Brilliant Acquisition shareholders approved the SPAC’s fifth deadline extension, which now expires Oct. 23.
Sponsor Nisun Investment Holding Limited deposited $353,000 (12 cents a share) in Brilliant’s trust account to sweeten the pot for non-redeeming shareholders.
The extension gives the SPAC additional time to close its proposed business combination with Nukkleus, a New Jersey-based company offering software to process exchanges of crypto and foreign currencies as well as contracts for differences (CFDs).
The SPAC in an 8-K filing said redemptions on the latest extension vote came to 1,025,281 shares, or about 18%. Following the redemptions and the sponsor’s deposit, the trust account holds approximately $31.2 million. Brilliant said it has 4,451,927 ordinary shares issued and outstanding (1,511,000 of which are shares held by initial stockholders and not subject to redemption) and the pro rata portion of the funds available in the trust account is approximately $10.60 per public share.
The merger agreement calls for Nukkleus to undertake a reverse stock split at a ratio of 1:25.146, or such other ratio that the parties may yet agree upon. Read more.
