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Eric Trump invests in Israeli drone maker XTEND's merger with Florida construction firm
Eric Trump joins a $152 million pre-IPO investment to merge XTEND with JFB, targeting AI-driven drone production with U.S. Department of Defense contracts.
- Eric Trump is backing a $1.5bn all-stock merger that will combine Israeli XTEND with Florida-based JFB Construction Holdings to take XTEND public on Nasdaq under the XTND ticker.
- To scale U.S. manufacturing, the merger will expand NDAA-compliant production at XTEND’s Tampa, Florida facility and accelerate deliveries to US, NATO and Asia, this month selected for the Defense Department's Drone Dominance Program.
- The merger has unanimous board approval and written shareholder consent, with XTEND shareholders expected to hold 70% and JFB shareholders 30%.
- Critics say the timing renews conflict-of-interest concerns because the Trump family expands business holdings during the presidency, appoints Stefan Passantino to JFB board, and files trademark applications for airports.
- With battlefield use and Pentagon contracts driving demand, XTEND secured a $38.1 million deal in December 2024, boosting defense-tech valuations, market interest, and Silicon Valley investment.
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Eric Trump, son of U.S. President Donald Trump, invests in Israel's XTEND drone manufacturer as part of a $1.5 billion deal to get the company on the stock market.Read more
Israeli drone operating system company Xtend will enter the Nasdaq at $1.5B
Company will merge with New York-listed JFB; merger includes $152 million pre-IPO investment; investors include Eric Trump and Protego Defense Fund, which also led the previous round of investment in Xtend
·Tel Aviv-Yafo, Israel
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Coverage Details
Total News Sources19
Leaning Left6Leaning Right1Center3Last UpdatedBias Distribution60% Left
Bias Distribution
- 60% of the sources lean Left
60% Left
L 60%
C 30%
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