Save Foods Announces Approval By Stockholders Of The 20% Share Issuance Under The $20M Standby Equity Purchase Agreement; Co Changes Name To "N2OFF, INC."

Author: Benzinga Newsdesk | February 09, 2024 09:32am

Save Foods, Inc. (NASDAQ:SVFD) (FSE:80W), a pioneer in sustainable solutions for agriculture, announced today the results of its special meeting of stockholders held on Thursday, February 8. 2024.

 

At this special meeting, our stockholders approved the issuance of 20% or more of the Company's issued and outstanding shares of common stock under the standby equity purchase agreement (the "SEPA") the Company entered on December 22, 2023 with YA II PN, Ltd. ("YA"), a fund managed by Yorkville Advisors Global, LP., so that such issuances are made in compliance with the listing rules of the Nasdaq Capital Market (the "Nasdaq 20% Share Issuance Approval"). Under the terms of SEPA, YA has agreed to purchase up to $20 million of the Company's shares of common stock over the next thirty-six-month period.

In addition, our stockholders approved the change of the Company's name to "N2OFF, Inc." which corresponds to our plan for rebranding. We believe that this new name will better reflect the Company's current focus on finding environmentally friendly and economically viable solutions for agriculture and greenhouse gas emissions reduction. The Company will take the proper actions to effect its name change in the State of Nevada and on the Nasdaq Capital Market.

David Palach, the Company's CEO commented: "We are very pleased with the continuance vote of trust of our stockholders in management-proposed actions, demonstrated by this approval."

Posted In: SVFD