While the threat is still just a threat, Rav Tau has moved forward with preparations for realizing the formation and running of such a party. A political party is being organized with personalities being chosen to run it. Now a name, slogan and logo have also been chosen (source: Srugim). The name will be "Noam", the slogan will be "a normal nation in our land", and the logo is:

I am not sure what the party name Noam means or refers to, but perhaps it is for the phrase" deracheha darchei noam" - the ways of the Torah are pleasantness.
I have no idea what " a normal nation in our land means". Rav Tau is the head of the relatively extreme edge of the National Religious - even more than the "chardal". They are closer in their personal lifestyles to the Haredi public than to the National Religious, but they believe in and support the State. "Normal" is not something I understand in the context of Rav Tau. Suddenly he wants Israel to be a normal nation, like all the other nations? While he just recently spoke out against a woman leading the national religious party? Perhaps he is expecting that whatever he is proposing, or how he wants Israeli society to be, will become the new normal.
Regardless of whether or not they have a chance to get in, they are resigned to running, if their demands are not met, and insist they will get in either this time or next. They are working for the betterment of Israel, so the possibility of causing votes to be wasted (should they not get in) does not concern them. source: Makor Rishon
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