FXDD, ForexWare & IronFX Holding Company Preparing to Complete Transactions

A regulatory filing reveals that the parent company Nukkleus is already paying $2 million per month to FXDD.

Nukkleus, the holding company which is aiming to control FXDD, ForexWare and IronFX, has just filed some of its financial results from the past months. While no operational insight into the businesses of the aforementioned brands is available, some changes are now apparent.

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In all likelihood, the new offering which will be available for clients of the IronFX brands is going to be closer to the one which clients of FXDD are receiving. According to the filing with the Securities and Exchange Commission (SEC), Nukkleus is paying $1.97 million per month to FXDirectDealer LLC for “providing personnel and technical support, marketing, accounting, risk monitoring, documentation processing and customer care and support”.

According to the filing, “On June the 3rd, 2016, the Company agreed to sell to CMH 30,900,000 shares of common stock and 200,000 shares of Series A preferred stock for $2,000,000 in two equal installments. The first close occurred on June 7, 2016. The second close will occur with the closing of the Company’s acquisition of IBIH (parent company of IronFX).”

The transactions in June have been between companies which are both closely affiliated with Emil Assentato. The news comes as the firm is preparing to engage in more transactions which are aiming to bring FXDD, ForexWare and IronFX into the holding group.

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Multi-Brand Strategy of Nukkleus on Track

The sole owner and director of Nukkleus, Emil Assentato, has engaged in building the firm with a multitude of brands after wholly acquiring IronFX Australia and a 9.9 per cent interest in IronFX Global.

After purchasing almost 4,000,000 shares in the company for a little more than 11 cents per share, Emil Assentato has mandated the increase of authorized common shares to 900,000,000. Back in May Currency Mountain Holdings sold some intellectual property, hardware, software and other assets to Nukkleus for 48,400,000 shares of common stock.

Prior to the second part of the deal, Nukkleus is required to enter an option agreement with FXDD Malta Limited and FXDD Trading Limited stating that the company may acquire 100 per cent of both companies. It’s expected that in order to complete the transactions Nukkleus is going to issue additional shares. The deal is subject to a regulatory approval.

On June the 30th, the company issued 15,450,000 shares of common stock and 100,000 shares of Series A preferred which were recorded as equity and as a long-term liability, respectively.

As reported by Finance Magnates in June, the board of Nukkleus consists of six members which include Emil Assentato, Craig Marshak, who is the investment banker advising the parties on the deal, Markos Kashiouris, Peter Economides, Stathis Christophi, and an additional representative who is to be appointed by Currency Mountain Holdings LLC.

From the look of this financial report, the plans of Nukkleus to house several brands under one holding company are on track. Emil Assentato was not immediately available for a comment on the matter.

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