LIXTE Biotechnology Holdings, Inc. (NASDAQ: LIXT) said it expects to close its acquisition of NOMAD Transportable Power Systems, Inc. on or about July 1, 2026, subject to customary closing conditions and required approvals.

Ahead of the closing, LIXTE will loan $6.5 million to NOMAD to fund procurement of long-lead components and support working capital. The company said the capital is intended to allow NOMAD to fulfill its existing order backlog and continue manufacturing operations without interruption.

"Putting capital to work now, ahead of closing, reflects our conviction in NOMAD's platform and attempting to fulfill the demand we are seeing," said Geordan Pursglove, Chief Executive Officer of LIXTE. "This loan allows NOMAD to keep pace with its order book and continue scaling without delay as we move toward completing the transaction."

Upon closing, LIXTE plans to rename the combined company NOMAD Power Solutions, Inc. and begin trading on the Nasdaq Stock Market under a new ticker symbol, which has not yet been announced.

NOMAD makes mobile, utility-grade battery energy storage systems, which it describes as validated for deployment alongside investor-owned utilities, electric cooperatives, municipal utilities, and large industrial energy users. The company claims to be the first to bring a mobile, utility-grade 1 MW battery energy storage system to market.

The acquisition was previously announced by LIXTE, which is currently a clinical-stage pharmaceutical company. The transaction represents a shift in the company's business focus toward energy storage infrastructure.