- The stock price of LGL Systems Acquisition Corp (NYSE: DFNS) increased 26.85% today. This is why it happened.
The stock price of LGL Systems Acquisition Corp (NYSE: DFNS) increased 26.85% today. Investors are responding positively to the company announcing the results for the six proposals considered and voted upon by its stockholders at its special meeting held on August 26, 2021.
LGL had reported that each of the 6 proposals, including the proposals giving effect to the previously announced business combination between LGL and IronNet Cybersecurity, was approved. And LGL also announced that it has completed its business combination with IronNet, resulting in the combined company being renamed as “IronNet, Inc.,” with its common stock and warrants to commence trading on the New York Stock Exchange on August 27, 2021 under the ticker symbols “IRNT” and “IRNT.WS,” respectively.
Plus the deadline for electing redemptions has passed with approximately 93% of the shares of Class A common stock being redeemed in connection with the business combination. And as a result of the business combination, the combined company received gross proceeds of approximately $136.7 million, which amount includes $125 million received in a previously announced private placement that closed concurrently with the business combination and approximately $11.7 million from the trust account after deducting funds used to satisfy redemptions.
“Amid the backdrop of a series of U.S. presidential-level cybersecurity initiatives — including three recent Executive Orders and a high-profile summit focused on improving cyber resilience across public and private sectors— IronNet is entering the public market at a time of rapidly escalating demand for effective cyber defense.”
— Marc Gabelli Chairman of LGL Systems Acquisition Corp.
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