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SECURITIES AND EXCHANGE COMMISSION
to Section 13 or Section 15(d)
the Securities Exchange Act of 1934
of Report (Date of earliest event reported):
May 17, 2022
(Exact name of registrant as specified in its charter)
or other jurisdiction of
incorporation or organization)
of principal executive offices)
telephone number, including area code)
name or former address, if changed since last report)
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under
any of the following provisions:
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
registered pursuant to Section 12(b) of the Act:
of each class
of each exchange on
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
1.01 Entry Into a Material Definitive Agreement.
Lion Stock Purchase Agreement
On May 17, 2022, Nukkleus Inc. (the “Company” or “Nukkleus”)
entered into a Stock Purchase Agreement (the “White Lion Agreement”) with White Lion Capital Partners, LLC a California-based
investment fund (“White Lion”). Under the terms of the White Lion Agreement, Nukkleus has the right, but not the obligation,
to require White Lion to purchase shares of Nukkleus common stock up to a maximum amount of $75,000,000 or such lower amount as may be
required pursuant to the rules of the market on which shares of Nukkleus common stock trades at such time. Pursuant to terms of the White
Lion Agreement and the Registration Rights Agreement (as defined below), Nukkleus is required to use its commercially reasonable efforts
to file with the SEC a registration statement covering the shares to be acquired by White Lion within sixty days following the closing
of the previously announced business combination with Brilliant Acquisition Corporation described in Nukkleus’s Current Report on
Form 8-K filed with the SEC on February 23, 2022 (the “Business Combination”).
term of the White Lion Agreement commences on the effective date of the registration statement and shall end on December 31, 2024, or,
if earlier, the date on which White Lion has purchased the maximum number of shares of Nukkleus Common Stock provided under the White
Lion Agreement, in each case on the terms and subject to the conditions set forth in the White Lion Agreement. White Lion’s purchase
price will be 96% of the dollar- volume weighted average price of Nukkleus common stock over the two consecutive trading days immediately
following receipt of Nukkleus’s notice of its intent to make a draw.
the term of the White Lion Agreement, on the terms and subject to the conditions set forth therein, Nukkleus may draw up to the lesser
of (i) the number of shares of Nukkleus common stock which would result in beneficial ownership by White Lion of more than 4.99%
of the outstanding shares of Nukkleus common stock, (ii) the number of shares of Nukkleus common stock equal to 30% of the average
daily trading volume of Nukkleus common stock over the five consecutive trading days immediately following the notice date, or (iii) the
number of Nukkleus common stock obtained by dividing $1,500,000 by the closing sale price of Nukkleus common stock on the notice date.
Nukkleus is not entitled to draw on the White Lion Agreement if the
closing sale price of Nukkleus common stock on the trading day immediately preceding the notice date is less than $1.00 (following the
reverse stock split proposed in connection with the closing of the Business Combination and described in Nukkleus’s Current Report
on Form 8-K filed with the SEC on February 23, 2022, but adjusted for any other reorganization, recapitalization, non-cash dividend, stock
split or other similar transaction). Nukkleus is not entitled to draw on the White Lion Agreement unless each of the following additional
conditions is satisfied: (i) each of Nukkleus’s representations and warranties set forth in the White Lion Agreement is true
and correct (subject to qualifications as to materiality set forth therein) in all respects as of such time; (ii) a registration
statement is and remains effective for the resale of securities in connection with the White Lion Agreement; (iii) the trading of
the Company’s common stock shall not have been suspended by the SEC, the applicable trading market or FINRA, or otherwise halted
for any reason; (iv) the Company shall have complied with its obligations and shall not otherwise be in breach or default of any
agreement set forth in the White Lion Agreement; (v) no statute, regulation, order, guidance, decree, writ, ruling or injunction
shall have been enacted, entered, promulgated, threatened or endorsed by any federal, state, local or foreign court or governmental authority
of competent jurisdiction, including, without limitation, the SEC, which prohibits the consummation of or which would materially modify
or delay any of the transactions contemplated by the White Lion Agreement; (vi) all reports, schedules, registrations, forms, statements,
information and other documents required to have been filed by us with the SEC pursuant to the reporting requirements of the Exchange
Act of 1934 (other than Forms 8-K) shall have been filed with the SEC within the applicable time periods prescribed for such filings;
(vii) to the extent the issuance of the put shares requires shareholder approval under the listing rules of the applicable national
exchange or principal quotation system for the Nukkleus common stock, the Company has or will seek such approval; and (viii) certain
other conditions as set forth in the White Lion Agreement.
addition to the shares to be issued under the White Lion Agreement, Nukkleus will include in its registration statement additional shares
of Nukkleus common stock in the amount of $750,000 being issued to White Lion in connection with the execution of the White Lion Agreement
Lion Registration Rights Agreement
In connection with the Company’s entry into the White Lion Agreement,
Nukkleus entered into a Registration Rights Agreement with White Lion (the “Registration Rights Agreement”). Pursuant to the
terms of the Registration Rights Agreement, Nukkleus has agreed to use its commercially reasonable efforts to file a registration statement
under the Securities Act registering the resale of the shares sold under the White Lion Agreement within sixty days of the closing of
the Business Combination. The Registration Rights Agreement also provides that Nukkleus is required to use its commercially reasonable
efforts to keep the registration effective and to prepare and file with the SEC such amendments and supplements if the foregoing registration
statement is not then in effect, and the Company proposes to file certain types of registration statements under as may be necessary to
keep the registration statement effective.
foregoing descriptions of the terms and conditions of the White Lion Agreement and the Registration Rights Agreement are not complete
and are qualified in their entirety by the full text of the White Lion Agreement and the Registration Rights Agreement, which are filed
herewith as Exhibit 10.1 and Exhibit 10.2, respectively, and incorporated into this Item 1.01 by reference.
Additional Information and Where to Find It
This Current Report on Form
8-K relates to a proposed business combination transaction between Nukkleus and Brilliant pursuant to which Nukkleus will become the parent
company of Brilliant upon the closing of the transactions. In connection with the proposed transaction, Nukkleus has filed with the Securities
and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “proxy statement”). The definitive
proxy statement (if and when available) will be delivered to Nukkleus’s and Brilliant’s shareholders. Each of Nukkleus and
Brilliant may also file other relevant documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT
DECISION, INVESTORS AND SECURITY HOLDERS OF NUKKLEUS AND BRILLIANT ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT AND ALL
OTHER RELEVANT DOCUMENTS THAT ARE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders
may obtain free copies of the proxy statement and other documents that are filed or will be filed with the SEC by Nukkleus or Brilliant
through the website maintained by the SEC at www.sec.gov. Stockholders of Nukkleus will also be able to obtain a copy of the definitive
proxy statement, without charge by directing a request to: Nukkleus, Inc., 525 Washington Boulevard, Jersey City, New Jersey 07310. Shareholders
of Brilliant will also be able to obtain a copy of the definitive proxy statement, without charge by directing a request to: Brilliant
Acquisition Corporation, 99 Dan Ba Road, C-9, Putuo District, Shanghai, Peoples Republic of China.
Participants in the Solicitation
Nukkleus and its directors
and executive officers are participants in the solicitation of proxies from the stockholders of Nukkleus in respect of the proposed transaction.
Information about Nukkleus’s directors and executive officers and their ownership of Nukkleus common stock is set forth in Nukkleus’s
Annual Report on Form 10-K for the year ended September 30, 2021, filed with the SEC on December 29, 2021. Other information regarding
the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise,
are contained in the proxy statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when
they become available. You may obtain free copies of these documents as described in the preceding paragraph.
Brilliant and its directors and executive officers
are participants in the solicitation of proxies from the shareholders of Brilliant in respect of the proposed transaction. Information
about Brilliant’s directors and executive officers and their ownership of Brilliant’s ordinary shares is set forth in Brilliant’s
Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 31, 2022. Other information regarding the
participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are
contained in the proxy statement and other relevant materials to be filed with the SEC in respect of the proposed transaction when they
become available. You may obtain free copies of these documents as described above.
on Forward-looking Statements
Current Report on Form 8-K contains “forward-looking statements” within the meaning of section 27A of the Securities
Act of 1933 and section 21E of the Securities Exchange Act of 1934. These include statements regarding the use of proceeds from
the offerings. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,”
“expect,” “plan,” “aim,” “anticipate,” “could,” “intend,” “target,”
“project,” “contemplate,” “believe,” “estimate,” “predict,” “potential”
or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this release
are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about
future events. These forward-looking statements speak only as of the date of this release and are subject to a number of risks, uncertainties
and assumptions, some of which cannot be predicted or quantified and some of which are beyond the Company’s control. Except as
required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained herein, whether
as a result of any new information, future events, changed circumstances or otherwise.
Statements and Exhibits
Stock Purchase Agreement, by and between Nukkleus Inc. and White Lion Capital LLC, dated as of May 17, 2022
Registration Rights Agreement, by and between Nukkleus Inc. and White Lion Capital LLC, dated as of May 17, 2022
Cover Page Interactive Data File (embedded within the Inline XBRL document)
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: May 19, 2022
President and Chief Executive
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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