Nano Nuclear Energy Inc (NASDAQ:NNE) shares are trading higher on Tuesday. The company announced a deal to acquire nuclear technology assets from Ultra Safe Nuclear Corporation.

What Happened: Nano Nuclear announced it executed a definitive agreement to acquire select nuclear energy technology assets from Ultra Safe Nuclear and its subsidiaries.

Nano Nuclear will pay $8.5 million in cash for assets including, a patented Micro Modular Reactor system and Pylon reactor technology, as well as all associated patents and other intellectual property rights.

The purchase price was determined through an auction process in connection with Ultra Safe Nuclear's pending bankruptcy proceedings. The closing of the acquisition is expected to occur in the "near future."

"The acquisition of the MMR system and the Pylon reactor from USNC aligns perfectly with our mission to usher in the next generation of advanced nuclear energy technologies," said Jay Yu, founder and chairman of NANO Nuclear Energy.

"By integrating these cutting-edge technologies, along with valuable intellectual property and established industry and academic connections, we are positioned to accelerate our development phase and bring innovative solutions to market more efficiently. This is a significant step forward in achieving our long-term goals and strengthening our leadership in the advanced nuclear energy sector."

NNE Price Action: Nano Nuclear shares were up 2.83% at $28.01 at the time of publication Tuesday, according to Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.