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LGL Systems Acquisition Corp. (NYSE: DFNS) announced the successful completion of its business combination with IronNet Cybersecurity on August 26, 2021. All six proposals, including the merger, were approved by shareholders. Following the merger, the new entity is now named IronNet, Inc., with its stock trading under the symbol 'IRNT' from August 27, 2021. The business combination generated gross proceeds of approximately $136.7 million, with 93% of Class A shares redeemed. IronNet aims to capitalize on the growing demand for cybersecurity solutions amid escalating U.S. cyber resilience initiatives.
Sidoti & Company has initiated coverage on LGL Systems Acquisition Corp. (NASDAQ: DFNS) and Reservoir Media (NASDAQ: RSVR). The research firm set a price target of $15 for DFNS, which is merging with IronNet Cybersecurity, expected in Q3 2021, and $14 for RSVR post its merger with Roth CH Acquisition II Co.. Sidoti aims to provide independent analysis on SPACs and De-SPACs to aid investors in their decision-making. This coverage expands Sidoti’s previous work with PLBY Group (NASDAQ: PLBY), highlighting an ongoing commitment to SPAC research.
LGL Systems Acquisition Corp. (DFNS) has filed an amended registration statement with the SEC for its proposed merger with IronNet Cybersecurity. The Special Meeting for stockholder voting is set for July 19, 2021, with approval requiring a majority vote of LGL shareholders. The merger is expected to generate approximately $267 million in net proceeds, including a $125 million PIPE transaction, and rename the combined entity to IronNet, Inc. The merger aims to enhance IronNet's cybersecurity capabilities and market position.
IronNet Cybersecurity has announced a definitive business combination agreement with LGL Systems Acquisition Corp. (NYSE: DFNS). This merger aims to accelerate IronNet's growth in the cybersecurity market, capitalizing on the rising demand for advanced cyber defense solutions. The transaction, valued at an estimated $927 million, will see IronNet rebranded as IronNet Cybersecurity, Inc. and publicly listed on the NYSE under the ticker 'IRNT'. Upon completion, IronNet's existing shareholders will hold approximately 72% of the combined entity's shares.
