Combined company expected to begin trading on the NYSE under the ticker symbol "XTND" on September 4, 2026
All NYSE listing requirements have been satisfied ahead of anticipated closing
TAMPA, Fla., Sept. 03, 2026 (GLOBE NEWSWIRE) -- JFB Construction Holdings (Nasdaq: JFB) and XTEND, a leader in software systems and artificial intelligence-powered robotics, announced today that XTEND has satisfied the minimum cash condition to closing of the previously announced business combination, with $60 million in cash received. With this condition satisfied, the transaction remains on track to close today, September 3, 2026. Upon closing, the combined company will be renamed XTEND AI Robotics, Inc. and its common stock is expected to begin trading on the New York Stock Exchange ("NYSE") under the ticker symbol "XTND" on September 4, 2026.
The $60 million in cash satisfies the minimum cash condition set forth in the merger agreement and is expected to support XTEND's working capital and continued growth as it transitions to operating as a publicly traded company.
The anticipated closing follows the U.S. Securities and Exchange Commission's ("SEC") declaration of effectiveness, on August 11, 2026, of the Form S-4 registration statement filed in connection with the proposed business combination, clearing a key regulatory milestone ahead of closing. The final information statement/prospectus was mailed to JFB stockholders of record as of August 11, 2026. All NYSE listing requirements have now been satisfied, and the transaction remains subject only to other customary closing conditions.
XTEND arrives at this milestone on a hot streak. In the month since the Company's last update on July 30, 2026, XTEND has landed new defense contracts, cleared its final regulatory hurdle, and kept shipping hardware around the world:
- August 31, 2026 - Announced that the business combination with JFB remains on track to close on September 3, 2026, with the combined company's shares expected to begin trading on the NYSE under the ticker symbol "XTND" on September 4, 2026.
- August 28, 2026 - Delivered hundreds of M6F tactical ISR systems to a new defense customer in the Asia-Pacific region.
- August 20, 2026 - X-Strike lethality package accepted into the U.S. Department of War's Drone Dominance Program for small unmanned aerial systems.
- August 17, 2026 - Secured a multi-year contract worth up to approximately $15 million with a European NATO member nation's Ministry of Defense.
- August 14, 2026 - Positioned as a leading supplier of NDAA-compliant, Made-in-America drones as new U.S. tariffs reshape the market for imported systems.
- August 11, 2026 - SEC declared the Form S-4 registration statement effective, clearing the final regulatory hurdle to closing.
- August 3, 2026 - Produced seven different robotic platforms in a single week across a global manufacturing network spanning five countries.
"Satisfying the minimum cash condition with $60 million in cash received removes one of the last remaining conditions to closing our merger with JFB," said Aviv Shapira, Co-Founder and CEO of XTEND. "With the merger on track to close on September 3, 2026 and our shares expected to begin trading on the NYSE under the ticker 'XTND' on September 4, 2026, we are entering the next chapter of XTEND's growth well-capitalized and ready to scale our AI-powered robotics platform for defense, law enforcement, and security customers around the world."
Tal Horesh, Chief Financial Officer of XTEND added, "This puts to rest one of the final closing conditions and strengthens our balance sheet as we transition to a publicly traded company on the NYSE. We believe it positions XTEND to capitalize on the substantial demand we are seeing across our defense and security markets."
XTEND's software-enabled robotic systems are designed to extend the reach and effectiveness of defense and security operators while reducing human exposure in high-risk environments. The company's platform combines advanced robotic hardware with intuitive control, mission management, and autonomous capabilities designed to support rapid deployment across diverse operational scenarios. The additional capital and pending public listing are expected to support XTEND's continued investment in its global manufacturing footprint and product development as it scales to meet growing demand from defense and security customers worldwide.
Additional details regarding the transaction, including the timing of closing, will be announced as they become available.
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the business combination between JFB and XTEND. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially, including the risk that the business combination is not completed in a timely manner or at all, the failure to satisfy the conditions to closing, the risk that trading in the combined company's common stock on the NYSE does not commence as and when anticipated, the timing and size of orders from government and defense customers, compliance with export control and defense trade regulations, geopolitical conditions in the regions in which XTEND operates, and the other risks described under "Risk Factors" in the registration statement on Form S-4 filed with the SEC in connection with the business combination and in JFB's other filings with the SEC, available at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. Neither JFB nor XTEND undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by applicable law.
About XTEND
XTEND is a leader in software systems and Physical AI, deployed in high-threat, complex operational environments where human exposure carries significant risk. Powered by its proprietary XTEND Operating System (XOS), XTEND's integrated software and advanced robotic hardware solutions are designed to provide autonomy at the edge. Operating across Defense, Homeland Security, and Commercial Security missions through a platform of robots, drones, and robotic subsystems, XTEND's open architecture platform facilitates scalability across partners and third-party applications. With over 12,500 systems deployed in over 30 countries, XTEND's solutions have been validated in five combat zones and operationally deployed by national defense, special-mission units, and security organizations across the globe. Founded in Tel Aviv, Israel, and headquartered in Tampa, Florida, XTEND delivers NDAA-compliant solutions through a global network of regional XFAB manufacturing facilities located in the U.S., the U.K., Singapore, Israel, and Latvia. For more information, visit www.XTEND.me.
About JFB Construction Holdings
JFB Construction Holdings (Nasdaq: JFB) is a real estate development and construction company that has provided general contracting and construction management services in 36 U.S. states. For more information, visit the company's SEC filings at www.sec.gov.
Important Information for Investors and Stockholders
This communication is for informational purposes only and is not intended to, and does not, constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any issuance or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the transaction, NewCo and JFB filed a registration statement on Form S-4. Investors and security holders are urged to read the information statement/prospectus or registration statement and any other documents filed with the SEC carefully and in their entirety when they become available. Copies of the documents filed with the SEC by JFB will be available free of charge at www.sec.gov.
Contacts
JFB Construction Holdings Contact:
CORE IR
Mike Mason
516-222-2560
investors@jfbconstruction.net
XTEND Media Contact:
Headline Media
Sarah Small
929-255-1449
sarah@headline.media
XTEND Investor Relations:
MZ North America
Shannon Devine
203-741-8811
XTND@mzgroup.us
Attachments
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