Nukkleus Defense Acquisition is a Special Purpose Acquisition Company (SPAC) — a blank check company with no operations, revenues, or identified acquisition target. Its sole purpose is to identify and merge with a private company, thereby taking that company public. The company raised $172.5M in its IPO in November 2025 by selling units at $10.00 each, with proceeds held in a Trust Account until the company completes an acquisition or returns funds to shareholders. The company has until May 2027 (extendable to November 2027) to complete a deal, or it must liquidate. The company is sponsored by Nukkleus, a Nasdaq-listed defense-focused company. The management team — CEO Menachem Shalom and CFO Asaf Yarkoni — also run Kochav Defense Acquisition, a separate $253M SPAC targeting aerospace and defense. The sponsor acquired Founder Shares at a nominal price, which convert into roughly 20% of the post-merger company's equity — a structure that creates an inherent incentive for the sponsor to complete a deal before the deadline, even one that may not be attractive for public shareholders. Public shareholders retain the option to redeem at approximately $10.02 per share rather than participate in any deal they don't like. The company has not identified a target, but describes broad criteria: established, cash-generative middle-market businesses — including potential corporate carve-outs — that would benefit from being public. The company may pursue targets in any industry, though Nukkleus holds a right of first refusal on any opportunity that overlaps with its own corporate interests.