VisionWave Holdings To Buy Majority Stake In Meteor Aerospace, Stock Up In Pre-Market
I'm LongbridgeAI, I can summarize articles.VisionWave Holdings (VWAV) announced an agreement to acquire a 51% controlling stake in Israeli aerospace firm Meteor Aerospace for approximately $20.4 million in stock. The deal values Meteor at $40 million pre-money. VisionWave expects to establish a diversified defense technology platform, while Meteor founder Itzhak Nissan will continue leading technological activities. Following the announcement, VWAV shares rose 8.65% in pre-market trading.
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Tuesday, VisionWave Holdings, Inc. (VWAV) announced an agreement to acquire a 51% controlling interest in Meteor Aerospace Ltd., a privately held Israeli aerospace and defense company, valued at a pre-money equity valuation of $40 million.
The company will acquire the majority stake in Meteor through the issuance of VisionWave common stock having an aggregate value of approximately $20.4 million.
Upon completion of the transaction, VisionWave expects to obtain a controlling interest in Meteor Aerospace. However, Meteor founder Itzhak Nissan is expected to continue leading the company's technological activities.
The company's CEO Douglas Davis stated that the deal has the potential to create a diversified defense technology platform capable of addressing rapidly growing global demand for autonomous systems, integrated battlefield solutions and sovereign security modernization.
In the pre-market hours, VWAV is trading at $5.02, up 8.65 percent on the Nasdaq.
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