Hitek Announces 1-for-3 Reverse Split

Hitek Global Inc. (HKIT) said it agreed to buy all shares of Ju Fu Ltd. from MAI THI MY ÚT and others for $20 million. The deal includes up to $14 million in cash, with $11 million at two closings and up to $3 million later if performance targets are met, plus 4 million Class A shares. HKIT shares fell 10.57% to $2.7050; closing is in two stages starting around Aug. 11.

HiTek Global (NASDAQ:HKIT) shares fell in Wednesday trading, down 21.02% to $0.4897 in premarket, according to Benzinga Pro. The company said it entered a definitive agreement for a registered direct offering expected to raise about $8 million gross: 4 million Class A shares (or pre-funded warrants) plus 4 million warrants at $2.00 per share, with a $4.5678 exercise price.

Eaton (NYSE:ETN) said the U.S. Air Force Research Laboratory awarded it a $7 million, 24-month contract to use quantum computing, machine learning, and advanced visualization to improve power grid resilience and protection. The work, with Infleqtion and Penn State, targets detection and response to multiple concurrent physical and cyber threats, addressing NERC N-2 contingency requirements.

ExxonMobil Moçambique Limitada issued McDermott Energy Solutions (UK) a letter of intent for limited engineering and procurement work on Rovuma LNG Phase 1 midstream development. The award supports planning ahead of a final investment decision expected in 2026. Rovuma LNG targets 12 modular trains totaling 18.6 mtpa, with start-up in 2031. ExxonMobil says the 30-year project could generate about $150B in revenues for Mozambique’s government.

Serbia President Aleksandar Vucic said Serbia will open a joint UAV factory with Elbit Systems, with inauguration expected Sept 15-20. Elbit will hold 51% and Serbia’s state arms firm SDPR 49%. The factory relates to a five-year contract covering precision rockets and unmanned systems, plus ISTAR, digitization and upgrades.

The U.S. Department of Defense, according to The Washington Post, asked defense contractors to submit within 21 days production and delivery schedules for critical systems, citing depleted stockpiles. CSIS estimates cite heavy early use of missiles and falling Patriot and THAAD inventories. The Pentagon is working with Northrop Grumman and Lockheed Martin, including a $58.6B deal to triple PAC-3 output by 2030, pending a stalled $1.15T defense budget.