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Brilliant (BRLI) Shareholders Approve Nukkleus Deal

Brilliant (BRLI) Shareholders Approve Nukkleus Deal

Brilliant Acquisition Corp. (NASDAQ:BRLI) announced this afternoon that its shareholders approved its business combination with crypto payments firm Nukkleus during a special meeting held on December 13.

The SPAC originally initiated its special meeting on December 1, at which time the chairman adjourned the meeting to December 13. At the meeting, there were 1,362,515 ordinary shares voted by proxy or in person, representing 75.08% of the total outstanding shares.

The combination was overwhelmingly approved as holders of 1,359,686 shares voted in favor of the deal, while holders of 2,829 shares pushed back against it.

Although the SPAC has not yet released redemption numbers from the meeting, it went into the completion vote with an aggregate of 91.22% of its trust already redeemed from previous extension votes, leaving it with $4.5 million.

In September 2022, the SPAC effectively doubled the size of its pool of shares to be distributed to shareholders at the close of its combination. 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.

While Brilliant has not yet disclosed a specific date for the closing of the deal, it expects to close in the coming days. Upon completion, the combined company is expected to trade on the Nasdaq under the symbol “NUKK”.

Brilliant initially announced its combination with Nukkleus in February 2022. 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.