Nukkleus Acquires Iron Dome Supplier RIMON in $26M Defense Sector Strategic Pivot

JERSEY CITY, NJ, 17 December 2024 /PRNewswire/ — December 17, 2024 – Nukkleus, Inc. (NASDAQ: NUKK), a pioneer in the fintech sector that traditionally focuses on cryptocurrency market, announced that it has successfully acquired a 51% controlling interest in Star 26 Capital Inc., a defense acquisition company 95% ownership in RIMON. RIMON is a leading Israeli supplier of critical components for the Iron Dome missile defense system, as well as other defense and tactical solutions.

The transaction, which was completed on December 15, 2024, involved a total purchase price of 26 million dollarsincluding cash, a promissory note Nukkleus‘s ordinary shares and subscription rights to buy additional shares in Nukkleus. This purchase also includes an option agreement that allows Nukkleus to acquire the remaining share capital in Star 26 at a later date.

With this acquisition, Nukkleus gains control over RIMON’s diversified activities, which include two important business areas:

Distribution of generators, masts and lighting solutions: RIMON operates through exclusive distributor agreements with leading suppliers.

Development of tactical vehicles: RIMON designs, engineers and integrates tactical vehicles, including reconnaissance vehicles, mobile command and control units and satellite launch platforms that serve special defense forces, intelligence services and the Israel Defense Forces (IDF).

Manny Shalom, the newly appointed CEO of Nukkleus and a seasoned entrepreneur in the security sector, stated “This merger places Nukkleus at the forefront of a thriving defense industry. Our acquisitions of Star 26 and RIMON align with our strategic focus to capitalize on opportunities in the defense sector, which has seen rapid growth due to geopolitical shifts in Middle East and the war in Ukraine. This has resulted in a wave of investment and acquisitions in Israeli defense firms such as PARAGON and PROTEGO, along with a 120% increase in Israel‘s defense indices and a 38% increase in similar indices in the United States.”

He added “RIMON’s expertise in critical defense systems, combined with its established partnerships with leading defense exporters such as Rafael and Elbit Systems, strengthens Nukkleus‘s capabilities to deliver innovative defense solutions.”

As part of its expansion strategy, Nukkleus plans to integrate Star 26 operations into its business structure while exploring additional growth opportunities. The company will also plan to expand its activities to other sectors acting as a Merchant Bank for companies in banking, US real estate and technology-populated coworking space campus locations leveraging its financial expertise to seize new opportunities in the changing Middle East region.

Looking ahead

The combined entity will focus on the Israeli and US market opportunities – acquiring controlling interests in mid-sized companies while providing them with financing and global business development opportunities. With a shared commitment to innovation and excellence, Nukkleus and Star are ready to drive growth and deliver value to both shareholders, customers and stakeholders.

Forward-looking statements

This press release contains forward-looking statements that involve risks and uncertainties, including statements about the expected benefits of the acquisition, expected market trends and future results. Actual results may differ materially due to various factors. For a detailed discussion of these risks, refer to Nukkleus’ filings with the Securities and Exchange Commission (SEC).

Contact:

Yair Ohayon
CMO
[email protected]

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SOURCE Nukkleus, Inc.