JFB Construction Holdings (NASDAQ: JFB) and Xtend, a software-first defense technology company, have announced a business combination to establish a US leader in AI-driven autonomous defense robotics. The implied acquisition value of this merger is $1.5 billion, based on the price paid per share in a concurrent private placement.
Following the closing of the business combination, the joint company is expected to be renamed Xtend AI Robotics and be listed on NASDAQ under the ticker "XTND."
Xtend, headquartered in Tampa, FL, offers next-generation autonomous systems for defense, public safety, and private security applications built on its battle-proven XOS operating system. The company's products utilize remote operational capabilities, enabling multiple air, ground, and maritime drones to execute complex, dynamic missions with immediate operational readiness.
Upon the closing of the transaction, current Xtend shareholders would own approximately 70.0% and JFB shareholders would own approximately 30.0% of Xtend AI Robotics' fully diluted shares on a pro forma basis, not including shares reserved for issuances under Xtend AI Robotics' equity incentive plans.
The merger has been unanimously approved by the board of directors of both companies and approved by written consent by JFB shareholders owning a majority of the outstanding common stock of JFB. The parties expect the transaction to close during the middle of 2026.
Advisors for this merger include Stifel as the exclusive financial advisor and a capital markets advisor to Xtend, and Dominari Securities LLC as the exclusive placement agent to JFB Construction.
JFB Construction Holdings brings generations of combined experience in residential and commercial construction and development, having completed projects in 36 US states. Xtend, on the other hand, is a software-first defense and security technology company building a unified operating ecosystem for human-guided autonomy across air, ground, and maritime domains.
The business combination is expected to create a leading US provider of AI-driven autonomous defense and security solutions and support the expansion and increased NDAA-compliant, US-made domestic production capacity at Xtend's Tampa, Florida production facility.
The strategic investors in the merger include Eric Trump, Unusual Machines (NYSE: UMAC), American Ventures, LLC, Protego Ventures, Aliya Capital, and Agostinelli Group. Today the company's shares have moved 15.09% to a price of $23.65. For more information, read the company's full 8-K submission here.
