T3 Defense Inc.'s majority-owned subsidiary Water IO Ltd. has executed a non-binding letter of intent to lend $10,000,000 to Meteor Aerospace Ltd., which would grant Water IO a 51% stake in the defense technology company upon completion.
Key takeaways
Water IO Ltd., majority-owned by T3 Defense, intends to lend $10 million to Meteor Aerospace Ltd. via a non-binding letter of intent.
If the loan is made, Water IO will receive 51% of Meteor Aerospace's outstanding shares on a post-investment basis.
The transaction is contingent on Water IO completing a public offering of convertible notes on the Tel Aviv Stock Exchange, due diligence, definitive agreements, and regulatory approvals.
The filing states that if the transaction is consummated, there will be no dilutive effect to T3 Defense Inc.
Meteor Aerospace specializes in loitering munitions, UAVs, UGVs, USVs, and long-range precision-guided missiles, with four of its five product lines commercially mature.