NANO Nuclear acquires Micro Modular Reactor (MMR) and Pylon technologies, including all associated patents, through a Chapter 11 bankruptcy auction
New York, N.Y., Dec. 24, 2024 (GLOBE NEWSWIRE) -- NANO Nuclear Energy Inc. (NASDAQ:NNE) ("NANO Nuclear" or "the Company"), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that it has executed a definitive agreement to acquire select nuclear energy technology assets from Ultra Safe Nuclear Corporation and certain of its subsidiaries (collectively, "USNC").
The acquired assets include USNC's patented Micro Modular Reactor (MMR) system, along with all associated patents and other intellectual property rights, as well as its Pylon reactor technology and related intellectual property, and certain demonstration project partnerships related to the MMR system. The assets are being acquired for $8.5 million in cash through an auction process conducted pursuant to Section 363 of the U.S. Bankruptcy Code in connection with USNC's pending Chapter 11 bankruptcy proceedings. On December 18, 2024, the United States Bankruptcy Court for the District of Delaware, the Bankruptcy Court overseeing USNC's chapter 11 case, conducted a hearing and approved the transaction. The closing of the acquisition is expected to occur in the near future subject to satisfaction of customary closing conditions in a bankruptcy proceeding.
