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Investing.com -- Nukkleus Inc. (NASDAQ:NUKK) stock rose 2.5% in after-hours trading Friday following the announcement that its majority-owned subsidiary successfully completed an initial public offering for a special purpose acquisition company.
The company reported that SC II Acquisition Corp., a SPAC for which Nukkleus is the majority owner of the sponsor, raised $172.5 million in gross proceeds through its IPO. The offering included the full exercise of underwriters’ option to purchase additional units to cover over-allotments, with all units priced at $10.00 each.
Each unit consists of one Class A ordinary share and one right to receive one-fifth of a Class A ordinary share upon completion of an initial business combination. The units are now listed on the Nasdaq Global Market under the ticker symbol "SCIIU."
SC Capital II Sponsor LLC, an indirect subsidiary of Nukkleus in which the company holds a majority interest, is serving as SC II’s sponsor. Concurrent with the IPO closing, the sponsor acquired 255,000 units at $10.00 per unit. Menachem Shalom, who serves as Nukkleus’ Chief Executive Officer, has also taken on the role of Chief Executive Officer at SC II.
Nukkleus describes itself as a strategic acquirer and developer of businesses in the aerospace and defense industry. D. Boral Capital LLC acted as the sole book-running manager for the SPAC offering.
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