VisionWave Holdings To Buy Majority Stake In Meteor Aerospace, Stock Up In Pre-Market

India, June 30 -- Tuesday, VisionWave Holdings, Inc. (VWAV) announced an agreement to acquire a 51% controlling interest in Meteor Aerospace Ltd., a privately held Israeli aerospace and defense company, valued at a pre-money equity valuation of $40 million.

The company will acquire the majority stake in Meteor through the issuance of VisionWave common stock having an aggregate value of approximately $20.4 million.

Upon completion of the transaction, VisionWave expects to obtain a controlling interest in Meteor Aerospace. However, Meteor founder Itzhak Nissan is expected to continue leading the company's technological activities.

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The company's CEO Dougla...