11:13 AM EDT, 10/03/2024 (MT Newswires) -- N2OFF ( NITO ) shares were down more than 3% in recent Thursday trading after the company unveiled several strategic initiatives, including the potential spin-off of its cleantech operations, in an effort to drive shareholder value.

The company said it is mulling the spin-off of its cleantech business into a separate publicly-listed company, creating NTWO OFF and Save Foods. N2OFF ( NITO ) said it will maintain at least a 75% ownership in Save Foods should the transaction be pursued.

The initiatives also include the potential acquisition of an unnamed drug discovery company, according to the statement. N2OFF ( NITO ) said it already signed a non-binding letter of intent for the acquisition, which contemplates a valuation of at least $5 million in cash and equity.

In addition, N2OFF ( NITO ) said it has negotiated a non-recourse credit facility of 6 million euros ($6.6 million), with a 7% interest annually.

Price: 0.24, Change: -0.01, Percent Change: -3.39