JFB Construction Holdings (NASDAQ:JFB) and XTEND, a leader in software systems and artificial intelligence-powered robotics, announced today that the previously announced business combination between JFB and XTEND Reality Expansion Ltd. remains on track to close on September 3, 2026. Upon closing, the combined company will be renamed XTEND AI Robotics, Inc., and its common stock is expected to begin trading on the New York Stock Exchange ("NYSE") under the ticker symbol "XTND" on September 4, 2026. JFB’s Class A common stock is expected to cease trading on the Nasdaq Stock Market after the close of trading hours on September 3, 2026.

The anticipated closing follows the U.S. Securities and Exchange Commission’s ("SEC") declaration of effectiveness, on August 11, 2026, of the Form S-4 registration statement filed in connection with the proposed business combination, clearing a key regulatory milestone ahead of closing. The final information statement/prospectus was mailed to JFB stockholders of record as of August 11, 2026.

The business combination will be completed through a series of mergers pursuant to the Agreement and Plan of Merger, dated as of February 13, 2026, as amended on March 21, 2026 and as further amended on July 16, 2026 (the "merger agreement"), by and among JFB, XTEND, XTEND AI Robotics, and the applicable merger subsidiaries. Under the terms of the merger agreement, XTEND Reality Expansion Ltd. will become a direct, wholly owned subsidiary of XTEND AI Robotics, and JFB will become a direct, wholly owned subsidiary of XTEND AI Robotics.

In the all-stock transaction, each outstanding share of JFB common stock is, subject to the following sentence, expected to be converted into the right to receive one share of XTEND AI Robotics common stock, and each outstanding XTEND ordinary share will be converted into the right to receive approximately 1.36 shares of XTEND AI Robotics common stock, in each case subject to the terms of the merger agreement. To satisfy the minimum listing price required by the NYSE initial listing standards, in the event that the closing stock price of JFB’s Class A common stock is less than $4.00 on September 3, 2026, the last day on which JFB’s Class A common stock is expected to trade on Nasdaq, XTEND and JFB have agreed to amend the merger agreement to modify the exchange ratio such that each outstanding share of JFB common stock will instead receive one-half of a share of XTEND AI Robotics common stock, and each outstanding XTEND ordinary share will be converted into the right to receive approximately .68 shares of XTEND AI Robotics common stock. Under either exchange ratio, former JFB and former XTEND shareholders will beneficially own the same proportion of XTEND AI Robotics.