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Storage Drop Stock Plummets 98% Amid Project Halt and Financial Woes
The stock of energy firm Storage Drop, previously led by politician Gadi Eisenkot, has crashed by over 98%, from 260 million shekels to 4 million. The company halted its flagship project with Tnuva due to infrastructure issues, facing significant financial losses and a "going concern" warning from auditors.
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What happened
- 01Storage Drop stock value has collapsed by over 98%, from 260 million to 4 million shekels.
- 02The company halted its flagship air compression project with Tnuva due to infrastructure deficiencies.
- 03Storage Drop faces severe financial difficulties, with significant losses and low cash reserves.
- 04Auditors issued a "going concern" warning regarding the company's ability to continue operations.
- 05Gadi Eisenkot chaired Storage Drop before entering politics in late 2022.
Storage Drop is also developing a separate cooling system with EU funding, but it is not yet generating revenue.
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