Turkish, US joint firm Wattozz to be listed in Nasdaq

ISTANBUL

Wattozz Holdings Inc., a Turkish-US joint defense company, will be listed in the New York-based Nasdaq stock market, Turkish conglomerate Albayraklar Holding announced on Monday.

Last week, the US-based energy firm Enerkon purchased 20% of shares of Albayraklar Defense, a subsidiary of Albayraklar Holding, and the two sides established Wattozz Holdings Inc. in the US, according to Nasdaq's website.

A 51% of shares are hold by Enerkon while the rest is owned by the Turkish side.

In 2018, Albayraklar Defense created a cordless electroshock weapon.

Benjamin Ballout, the CEO of Wattozz Holding Inc., said the official valuation report of the weapon amounted to over $1 billion.

"Electroshock gun Wattozz is on the radar of American police agencies as well as international police agencies," he said.

Ballout stated that two plants will be established to meet demands for this weapon, according to the press release issued by the Turkish holding.

Sertan Aycicek, the CEO of Albayraklar Holding, said Wattozz's rival product Taser is also listed in the Nasdaq.

There will be a great competition between the two products, he asserted.

"We are determined to make the Albayraklar Defense one of the largest technology companies in the world," he added.