Leonardo DRS, Inc. (“Leonardo DRS”, or the “Firm”), a number one mid-tier protection expertise supplier, at the moment introduced the profitable completion of the all-stock merger between Leonardo DRS and RADA Digital Industries Ltd. (“RADA”) to turn into a mixed public firm (the “Mixed Firm”). As beforehand disclosed, RADA shareholders will retain 19.5% possession within the Mixed Firm with Leonardo DRS’s mother or father firm, Leonardo S.p.A., (MIL: LDO), proudly owning the remaining 80.5%. Leonardo DRS’s inventory will probably be listed on NASDAQ and the Tel Aviv Inventory Trade (“TASE”) below the image “DRS” with RADA’s current inventory image changing to the Leonardo DRS image efficient on the opening of NASDAQ buying and selling on November 29, 2022 and TASE buying and selling on November 30, 2022.

The Mixed Firm will probably be aligned to quick rising segments of the U.S. Division of Protection (“DoD”) funds with market main positions in superior sensing, pressure safety, community computing, and electrical energy & propulsion. Additional, the Mixed Firm’s mid-tier place supplies significant scale coupled with agility to reply to buyer wants with inexpensive and differentiated options. Professional forma income and Adjusted EBITDA in 2021 for the Mixed Firm was roughly $2.7 billion and $305 million, respectively. In celebration of the transaction and the primary buying and selling below the DRS ticker image, the Leonardo DRS management and broader administration workforce, led by CEO William J. Lynn III, will ring the Nasdaq closing bell on November 29, 2022 at 4:00 pm. The bell ringing ceremony may be seen stay on U.S. monetary community tv and on Nasdaq.com.


“We’re happy to have acquired robust shareholder assist for this transaction. It has at all times been our objective to maximise shareholder worth, and the RADA workforce and Board consider this merger represents a wonderful end result for the Firm. The RADA workforce seems to be ahead to persevering with to penetrate the tactical radar market inside the robust Leonardo DRS platform,” stated Dov Sella, CEO of RADA.

“We sit up for bringing Leonardo DRS’s mid-tier power to the general public markets with the addition of RADA’s main tactical radar capabilities. Leonardo DRS’s broad publicity to quick rising segments within the protection market and market main positions in superior sensing, pressure safety, community computing and electrical energy & propulsion make us a singular protection contractor with a compelling progress outlook, margin growth capabilities and a largely unlevered steadiness sheet,” stated William J. Lynn III, Chairman & CEO of Leonardo DRS.

Leonardo DRS, previously DRS Applied sciences, Inc., is a US-based protection contractor. Beforehand traded on the NYSE, the corporate was bought by the Italian agency Finmeccanica (now Leonardo S.p.A.) in October 2008. Diagnostic/Retrieval Methods, Inc (DRS) was based in 1968 by Leonard Newman and David Gross, two engineers working for Loral Company. The 2 had been engaged on sign processing methods for anti-submarine warfare. When Loral selected to pursue different expertise, Newman and Gross based DRS to proceed their analysis, which finally led to growth of the AN/SQR-17 passive submarine detection system, a product nonetheless used at the moment. DRS was acquired by the Italian conglomerate Finmeccanica S.p.A. (now Leonardo S.p.A.) in 2008. In 2012, former United States Deputy Secretary of Protection, William J. Lynn III was appointed CEO of Finmeccanica North America DRS, changing Mark Newman, who held the place since 1994.