Brief: New Mid-Market Publicly Traded Aerospace & Defense Company Airo Group Holdings Enters Agreement and Plan Of Merger With Kernel Group Holdings to List On Nasdaq

Kernel group

06/03/2023 13:14

March 6 (Reuters) - Kernel Group Holdings Inc  KRNL.O :
    * NEW MID-MARKET PUBLICLY TRADED AEROSPACE & DEFENSE
COMPANY: AIRO
GROUP HOLDINGS, INC. (AIRO) ENTERS AGREEMENT AND PLAN OF MERGER
WITH KERNEL GROUP HOLDINGS (NASDAQ: KRNLU) TO LIST ON NASDAQ
    * KERNEL GROUP HOLDINGS INC - PRO FORMA EQUITY VALUE OF
COMBINED
COMPANY IS EXPECTED TO BE APPROXIMATELY $847 MILLION
    * KERNEL GROUP HOLDINGS INC - PRIOR TO ENTERING INTO MERGER
AGREEMENT, CO SIGNED AN AGREEMENT FOR AN UP TO 7.7 MILLION SHARE
BACKSTOP WITH METEORA
    * KERNEL GROUP HOLDINGS INC - COMBINED COMPANY WILL BE
RENAMED
"AIRO GROUP, INC"
    * KERNEL GROUP HOLDINGS INC - UPON CLOSING OF MERGER
TRANSACTION,
AIRO AND KERNEL WILL BE WHOLLY-OWNED SUBSIDIARIES OF PUBCO
    * KERNEL GROUP HOLDINGS INC - PUBCO COMMON STOCK AND
WARRANTS ARE
EXPECTED TO BE LISTED ON NASDAQ, UNDER SYMBOLS "AIRO" AND
"AIROW," RESPECTIVELY
    * KERNEL GROUP HOLDINGS INC - PROPOSED TRANSACTION INCLUDES
A
CONTINGENT EARNOUT PAYABLE TO AIRO STOCKHOLDERS AND SPONSOR

Source text for Eikon:  ID:nGNX2hzGYv 
Further company coverage:  KRNL.O 

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