In the past week, the Nukkleus Inc (OTCMKTS:NUKK) stock suffered from a pretty significant selloff and that led to a decline of as much as 7% during the period. While the decline in the stock may have been alarming, it may be important for investors to take a closer look at the announcement from the company on Wednesday and figure out if it is going to have an effect on the stock price.
Trading Data
On Wednesday, NUKK stock fell 2.38% to $0.2050 with more than 355k shares, compared to its average volume of 91k shares. The stock moved within a range of $0.1510 – 0.2680 after opening trade at $0.24.
Nukkleus, Inc., to combine with Brilliant Acquisition Corp.
Nukkleus announced yesterday that it had signed a merger agreement for the potential business combination with the company Brilliant Acquisition Corp.
Brilliant Acquisition Corp is a special purpose acquisition company and is traded publicly as well. The company had actually been incorporated in the British Virgin Islands. As per the financial details of the transaction, the company is going to be valued at as much as $140 million.
The management noted that Nukkleus was excited at the prospect of moving ahead with its potential merger with Brilliant. However, the news did not come as a source of optimism for investors and the stock did not quite make any kind of recovery. It remains to be seen how the stock performs in the coming days.
Key Quote
“Nukkleus is extremely pleased to move toward our planned merger with Brilliant. We are very excited that Brilliant has recognized the opportunity Nukkleus provides its shareholders. Nukkleus, through the use of leading edge technology, bridges many asset class execution points and applies this technology to revolutionize global money movement.” – Emil Assentato, Nukkleus’s CEO & Chairman.
Technical Data
NUKK stock is Moreover below the 20-Day and 50-Day Moving averages of $0.22 and $0.26 respectively. However, the stock is trading below the 200-Day moving average of $0.36.
