Israeli defense technology company XTEND and Nasdaq-listed JFB Construction Holdings have agreed to combine in an all-stock transaction valued at $1.5 billion, creating a publicly traded autonomous systems company called XTEND AI Robotics. The combined company is expected to trade on the Nasdaq under the ticker symbol XTND following completion of the transaction, which remains subject to regulatory approvals and customary closing conditions.
Existing XTEND shareholders are expected to own approximately 70% of the combined company, while JFB shareholders would hold about 30% on a fully diluted basis. The ownership figures exclude certain future equity incentive plans. XTEND develops autonomous systems for defense, security and public safety applications. Its XTEND Operating System, known as XOS, allows operators to manage multiple robotic systems operating in the air, on the ground and at sea.
The companies plan to use the transaction to expand XTEND’s manufacturing capacity and operating infrastructure in the United States. The combined business will target customers in the United States, NATO member states and other partner countries. XTEND Chief Executive Aviv Shapira will lead XTEND AI Robotics. The company plans to use its access to public capital markets to increase manufacturing and deploy additional autonomous systems.
