L&F Acquisition called an Aug. 2 meeting for shareholders to vote on the proposed merger with ZeroFox, an enterprise software-as-a-service company engaged in external cybersecurity. The SPAC’s registration statement has been declared effective by the SEC.
The SPAC has an Aug. 24 deadline to close the deal — an extension from the original termination date in May.
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.
