Lixte Biotechnology Announces $6.5M Loan to NOMAD and Expected July 1st Merger Closing
Lixte Biotechnology Holdings, Inc. (NASDAQ: LIXT) announced a significant update regarding its pending acquisition of NOMAD Transportable Power Systems, Inc. On June 17, 2026, Lixte issued a $6.5 million secured promissory note to NOMAD to accelerate commercial momentum ahead of the transaction's close. The loan proceeds will be used to repay NOMAD's existing debt and fund working capital, specifically for procuring components for its order backlog. The note is secured by substantially all of NOMAD's assets and features a 15% annual interest rate, though interest only begins accruing upon the closing or termination of the merger agreement. The acquisition is expected to close on or about July 1, 2026. Upon completion, the combined company will be renamed NOMAD Power Solutions, Inc. and will trade under a new ticker symbol on the Nasdaq. This strategic pivot shifts Lixteβs focus toward NOMAD's utility-grade battery energy storage systems (BESS), targeting the data center and AI infrastructure markets. The outstanding principal of the loan will be offset against the final merger consideration at closing.