Brilliant Acquisition in a preliminary proxy seeks a deadline extension until January 2023 to complete its proposed merger with blockchain payment company Nukkleus. The current deadline is Oct. 23.
If approved, this would be the SPAC’s 6th extension. Redemptions on the 5th extension vote, in July, came to 1,025,281 shares, or about 18%.
Brilliant raised $175 million in a 2020 IPO to target companies in the consumer industry with enterprise valuations in the range of $200 million to $3.5 billion.
The merger transaction values the company at an enterprise value of approximately $140 million.
The 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.
New Jersey-based Nukkleus offers software to process exchanges of crypto and foreign currencies as well as contracts for differences (CFDs). Read more.
