XTEND and JFB Construction Holdings (NASDAQ: JFB) announced the signing of a definitive agreement to combine in an all-stock transaction implying a $1.5 billion valuation, based on the price per share in a concurrent private placement. Upon closing, the combined company is expected to be renamed XTEND AI Robotics and listed on the Nasdaq under the ticker “XTND.”
The transaction will combine XTEND, a software-first defense technology company anchored by its AI-driven XTEND Operating System (XOS), with JFB Construction Holdings, a publicly traded real estate development and construction company. The merger is supported by strategic investors including Eric Trump, Unusual Machines (NYSE: UMAC), American Ventures, LLC, Protego Ventures, Aliya Capital, and Agostinelli Group.
Under the terms of the agreement, XTEND shareholders and JFB shareholders will receive shares in a newly formed holding company, XTEND AI Robotics. On a fully diluted pro forma basis and excluding shares reserved for equity incentive plans, current XTEND shareholders are expected to own approximately 70% of the combined company, while JFB shareholders are expected to own approximately 30%.
The combined company will be headquartered in Tampa, Florida, where it operates a production facility, and will focus on scaling NDAA-compliant, U.S.-based manufacturing of autonomous defense and security systems. XTEND’s technology platform enables operators to manage multiple air, ground, and maritime drones remotely through its XOS software, supporting applications across defense, public safety, and private security markets.
The boards of directors of both companies have unanimously approved the transaction, and JFB shareholders holding a majority of its outstanding common stock have approved the merger by written consent. The companies expect the transaction to close in mid-2026, subject to customary closing conditions and regulatory approvals.
Lucosky Brookman LLP served as legal counsel to JFB in connection with the transaction.
