Lixte Completes Merger with Nomad, Issues 2.99M Shares, Renames to Nomad Power Solutions
LIXT•Lixte completed its merger with Nomad Transportable Power Systems, issuing 2,992,041 common shares and 50,366.07 Series D preferred shares convertible into 50,366,070 common shares. The company will rename to Nomad Power Solutions on July 3 and adopt ticker NMAD on July 6 to target a multi-billion-dollar BESS market.
1. Merger Completed
On July 2, Lixte finalized its merger with Nomad Transportable Power Systems, creating a new publicly traded energy infrastructure platform. Nomad becomes a wholly owned subsidiary led by CEO John Travaglini and his team, integrating its deployable BESS technology into the combined company.
2. Share Issuance and Conversion
Lixte issued 2,992,041 common shares and 50,366.07 newly authorized Series D preferred shares, which will convert into 50,366,070 common shares on a 1-for-1,000 basis upon shareholder approval, aligning equity ownership with the merged entity’s growth objectives.
3. Strategic Growth in BESS Market
The merger positions the company to address a multi-billion-dollar mobile utility-grade battery energy storage system market, leveraging over 30 active projects across North America and capitalizing on demand from AI infrastructure, grid modernization, and industrial power needs.
4. Rebranding and Ticker Update
Effective July 3, the corporate name changes to Nomad Power Solutions and the trading symbol will switch to NMAD on July 6, reflecting the company’s shift from biotechnology to energy infrastructure solutions.
