L&F Acquisition in an 8-K filing said shareholders voted in favor of merging with ZeroFox, an enterprise software-as-a-service company engaged in external cybersecurity.
Redemptions erased $24.6 million from the SPAC’s trust, according to the filing, leaving about $150.4 million. L&F also brought $170 million from a PIPE and convertibles notes to the deal. The PIPE was led by Monarch Alternative Capital.
While the deal has a minimum cash closing condition of $170 million, that amount was already covered by the additional funding beyond the SPAC’s trust.
The SPAC had an Aug. 24 deadline to close the deal — an extension from the original termination date in May.
The deal had an equity value of approximately $1.4 billion at announcement.
As part of the transaction, ZeroFox will acquire IDX, a digital privacy protection and data breach response services company.
Once the transaction closes, ZeroFox expects to list under the ticker symbol ZFOX on the NYSE. Read more.
