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
[email protected]
View original content:SOURCE Nukkleus, Inc.
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