Benzinga | Aug 26, 2021 02:28PM EDT

LGL Systems Acquisition Corp. Reports Shareholders Approve SPAC Merger With IronNet Cybersecurity

LGL Systems Acquisition Corp. (NYSE:DFNS) ("LGL" or the "Company") today announced the results for the six proposals considered and voted upon by its stockholders at its special meeting held on August 26, 2021. LGL reported that each of the six proposals, including the proposals giving effect to the previously announced business combination between LGL and IronNet Cybersecurity, Inc. ("IronNet"), was approved. 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. The combined company expects to file a Form 8-K today disclosing the full voting results of the special meeting.

Additionally, 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. As a result of the business combination, the combined company received gross proceeds of approximately $136.7 million, which amount includes $125.0 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," said Marc Gabelli Chairman of LGL Systems Acquisition Corp.