SEC released: Nukkleus Inc. acquired 9.9% of IBIH Limited and 100% of Iron Australia 

The Securities and Exchange Commision (SEC) USA has issued today a press release in relation to the announcement of Nukkleus Inc. for the acquistion from IBIH 2,200 shares of capital stock of IBIH, representing 9.9% of the issued and outstanding capital stock of IBIH, and 100% of the issued and outstanding securities of GVS Limited, a BVI corporation (Iron Australia) in consideration of the payment of $1,000,000 and 24,156,000 shares of common stock of Nukkleus.

IronFX Global Limited is wholly owned subsidiary of IBIH.

The closing occurred on May 27, 2016 (the “First Closing”). An initial payment of $175,000 was paid on May 27, 2016 and the balance of $825,000 is due June 7, 2016.

Nukkleus agreed to acquire the remaining 20,000 outstanding shares of capital stock of IBIH from the IBIH Shareholders in consideration of 219,844,000 shares of common stock (the “Second Closing”) subject to IBIH and its subsidiaries obtaining the required approvals from the Financial Conduct Authority in the United Kingdom and the Cyprus Securities and Exchange Commission and the entering into of the Malta Bermuda Option. Immediately upon acquiring IBIH, Nukkleus will be required to inject $1,000,000 into IBIH for operations.

Following the Second Closing, IBIH will be required to distribute the initial $1,500,000 in net income (the “Net Income”) generated by IBIH to the IBIH Shareholders or, at the discretion of the Board of Nukkleus, re-invest the Net Income into IronFX Global Limited, a wholly owned subsidiary of IBIH.

According to SEC release, in the event Nukkleus acquires FXDD Malta Limited, then IBIH shall not be required to distribute the Net Income. The parties have also agreed that that in connection with the initial capital raise in excess of $5,000,000, the parties will undertake to provide that 33% of such raise is distributed to the IBIH Shareholders in consideration for selling IBIH to Nukkleus and to Currency Mountain Holdings Bermuda, Limited (“CMH-Bermuda”) in consideration for selling certain assets to Nukkleus.

Following the Second Closing, the Board shall consist of six members including Emil Assentato, Craig Marshak, Markos Kashiouris, Peter Economides, Stathis Christophi and an additional representative to be appointed by Currency Mountain Holdings LLC.

The second closing is required to occur on or before November 28, 2016.

Read the full announcement by SEC at:

https://www.sec.gov/Archives/edgar/data/1592782/000165495416000420/nukk_8k.htm

Source: SEC

 

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