By Josh Beckerman
Nukkleus shares recently traded at more than 40 times their Monday closing price, continuing to rise after the fintech company's Tuesday announcement of an acquisition that supports a pivot toward the defense sector.
The stock ended Monday at $1.39 and closed at $11.88 Tuesday. It was recently up 370% to $55.86. The stock was briefly paused for volatility at least 20 times Wednesday.
Nukkleus, which has focused on the cryptocurrency market, said Tuesday it bought a 51% stake in Star 26 Capital Inc., a defense acquisition company that holds 95% ownership in RIMON. RIMON's operations include supplying components for Israel's Iron Dome missile defense system.
"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," the company said Tuesday.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 18, 2024 14:56 ET (19:56 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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