IRONNET CONCLUDES BUSINESS COMBINATION WITH LGL SYSTEMS ACQUISITION CORP

KUALA LUMPUR, Aug 30 (Bernama) -- IronNet Inc (IronNet), an innovative leader transforming cybersecurity through Collective Defense, announced it has completed its previously announced business combination with LGL Systems Acquisition Corp (LGL).

According to a statement, the transaction was unanimously approved by LGL’s Board of Directors and approved at a special meeting of LGL stockholders on Aug 26. In connection with the closing, LGL changed its name to IronNet Inc (IronNet or the Company).

“We are excited to complete this business combination, which will position IronNet to truly transform and scale cyber defence for more organisations around the world,” said Founder and co-Chief Executive Officer of IronNet, GEN (Ret.) Keith Alexander.

“As a public company, we intend to apply our increased financial resources to accelerate product innovation for our customers and expand our portfolio of offerings.”

The transaction results in gross proceeds of approximately US$136.7 million to IronNet, which includes cash from LGL’s former trust account and proceeds from a private investment in public equity transaction funded concurrently with the closing of the business acquisition. (US$1 = RM4.176)

IronNet will use the proceeds to generally support continued global growth. All IronNet shareholders have rolled 100 per cent of their equity holdings into the new public company.

IronNet’s Board of Directors will comprise 11 members, nine of whom are ‘independent directors’ as defined in the NYSE listing standards and applicable US Securities and Exchange Commission (SEC) rules.

Founded in 2014, IronNet offers a radically different operational model for cybersecurity defence that enables companies to break away from having to defend in isolation.

IronNet has a proven ability to detect hidden intrusions that no other tools can see and a real-time threat sharing platform that brings speed and precision to security teams and, for the first time, enables companies to detect and collaborate in real time.

More details at www.ironnet.com.

-- BERNAMA