Summary by Moomoo AI
N2OFF announced strategic initiatives on October 2, 2024, aimed at maximizing shareholder value. The company entered a €6M credit facility with L.I.A. Pure Capital Ltd., accruing 7% annual interest. The facility will be repaid from pre-approved project profits or 33% of certain financing proceeds.N2OFF is considering spinning off its cleantech operations, NTWO OFF Ltd. and Save Foods Ltd., into a separate publicly traded company while maintaining at least 75% ownership. Additionally, the company signed a non-binding LOI to acquire a computational drug discovery firm valued at $5-7M, to be paid in cash and equity.CEO David Palach expressed confidence that these strategic decisions would enhance N2OFF's position in the cleantech and pharmaceutical sectors, delivering long-term value to stockholders. The company also issued a warrant to the lender as part of the credit facility agreement.