aibioLIXTE completes merger with NOMAD Transportable Power Systems
Tickers NMAD
LIXTE is issuing 2,992,041 common shares and 50,366.07 Series D preferred shares to NOMAD stockholders, and has changed its name to NOMAD Power Solutions effective July 3, 2026.
Key facts
- Company
- NOMAD POWER SOLUTIONS, INC. (NASDAQ: NMAD)
- News type
- Mergers
- Primary source
- NOMAD POWER SOLUTIONS, INC. 8-K (2026-07-02)
LIXTE Biotechnology Holdings, Inc. (NASDAQ: LIXT) said on July 2, 2026 that it had completed its previously announced merger with NOMAD Transportable Power Systems, Inc. In connection with the merger, LIXTE is issuing 2,992,041 shares of its common stock and 50,366.07 shares of newly authorized Series D preferred stock to NOMAD's accredited stockholders. NOMAD is now a wholly owned subsidiary of LIXTE.
The terms
The Series D preferred shares convert into NOMAD common stock on a 1 for 1,000 basis after LIXTE stockholders approve the conversion. The release puts the resulting amount at 50,366,070 shares of NOMAD common stock. NOMAD continues under its chief executive, John Travaglini, and his team.
The release says LIXTE has changed its corporate name to NOMAD Power Solutions, Inc., effective as of July 3, 2026, and its trading symbol to NMAD, effective as of July 6, 2026. The release says the transaction transforms LIXTE into a new growth sector, which it describes as addressing a multi-billion-dollar market. It also says the company will move from the LIXT symbol to NMAD.
Why the company says it matters
Geordan Pursglove, LIXTE's Chief Executive Officer, said: "NOMAD instantly places us at the center of powerful long-term trends, including artificial intelligence, electrification, grid modernization and industrial expansion." He said the transaction allows the company to address a multi-billion-dollar market and to build a highly scalable infrastructure platform.
Travaglini said that becoming part of a publicly traded company gives NOMAD capital and public-market visibility to scale manufacturing and deepen customer relationships. The release says NOMAD is engaged on more than 30 active utility, infrastructure and strategic customer projects across North America.
What NOMAD does
NOMAD was founded in 2020 and describes itself as an industry pioneer in mobile, utility-grade battery energy storage. The release says its first-to-market products provide one megawatt of instantaneous power to an electrical grid or facility, bypassing the months of construction that fixed installations usually require. Its patented platforms are deployed on semi-trailers and serve utilities, industrial operators, government agencies, critical infrastructure providers and AI-driven applications.
NOMAD sells equipment, rents units and offers Energy-as-a-Service arrangements. Travaglini said demand from utilities, AI infrastructure and industrial markets confirms that deployable battery storage is becoming "an essential layer of the modern grid."
LIXTE and its legacy business
LIXTE historically focused on the development of innovative cancer therapies and medical technologies. The release says the company is executing a strategic transformation into an AI energy infrastructure equipment and services platform. Its forward-looking statements cover the anticipated growth of NOMAD and the ability to dispose of LIXTE's legacy life sciences business. The release does not give a timetable for that disposal.
Financial position
The company's XBRL financial data, as filed with its annual report, lists research and development expense of $254,919 for fiscal 2025 and $726,232 for fiscal 2024. Net income (loss) was negative $6.1 million for 2025 and negative $3.6 million for 2024. Cash from operations was negative $3.1 million for 2025 and negative $3.2 million for 2024.
The risks ahead
The merger issued 2,992,041 common shares, and the Series D preferred stock converts into 50,366,070 shares of NOMAD common stock only after LIXTE stockholders approve it. The company's last annual report shows a net loss of negative $6.1 million for 2025 and cash from operations of negative $3.1 million. The release gives no revenue figures and no timetable for disposing of the legacy life sciences business. The company says it expects to use the public listing to scale manufacturing, and its filing warns that its plans are subject to risks and uncertainties.