Israeli defence-tech company XTEND is set to begin trading on the New York Stock Exchange on 4 September, a day after completing a $1.5bn business combination with real estate developer JFB Construction Holdings. The combined entity will be renamed XTEND AI Robotics, Inc. and will trade as NYSE: XTND, according to a press release.

Notably, the listing marks a switch in venue: JFB (Nasdaq: JFB) is itself Nasdaq-listed, and when the deal was announced in February, it was billed as creating a Nasdaq-listed defence leader. The companies have since opted for the NYSE, subject to the exchange's listing approval.

Originally a gaming venture built on drone operating-system technology, XTEND pivoted to developing AI-driven autonomous defence systems after its co-founders, Aviv Shapira, Matteo Shapira, Rubi Liani and Adir Tubi, noticed how incendiary balloon attacks against Israeli communities from Gaza intensified in the lead-up to the Hamas attacks of 7 October 2023.

Demand for such technology accelerated with the emergence of fibre-optic drones deployed by Hezbollah in Lebanon following the outbreak of the Iran war. In response to the immediate threat, several Israeli companies have sought to develop anti-drone measures, including Esh-Tech Systems, which has developed a portable laser system capable of intercepting fibre-optic FPV drones.

XTEND has already capitalised on rising international demand, reporting 12,500 systems deployed across 30 countries. The firm recently secured a multi-year framework agreement worth up to $15mn with a European NATO member state's defence ministry, of which roughly $4.5mn is committed for the first year, alongside a reported $12mn agreement with the US Department of Defense.

Its financial results, however, remain modest by public-company standards: XTEND generated $5.8mn in revenue in the first quarter of 2026, up 234% y/y, while its net loss more than doubled to $11.5mn.

In a company press release, JFB acknowledged that the $1.5bn deal grants XTEND access to the public markets without a conventional IPO. The reverse-merger structure fits XTEND's existing funding model: the company is not raising capital from public-market investors, with funding coming instead through a private investment agreement originally set at $152mn and subsequently reduced to $100mn.

Of that sum, $42mn was transferred as a SAFE when the merger agreement was signed in early 2026, with the remaining $60mn expected in the coming days. The investor group includes American Ventures, in which Eric Trump is a prominent investor, alongside Aliya Capital and US drone manufacturer Unusual Machines (NYSE: UMAC). Existing shareholders include Israeli defence-tech fund Protego, founded by Lital Leshem and Lee Moser, which led the previous round, as well as Union Tech, Chartered Group, Len Blavatnik and TAU Ventures.

The combined entity will be headquartered in Tampa, Florida, with an accompanying production facility, a structure designed to position XTEND as a domestic US supplier rather than a foreign vendor, a distinction that carries material weight in Pentagon procurement.

"What drew us to XTEND is the strength and scalability of its AI-driven operating system," JFB CEO Joseph F. Basile III said.

XTEND CEO and co-founder Aviv Shapira said in the release that "the demand for systems that keep operators out of harm's way is surging as the global security environment grows more volatile, and this represents one of the largest market opportunities in defence technology today."

The reverse-merger route was chosen to compress timelines and capture current investor appetite for defence technology and autonomous systems. Shapira has pointed to the performance of Ondas, an active acquirer of Israeli defence companies that has recruited former senior figures from Israel's security establishment, including ex-Mossad chief Dadi Barnea, and whose stock has appreciated 750% over two years.