Brilliant Acquisition in an 8-K said it increased the backstop pool of shares to 1,012,000 (or the equivalent of 40% of all outstanding shares and rights) for investors who stay in the merger deal with blockchain payment company Nukkleus. The prior backstop was 506,000 shares or 20% of aggregate shares and rights, whichever turned out to be lower.
The parties last week extended the outside closing date for their deal to no later than Jan. 23.
Meanwhile, the SPAC is asking for shareholders to approve a 6th deadline extension. The current deadline is Oct. 23.
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.
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.
