By Denny Jacob
Nukkleus shares tumbled 16% in premarket trading a day after disclosing a private placement agreement, paring back recent gains after it acquired a defense acquisition company.
Shares were trading around $42.83. For the year, the stock is up 121%.
The company, which has focused on the cryptocurrency market, disclosed it would receive cash proceeds of about $10 million following a private placement with a single New York-based family office investor. Nukkleus said it intended to use the proceeds to finance the proposed acquisition of Star 26 Capital.
Nukkleus said it would issue around 1.7 million units at $6 a unit. The unit will consist of one share of restricted common stock and warrants exercisable for one and one-half shares of restricted common stock.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 19, 2024 06:27 ET (11:27 GMT)
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