.
In other recent news, N2OFF, Inc. has announced the creation of a new subsidiary, NITO Renewable Energy, Inc., to manage its solar energy projects. The company is currently involved in significant solar initiatives in Germany and Italy, with plans for battery energy storage systems in Sicily. Meanwhile, N2OFF has entered into an agreement to acquire a majority stake in SB Impact 4 LTD, expanding its presence in the energy storage sector in Italy. This acquisition involves a €2.3 million loan to finance battery storage projects in Sicily. Additionally, N2OFF has teamed up with Solterra Energy Ltd. to explore renewable energy projects in Albania, focusing on solar energy and battery storage. In a separate development, SciSparc Ltd. has agreed to sell its stake in MitoCareX Bio Ltd. to N2OFF for $700,000 and a stock swap, making MitoCareX a wholly owned subsidiary of N2OFF. This transaction is awaiting shareholder approval and includes potential additional stock based on future milestones. These recent developments highlight N2OFF’s strategic moves to strengthen its position in the renewable energy market.
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