In a recent private placement, N2OFF, Inc. (NASDAQ:NITO), a company specializing in agricultural chemicals with a current market capitalization of $30.12 million, has issued new equity securities. On January 2, 2025, the company finalized the sale of 1,704,116 shares, pre-funded warrants for an additional 4,545,884 shares, and warrants to purchase 9,375,000 shares of common stock.
The transaction generated gross proceeds of $1,500,000 for N2OFF. The stock has shown remarkable momentum, delivering a 964% return year-to-date according to InvestingPro data.
The private placement was part of an agreement dated December 10, 2024, details of which were disclosed in previous SEC filings on December 10 and December 12, 2024. The company, headquartered in Neve Yarak, Israel, with business offices in New York, believes the issuance of these securities is exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
InvestingPro analysis shows the company maintains a strong liquidity position with a current ratio of 6.52, holding more cash than debt on its balance sheet.
N2OFF, Inc., formerly known as Save Foods, Inc., underwent a name change on April 10, 2023, as indicated in historical company data. The company is incorporated in Nevada and has been assigned the IRS Employer Identification Number 26-4684680.
The issuance of unregistered equity securities is a significant move for N2OFF, Inc., which is listed on The Nasdaq Capital Market. This financial activity is expected to provide the company with additional capital to support its operations and development initiatives within the agriculture chemicals sector.
This report is based on a press release statement and the company's SEC filing.
In other recent news, clean tech company N2OFF, Inc. has made significant strides in its operations. The company has expanded into the European energy storage market through a strategic agreement with Solterra Ltd's subsidiary, Solterra Brand Services Italy. This move involves the purchase and development of two large-scale Battery Storage Systems in Sicily, Italy. The total investment for these projects is expected to reach up to €2.35 million.
In the renewable energy sector, N2OFF has advanced a solar photovoltaic project in Germany with key approval from the Melz Municipal Committee. This marks an important step towards the project's anticipated ready-to-build status by the end of 2025.
Financially, N2OFF has secured approximately $1.5 million in gross proceeds through a private placement offering. Additionally, the company has acquired a majority stake in Plantify Foods, Inc., settling an outstanding debt.
N2OFF's subsidiary, Save Foods Ltd., has signed a non-binding letter of intent with GENSIS PM TDC, an Ethiopian federal entity, potentially generating significant revenue. These recent developments reflect the company's efforts to bolster its capital structure and support its business operations.
Analysts from InvestingPro forecast a revenue growth of approximately 31% for the current year for N2OFF. These are recent developments and are subject to change.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.