Penny Stock Crypto Exchange Nukkleus Gets SPAC Deal: Here's The Details

A market leader in global payments and cryptocurrencies announced a SPAC merger Wednesday that will see shares get an uplisting.

The SPAC Deal: Nukkleus announced a SPAC merger with Brilliant Acquisition Corp BRLI that values the company at $140 million.

Nukkleus NUKK is currently traded on the OTC exchange.

After the merger, the company will trade with the ticker NUKK on the Nasdaq. The deal is expected to close in the second or third quarter of 2022.

About Nukkleus: Nukkleus offers payment services for institutional clients. The company also offers “institutional-grade custody” and access to digital assets globally.

“Nukkleus, through the use of leading edge technology, bridges many asset class execution points and applies this technology to revolutionize global money movement,” Nukkleus CEO Emil Assentato said.

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Growth Ahead: Nukkleus plans on using proceeds from the transaction to accelerate the growth of its portfolio of businesses. The company plans to pioneer “faster and more valuable custody.”

The company will expand the support of sustainable ESG initiatives. Nukkleus also plans to bring together cryptocurrency thought leaders to collaborate on additional blockchain-enabled projects.

Nukkleus's strategy pillars are technology, trading, payments and data. The company will expand on its cryptocurrency exchange-traded products and fiat-to-crypto exchange services.

Price Action: NUKK shares are trading down over 28% on Wednesday.

BRLI shares are up slightly to $10.27 on Wednesday.