Subsequent Events

12 Months Ended

Dec. 29, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On January 27, 2025, Kratos Microwave, Inc., a subsidiary of Kratos Defense & Security Solutions, Inc., entered into an Asset Purchase Agreement to acquire certain of the assets of Norden Millimeter, Inc. (“Norden”) for $37.8 million in common stock, subject to a $6 million holdback and other adjustments, plus the assumption of certain liabilities of Norden. Norden focuses on microwave and millimeter wave products. On February 4, 2025, the asset acquisition was completed following the satisfaction of all closing conditions and Kratos issued 1,095,674 shares of its common stock, with a deemed value of $32.2 million, to Norden in a private placement pursuant to the terms of the Asset Purchase Agreement. Kratos granted Norden certain registration rights under the Asset Purchase Agreement and registered the 1,095,674 shares with the SEC on February 7, 2025.

On February 26, 2025, Kratos Defense & Rocket Support Services, Inc., a subsidiary of Kratos Defense & Security Solutions, Inc., and RAFAEL USA, Inc. entered into a Limited Liability Company Agreement for the establishment of Prometheus Energetics, LLC, an approximate 50/50 joint venture that will operate as a U.S.-based merchant supplier of solid rocket motors and other energetics. Kratos and RAFAEL have jointly committed up to $175 million in capital for the establishment of Prometheus Energetics, LLC., with Kratos’ committed share of up to $87.5 million in capital.