JFB amends merger with Xtend: lowers cash condition to $60M, extends deadline to Oct 31, 2026

JFB Construction Holdings

Minimum closing cash reduced from $110M to $60M; outside date extended to Oct 31, 2026 with up to two 3-month extensions.
Newco restricted from issuing shares below $6.00 per share for six months post-closing.
Listing venue changed from NASDAQ to NYSE; lock-up provisions added for 270 days with coordinated sale process.
Shareholder (American Ventures) agrees to 180-day lock-up with limited sales above $3.10, and warrants cashless exercised at $6.3391 per share, capped at 6,999,928 Newco shares.
Warrant exercise by Shareholder expected to satisfy the $60M closing cash condition.

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