In the news release, Nukkleus, Inc. Achieves Strategic Milestone
with Acquisition of a Controlling Stake in Star 26 a Defense-focus
acquisition company and a provider of Israel's Iron Dome Missile Defense System,
issued 17-Dec-2024 by Nukkleus, Inc.
over PR Newswire, we are advised by the company that the headline
and body text should be corrected throughout. The complete,
corrected release follows:
Nukkleus, Inc. Achieves Strategic Milestone with Acquisition of a
Controlling Stake in Star 26 a Defense-focus acquisition company
JERSEY
CITY, NJ, Dec. 17, 2024 /PRNewswire/ -- Dec 17, 2024 - Nukkleus, Inc. (NASDAQ: NUKK), a
pioneer in the fintech sector traditionally focused on the
cryptocurrency market, announced that it has
successfully acquired a 51% controlling stake in Star 26 Capital
Inc., a defense acquisition company holding 95% ownership in
RIMON. RIMON is a leading Israeli supplier of components for
the Iron Dome missile defense system, as well as other defense and
tactical solutions.
The transaction, finalized on December
15, 2024, involved cash, a promissory note, Nukkleus's
common stock and warrants to purchase additional shares of common
stock of Nukkleus. This acquisition also includes an option
agreement allowing Nukkleus to acquire the remaining equity in Star
26 at a later date.
With this acquisition, Nukkleus gains control over RIMON's
diversified operations, which include two key business lines:
Distribution of Generators, masts and Lighting Solutions:
RIMON operates through exclusive distributorship agreements
with leading suppliers.
Development of Tactical Vehicles: RIMON designs,
engineers, and integrates tactical vehicles, including
reconnaissance vehicles, mobile command and control units, and
satellite broadcast platforms, serving special defense forces,
intelligence agencies, and the Israeli Defense Forces (IDF).
Manny Shalom, the newly appointed
CEO of Nukkleus stated "This merger positions Nukkleus at the
forefront of a booming defense industry. Our acquisition of Star 26
and RIMON aligns with our strategic pivot to capitalize on
opportunities in the defense sector, which has seen rapid growth
due to geopolitical shifts in the Middle
East and the war in Ukraine. This has resulted in a surge of
investments and acquisitions in Israeli defense firms such as
PARAGON and PROTEGO, alongside a 120% increase in Israel's defense indices and a 38% rise in
similar indices in the US."
He added "RIMON's expertise in defense products, coupled with
its established relationships with defense exporters like Rafael
and Elbit Systems, strengthens Nukkleus's capabilities in
delivering innovative defense solutions."
As part of its expansion strategy, Nukkleus plans to integrate
Star 26 operations into its business structure while exploring
further growth opportunities. The company also plans to broaden its
activities into other sectors like financial services, real estate,
and technology, leveraging its financial expertise to seize
emerging opportunities in the changing region of the middle
east.
Looking Ahead
The combined entity will focus on the Israeli and US market
opportunities – acquiring controlling interest in medium-sized
companies while providing them financing and global business
development opportunities. With a shared commitment to innovation
and excellence, Nukkleus and Star are poised to drive growth and
deliver value to shareholders, customers, and stakeholders
alike.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding the
anticipated benefits of the acquisition, expected market trends,
and future performance. Actual results may differ materially due to
various factors. For a detailed discussion of these risks, please
refer to Nukkleus's filings with the Securities and Exchange
Commission (SEC).
Contact:
Yair Ohayon
CMO
l@nukk.com
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SOURCE Nukkleus, Inc.
