T3 Defense Inc. (DFNS) has terminated its previously announced acquisition of a 60% equity interest in Project 35 Ltd. through a Cancellation Agreement effective August 28, 2026. The agreement unwinds the entire transaction, restoring all parties to their financial and ownership positions prior to the original deal.

Key Details

  • Transaction Reversal: DFNS returned its 60% stake in Project 35 to the seller, X S.A. Security and Defense Ltd.
  • Consideration Returned: In exchange, the seller returned 168,479 shares of DFNS common stock and cancelled a $1.25 million promissory note that had been issued by DFNS.
  • Other Events: The company also disclosed that its total shares issued and outstanding increased to 3,008,775 due to recent stock issuances from conversions, warrant exercises, and registrations. Despite the acquisition's termination, the parties are still discussing a potential future joint venture.