XTEND AI Robotics debuts on NYSE with $110 million to scale

XTEND AI Robotics begins trading on the New York Stock Exchange under the ticker XTND on Sept. 4, carrying $110 million raised in its completed combination with JFB Construction Holdings, including $67.7 million delivered as closing cash.

"Completing our merger with JFB is the last step in the process of establishing XTEND AI Robotics as a U.S.-listed company," Aviv Shapira, co-founder and chief executive officer of XTEND AI Robotics, said. "We begin this next stage of XTEND's growth well-capitalized and prepared to scale our AI-powered robotics platform for defense, law enforcement, and security customers around the world."

The all-stock deal, closed Sept. 3, converts each outstanding JFB share into one XTEND AI Robotics share and each XTEND ordinary share into about 1.36 shares of the combined company. The ratio steps down to one-half and about 0.68 shares respectively if JFB's Class A stock had closed below $4.00 on its final Nasdaq session, a condition tied to NYSE minimum listing-price standards. The U.S. Securities and Exchange Commission declared the Form S-4 registration statement effective Aug. 11, clearing the last regulatory hurdle before closing. JFB ceased trading on Nasdaq after Sept. 3 and, with XTEND Reality Expansion, now operates as a wholly owned subsidiary of the new parent.

The $67.7 million delivered against JFB's $60 million minimum closing-cash obligation is earmarked for working capital as the company starts life as a public entity. Chief Financial Officer Tal Horesh said the strengthened balance sheet, combined with demand across defense and public-safety customers, positions XTEND AI Robotics to expand manufacturing capacity and execute on the opportunities ahead.

XTEND brings to the listing a robotics platform built on its proprietary XOS operating system, spanning drones, ground robots and robotic subsystems for defense, homeland security and commercial-security missions. The company says it has deployed more than 12,500 systems across more than 30 countries, with operations validated in five combat zones, and delivers NDAA-compliant hardware through regional XFAB plants in the U.S., U.K., Singapore, Israel and Latvia. JFB, the Nasdaq shell it merged into, reported $30.5 million in revenue and a $5.3 million net loss for fiscal 2025, according to its financial statements.

Stifel served as exclusive financial advisor and capital markets advisor to XTEND, with Truist Securities as capital markets advisor and Dominari Securities as exclusive placement agent to JFB. Paul Hastings acted as global legal counsel to XTEND.

The listing hands XTEND a public currency to fund growth in a defense-robotics market where rivals including Anduril and Shield AI are also raising capital to meet demand for autonomous systems. The company's five prior tracked announcements each drew positive 24-hour share reactions, including a 4.32 percent move on Sept. 3 when it confirmed the $60 million cash condition was met, according to StockTitan data.

Investors will watch how quickly XTEND converts its capital into manufacturing output and orders. The company has not yet disclosed a timeline for deploying the funds or a revenue forecast for its first quarters as a public company. Its first test comes as it reports under XTND, with the defense and security order pipeline the key metric to track.

This article is for informational purposes only and does not constitute investment advice.