Mentioned:
There’s a new company on the New York Stock Exchange. And they are aiming to build leading edge technology for drones and robots in combat situations.
What’s happening:
- XTEND AI Robotics (NYSE: XTND) has completed their reverse merger with JFB Construction Holdings and begun trading on the New York Stock Exchange
By the numbers:
- The reverse merger gave XTEND AI Robotics an implied valuation of roughly $1.5B USD
Why it matters:
- XTEND AI Robotics has developed artificial intelligence technology for semi-autonomous control of drones and robots in combat situations that are supervised by human beings
Going deeper:
- XTEND AI Robotics has landed multiple deals from government agencies including the United States Department of War and the Israel Ministry of Defense
- Unusual Machines (NYSE: UMAC) and Eric Trump were both strategic investors in XTEND AI Robotics’ financing round that was concurrent with their reverse merger transaction with JFB Construction Holdings
The intrigue:
- Unusual Machines has been making a flurry of bets on other drone companies lately, including recently putting $30M USD Into autonomous drone company Powerus (NASDAQ: PUSA)
