The dealings between Nukkleus and IronFX have come to a somewhat predictable end. The companies have agreed to part ways in mutual agreement following merger discussions that started in May 2016.
The latest filing with the U.S. Securities and Exchange Commission by Nukkleus reveals that the firms mutually agreed to unwind the transactions and agreements that were undertaken at the time.
Back in May last year Nukkleus announced that it is purchasing the BVI-based entity GVS Limited that controls Iron’s Australia office. After $1,000,000 changed hands in two tranches, changes in the ownership of the ASIC-regulated entity GVS, took effect as it was transferred to Nukkleus.
The directors controlling the Australian entity were changed at the time. Today’s announcement reverses those changes and re-establishes control over the company to a Board of Directors controlled by IronFX Global. The CEO of the company, Markos Kashiouris, Petros Economides and Yun Ma have been appointed in charge of the company’s operations.
A full takeover was on the cards, before earlier this year when IronFX announced a massive $100 million investment from a Middle Eastern Family Office.
Commenting to Finance Magnates on the progress of the company after the investment, the CEO of IronFX, Markos Kashiouris said: “We are very pleased with the progress that we are marking throughout 2017. Our business is substantially bigger than at the start of the year and we are very optimistic about the future.”