Nostromo Energy Shareholders Approve Going-Private Arrangement

The Company will complete its voluntary-delisting from the Tel Aviv Stock Exchange pending fulfilment of remaining conditions

ASERET, Israel, May 10, 2024 /PRNewswire/ -- Nostromo Energy Limited (TASE:NOST) provider of the IceBrick® system, a virtual power plant (VPP)-enabled thermal energy storage for commercial and industrial (C&I) buildings, announced today results of its shareholders vote on the proposed arrangement to delist the company's shares from trading on the Tel Aviv Stock Exchange. Details of the proposed delisting arrangement were released by the company in its announcement on February 28, 2024 and are available here. At the shareholders meeting, duly convened and held today, at 2:00 PM Israel time, the proposed arrangement was approved by a vote of holders of 6,013,647 shares (representing 99.37% of total shares present and voting) who voted FOR the proposed arrangement, vs. a vote of holders of 38,081 of shares (representing 0.63% of total shares present and voting) who voted AGAINST.

The closing of the transaction and delisting remains subject to certain conditions, including final approval by the District Court in Israel (Central Circuit) of a pending application under Section 350 of the Israeli Companies Law, an election by holders of at least 60% of outstanding shares made by May 16, 2024 to retain their shares following the delisting (i.e., to rollover), and approval by the Tel Aviv Stock Exchange of the company's delisting request.

About Nostromo Energy

Nostromo Energy's ice-based energy storage solution is redefining energy storage for commercial and industrial buildings, enabling them to become sustainable energy storage assets and reduce their energy costs and carbon emissions. Nostromo's IceBrick® system uses ice to store energy when electricity prices are low and renewable energy is abundant, and discharge the energy to avoid purchasing electricity that is both carbon intensive and expensive. In this way, Nostromo helps accelerate the renewable revolution and paves the way to a carbon-free electric grid, while offering building owners a safe, clean and financially beneficial energy storage solution. The IceBrick® is non-flammable, modular and compact, easily retrofitted to existing commercial and industrial buildings. To learn more about Nostromo and the IceBrick® technology, visit www.nostromo.energy.

This press release contains forward-looking statements. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

SOURCE Nostromo Energy