Brilliant (NASDAQ:BRLI) announced that it has effectively doubled the size of its pool of shares to be distributed to shareholders at the close of its combination with crypto payments firm Nukkleus.
Shareholders will now receive the lower of 1,012,000 shares between them or the equivalent of 40% of all outstanding shares and rights immediately prior to close. This is up from either 506,000 or 20% of aggregate shares and rights.
Such mechanisms have not yet proven to measurably improve redemption rates. This adds an extra layer of game theory to the transaction’s end game, but could also help provide enough shares to avoid a low float scenario should redemptions be high.
Brilliant last closed at $10.56, a hair under its estimated pro rata trust value of $10.63, and it has an extension vote around the corner set for October 17. Like many SPAC transactions dealing with cryptocurrencies, this deal has taken additional time to review before the SEC, having been announced over seven months ago in February.
Jersey City, New Jersey-based Nukkleus provides software to process exchanges of crypto and foreign currencies as well as contracts for differences (CFDs) for these assets.


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