Leonardo DRS Receives Key Regulatory Approval Associated with RADA Electronic Industries Ltd. Merger
October 25 2022 - 4:01PM
Business Wire
Leonardo DRS, Inc. (“DRS”), a leading mid-tier defense
technology provider, today announced that on October 24, 2022, DRS
and RADA Electronic Industries Ltd. (NASDAQ & TASE: RADA)
(“RADA”) received regulatory approval from The Committee on Foreign
Investment in the United States (“CFIUS”), representing one of the
more important regulatory approvals required as a condition to
close the previously announced merger of the two companies.
With this key regulatory approval and the previously announced
RADA shareholder approval, closing of the transaction is now
expected to occur at the end of November or beginning of December,
subject to remaining regulatory approvals. Upon closing of the
merger, RADA will become a wholly owned subsidiary of DRS, and DRS
will trade on the NASDAQ and TASE under the symbol “DRS”.
About Leonardo DRS
DRS is a defense solutions provider, a leading technology
innovator, and supplier of integrated products, services and
support to military forces, the intelligence community, and defense
contractors worldwide. DRS is organized into Advanced Sensor and
Computing and Integrated Mission Systems segments. Headquartered in
Arlington, Virginia, Leonardo DRS is a wholly owned subsidiary of
Leonardo S.p.A. See the full range of capabilities at
www.LeonardoDRS.com
About RADA
RADA is a global defense technology company focused on
proprietary radar solutions and legacy avionics systems. The
Company is a leader in mini-tactical radars, serving attractive,
high-growth markets which include active military protection
(SHORAD, C-RAM), counter-UAS missions, critical infrastructure
protection and border surveillance.
Forward-Looking Statements
This communication contains statements that constitute
“forward-looking statements,” including with respect to the
proposed merger of DRS and RADA and its impact, if completed, on
the combined company’s business. Forward-looking statements are
subject to numerous conditions, many of which are beyond our
control. Neither RADA nor DRS undertake any obligation to update
these statements, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221025005961/en/
RADA Investor Relations Contact Ehud Helft EK Global
Investor Relations +1 212 378 8040 rada@ekgir.com DRS Investor
Relations Contact Cody Slach or Jeff Grampp, CFA Gateway Group
+1 949 574 3860 DRS@GatewayIR.com DRS Media Contact Michael
Mount Vice President, Communications and Public Affairs +1 571 447
4624 mmount@drs.com
Rada Electronics Industr... (NASDAQ:RADA)
Historical Stock Chart
From Apr 2024 to May 2024
Rada Electronics Industr... (NASDAQ:RADA)
Historical Stock Chart
From May 2023 to May 2024