RADA - RADA STOCK NEWS

Leonardo DRS, a defense technology leader, will participate in Baird’s 2022 Annual Global Industrial Conference from November 8-10, 2022, in Chicago. The company plans one-on-one investor meetings and a presentation on November 10 at 1:00 p.m. Eastern Time. Shareholders of RADA Electronic Industries approved a merger with DRS on October 19, 2022. The merger is anticipated to close by early December 2022, making RADA a wholly owned subsidiary of DRS, which will then trade under the symbol 'DRS' on NASDAQ and TASE.

Leonardo DRS, a defense technology provider, announced that it received regulatory approval from CFIUS for its merger with RADA Electronic Industries Ltd. on October 24, 2022. This approval is crucial for closing the merger, which is expected by late November or early December, pending remaining regulatory approvals. Post-merger, RADA will become a wholly owned subsidiary of DRS and will trade as DRS on NASDAQ and TASE. This partnership aims to enhance both companies' positions in the defense technology sector.

On October 19, 2022, RADA Electronic Industries held an Extraordinary General Meeting where crucial decisions were made. The shareholders approved the merger with Leonardo DRS, making RADA a wholly-owned subsidiary of DRS. Additionally, the meeting validated the purchase of a seven-year insurance endorsement for directors and officers, the payment of a transaction bonus to the CFO, and the granting of retention awards to certain office holders. However, proposals for transaction bonuses to the CEO and Executive Chairman were rejected.

Leonardo DRS has secured a $579 million contract to produce next-generation thermal weapon sights for the U.S. Army. The firm-fixed-price contract spans five years and involves the production of advanced Family of Weapons Sights – Individual (FWS-I) systems employing uncooled thermal imaging technology. This technology enhances soldiers' target acquisition, providing them with capabilities in various conditions. Production will take place in Melbourne, Florida. DRS continues to focus on advanced sensing technologies, assuring safety and mission success for armed forces.

Leonardo DRS, Inc. has partnered with SpearUAV Ltd. to develop the VIPER nano-scale aerial munition for the U.S. market. This collaboration aims to enhance capabilities for U.S. military customers by adapting the VIPER system, which provides affordable, easy-to-use precision strikes against various targets. The agreement highlights DRS’s commitment to filling capability gaps identified by military users. The VIPER's design allows soldiers to engage threats like snipers with minimal collateral damage. DRS emphasizes investments in rapid solution development to meet military needs.

Leonardo DRS, Inc. has secured contracts worth approximately $50 million to provide over 4,600 thermal weapon sights for the Swedish Ministry of Defense. This includes 3,100 Individual Weapon Sights and 1,500 Long-Range Thermal Weapon Sights. The production team in Melbourne, FL, has a history of rapid delivery, having supplied over 1,100 sights within 30 days of contract receipt. This initiative enhances the combat effectiveness of Swedish forces and marks a strategic relationship between DRS and Sweden.

Leonardo DRS has successfully completed factory acceptance testing for the main propulsion motor of the U.S. Navy's Columbia Class submarines. This motor has been shipped to General Dynamics Electric Boat for integration. DRS is responsible for key components of the Columbia Electric Drive Propulsion system. The Columbia program aims to build 12 new ballistic missile submarines to replace the Ohio class. DRS has received contracts to design and produce components, with production transitioning for the first two ships. The Navy identifies the Columbia program as a top priority.

RADA Electronic Industries Ltd. (NASDAQ: RADA) reported its Q2 2022 financial results with revenues of $23 million, down 18% from Q2 2021. Gross margin decreased to 35%, leading to a gross profit of $8 million, a decline of 29%. The company incurred merger expenses of $2.6 million related to its pending merger with DRS, contributing to an operating loss of $3 million and a net loss of $4.4 million. Adjusted EBITDA stood at $1.8 million. As of June 30, 2022, RADA maintained a net cash position of $55.7 million, down from $78.8 million at year-end 2021.

On August 3, 2022, Leonardo DRS filed a Form S-4 with the SEC, including a preliminary proxy statement for an Extraordinary General Meeting of RADA Electronic Industries Ltd. shareholders. The meeting will vote on the merger agreement between DRS, RADA, and Blackstart Ltd., with RADA becoming a wholly owned subsidiary of DRS. The registration statement is still under SEC review, and no record date has been set for the meeting. Shareholders are encouraged to read the proxy statement/prospectus once available, as it will contain crucial information regarding the merger.