XTEND Merges with JFB in $1.5 Billion Nasdaq Deal for Autonomous Defense Robotics
XTEND merges with JFB Construction Holdings to form XTEND AI Robotics, targeting military and law enforcement sectors. The $1.5 billion all-stock merger aims to enhance production capacities and market presence in the U.S.
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XTEND and JFB Construction Holdings are merging to create XTEND AI Robotics, with a transaction valued at $1.5 billion through an all-stock swap. The new entity will be listed on the Nasdaq under the ticker XTND, with XTEND shareholders retaining about 70% of the company.
This merger facilitates XTEND's access to capital markets and aims to boost its production and international growth. The company focuses on AI-powered drones and autonomous vehicles for military applications.
The merger is expected to close later this year, pending regulatory approvals. Additionally, the combined entity intends to expand U.S. manufacturing and accelerate deployment of autonomous systems to armed forces and NATO partners. Aviv Shapira will continue as CEO, leveraging his experience to enhance XTEND's global market position.
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