MergerJun 18, 2026, 04:02 PM
Lixte Biotechnology Loans NOMAD $6.5M Ahead of Merger Close
AI Summary
Lixte Biotechnology Holdings, Inc. provided an update on its definitive agreement to acquire NOMAD Transportable Power Systems, Inc. In connection with the merger, Lixte issued a $6.5 million secured promissory note to NOMAD. The proceeds are intended to repay NOMAD's outstanding obligations and fund working capital to accelerate its commercial momentum and scale manufacturing. The acquisition is expected to close on or about July 1, 2026, after which the combined company will be renamed NOMAD Power Solutions, Inc. and trade under a new ticker symbol.
Key Highlights
- Lixte Biotechnology provided a $6.5 million secured promissory note to NOMAD.
- Proceeds will repay NOMAD's existing loan and fund working capital for order backlog.
- The note matures in 30 days, with automatic 30-day extensions if the merger is active.
- Upon merger closing, the note's principal will offset amounts deliverable to NOMAD.
- The merger with NOMAD Transportable Power Systems is expected to close on or about July 1, 2026.
- The combined company will be renamed NOMAD Power Solutions, Inc. and trade under a new ticker.
- The note carries a 15% annual interest rate, with no interest accruing until closing or termination.
- The note is secured by a first-priority security interest in substantially all of NOMAD's assets.
Price Impact
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