Brilliant Acquisition extended its merger deadline to Nov. 23 and its merger partner, Nukkleus, deposited $22,600 (4 cents a share) into the SPAC’s trust in exchange for the extra time. This is the SPAC’s sixth deadline extension.
The extension was approved by Brilliant’s shareholders this week. The shareholder approval also permits Brilliant to further extend the deadline for two more months, or until Jan. 23, with the deposit of an additional $22,600 into trust for each month.
Last month Brilliant announced it had doubled 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 deal with Nukkleus, a crypto exchange company. The prior backstop was 506,000 shares or 20% of aggregate shares and rights, whichever turned out to be lower. Read more.
