L&F Acquisition in a regulaotry filing today said shareholders will be asked to vote May 3 on a deadline extension for the SPAC to complete its proposed merger with ZeroFox, an enterprise Saas cybersecurity company.
The SPAC wants to push the deadline from May 23 to Aug. 24. No other business is slated for the upcoming meeting, according to the filing. The extension is needed to allow more time for completing the merger.
The deal has an equity value of approximately $1.4 billion, assuming no redemptions. The transaction is expected to put over $250 million of cash on the combined company’s balance sheet. This reflects $175 million of cash held in the SPAC’s trust (assuming no redemptions) as well as a $170 million PIPE led by Monarch Alternative Capital.
As part of the transaction, ZeroFox will acquire IDX, a digital privacy protection and data breach response services company.
If approved, ZeroFox Holdings expects to list under the ticker symbol ZFOX on the NYSE. Read more.
