JFB Construction Secures $60 Million as Xtend Merger Set to Close
JFB Construction (JFB) and Xtend, a software systems and artificial intelligence-powered robotics provider, said Thursday that Xtend has satisfied the minimum cash condition to close the previously announced business combination, with $60 million received in cash.With this condition satisfied, the transaction remains on track to close Thursday. The combined company will be renamed Xtend AI Robotics, and its common stock is expected to begin trading on the New York Stock Exchange under the symbol "XTND" on Friday, according to the statement.The $60 million in cash satisfies the minimum cash condition in the merger agreement and is expected to support Xtend's working capital and continued growth as a publicly traded company, the statement added.Shares of JFB Construction rose more than 3% in Thursday trading.Price: $4.96, Change: $+0.22, Percent Change: +4.64%
