IronNet Cybersecurity announced today that it has signed a definitive business combination agreement with LGL Systems Acquisition that would value the merged company at $927 million.
Pending shareholder approval, upon closing the combined company will be named IronNet Cybersecurity and will list on the NYSE under IRNT.
Assuming no redemptions by LGL’s existing public stockholders, IronNet’s existing stockholders will hold approximately 72 percent of the fully diluted shares of common stock in the combined company, IronNet Cybersecurity, immediately following the closing of the business combination.
The combined company expects to receive approximately $267 million in net proceeds, assuming no redemptions by LGL’s existing public stockholders, consisting of LGL’s $173 million cash in trust and a $125 million PIPE. Read more.
