Leonardo DRS Receives Key Regulatory Approval Associated With RADA Electronic Industries Merger

Leonardo DRS, Inc. ("DRS"), a leading mid-tier defense technology provider, today announced that on October 24, 2022, DRS and RADA Electronic Industries Ltd. (NASDAQ & TASE: RADA) ("RADA") received regulatory approval from The Committee on Foreign Investment in the United States ("CFIUS"), representing one of the more important regulatory approvals required as a condition to close the previously announced merger of the two companies.

With this key regulatory approval and the previously announced RADA shareholder approval, closing of the transaction is now expected to occur at the end of November or beginning of December, subject to remaining regulatory approvals. Upon closing of the merger, RADA will become a wholly owned subsidiary of DRS, and DRS will trade on the NASDAQ and TASE under the symbol "DRS".