Mentioned:
There’s a new defense tech company coming to the Nasdaq. And they’re aiming to build the future of autonomous software and hardware for combat.
What’s happening:
- Defense tech company XTEND has entered into a reverse merger with JFB Construction Holdings (NASDAQ: JFB) to become a publicly traded company
By the numbers:
- The reverse merger values XTEND at approximately $1.5B USD
- Following the successful closing of the reverse merger XTEND shareholders will own 70% of the new company and JFB Construction Holdings shareholders will own 30%
Why it matters:
- Unusual Machines (NYSE: UMAC) and Eric Trump are both strategic investors in the financing round that is concurrent with the reverse merger deal
Going deeper:
- XTEND has developed artificial intelligence technology for semi-autonomous control of drones and robots in combat situations that are supervised by humans
- XTEND has also landed multiple deals from government agencies including the United States Department of War and the Israel Ministry of Defense
