Benzinga | Mar 10, 2021 06:43AM EST

IronNet Seeks Public Listing Via SPAC Merger With LGL Systems: Bloomberg

* IronNet Cybersecurity Inc, founded by retired U.S. Army General Keith Alexander in 2014, is in talks to go public via a merger with LGL Systems Acquisition Corp (NYSE: DFNS), Bloomberg reports.

* The SPAC is reportedly planning to raise new equity to support a transaction valuing the combined entity at $1.2 billion.

* IronNet employs a vast chunk of former NSA cybersecurity operators with offensive and defensive cyber experience. The company's investors include ForgePoint Capital and Kleiner Perkins.

* LGL, led by CEO Marc Gabelli, raised $172.5 million in a November 2019 IPO and aims to target businesses in the aerospace, defense, and communications industries.

* Price action: DFNS shares closed higher by 0.2% at $10.04 on Tuesday.