\nIronNet, Inc. (NYSE: IRNT) (\u201cIronNet\u201d), an innovative leader transforming cybersecurity through Collective Defense, announced today that it has completed its previously announced business combination with LGL Systems Acquisition Corp (\u201cLGL\u201d).\n<\/p>\n
\nThe transaction was unanimously approved by LGL\u2019s Board of Directors and was approved at a special meeting of LGL stockholders on August 26, 2021. In connection with the closing, LGL changed its name to IronNet, Inc. (\u201cIronNet\u201d or the \u201cCompany\u201d). The ticker symbols for the previously outstanding common stock and warrants of LGL will change from \u201cDFNS\u201d and \u201cDFNS.WS\u201d to \u201cIRNT\u201d and \u201cIRNT.WS\u201d and will begin trading as such on the New York Stock Exchange on August 27, 2021.\n<\/p>\n
\nFounded in 2014, IronNet offers a radically different operational model for cybersecurity defense that enables companies to break away from having to defend in isolation \u2013 a dramatically different way to address a market that is expected to grow from $25 billion to $40 billion over the next three years. 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. This provides the cybersecurity industry\u2019s first \u201cnetwork effect\u201d go-to-market strategy and builds on the company\u2019s subscription-based recurring revenue financial model.\n<\/p>\n
\nAmid the backdrop of a series of U.S. presidential-level cybersecurity initiatives \u2014 including three recent Executive Orders and a high-profile summit focused on improving cyber resilience across public and private sectors\u2014 IronNet is entering the public market at a time of rapidly escalating demand for effective cyber defense.\n<\/p>\n
\nGEN (Ret.) Keith Alexander, Founder and co-Chief Executive Officer of IronNet, said, \u201cWe are excited to complete this business combination, which will position IronNet to truly transform and scale cyber defense for more organizations around the world. 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. We are grateful to LGL for their support of IronNet and their faith in our mission, and we look forward to making the world a safer place with Collective Defense.\u201d\n<\/p>\n
\nIronNet\u2019s current customers include influential organizations in both public and private sectors, including critical infrastructure segments such as the financial services, healthcare, telecommunications and energy industries, as well as in emerging industries such as the commercial space sector, which IronNet highlighted in July with the announcement of the first Collective Defense Community for Space<\/a>. IronNet is seeing adoption of Collective Defense internationally in EMEA \u2014 with the UK Healthcare Collective Defense Community<\/a>, which includes hospitals and research facilities and is managed by MSSP and IronNet customer ITC Secure \u2014 and in Asia with global organizations such as SATS<\/a>, Asia’s leading provider of food solutions and gateway services for airlines and other institutions in over 14 countries across Asia Pacific, the UK, and the Middle East.\n<\/p>\n \nRob LaPenta, Managing Partner of Aston Capital LLC and former co-CEO of LGL, said, \u201cI am proud to be affiliated with IronNet and the significant technology impact that they bring to the cybersecurity market. This is great news for organizations in their defense against ongoing cyberattacks, and we are confident they will indeed transform cybersecurity.\u201d LaPenta, along with Mary Gallagher, former CFO of Sikorsky Aircraft and former LGL board member, joins IronNet\u2019s Board of Directors effective immediately.\n<\/p>\n \nWilliam Welch, co-CEO of IronNet, added, \u201cThere has never been a more relevant time to expand our operations at IronNet and realize our vision in the market. Every day we see news headlines that reinforce the need for why we started this company \u2013 to offer detection technology and sharing capabilities that turn the tide against increasingly aggressive cyber attackers. Every day, organizations are being victimized by cyberattacks all over the world \u2014 organizations that IronNet is well positioned to bring together for a more effective defense.\u201d\n<\/p>\n Transaction Overview<\/b><\/p>\n \nThe transaction results in gross proceeds of approximately $136.7 million to IronNet, which includes cash from LGL\u2019s former trust account and proceeds from a private investment in public equity (PIPE) transaction funded concurrently with the closing of the business acquisition. IronNet will use the proceeds to generally support continued global growth. All IronNet shareholders have rolled 100% of their equity holdings into the new public company.\n<\/p>\n \nIronNet\u2019s legacy senior management team will continue to lead the now combined company, including GEN (Ret.) Keith Alexander (Founder and co-Chief Executive Officer), William Welch (co-Chief Executive Officer), James Gerber (Chief Financial Officer), Scott Alridge (Chief Legal Officer), Don Closser (Chief Product Officer), Russell Cobb (Chief Marketing Officer), Sean Foster (Chief Revenue Officer), George Lamont (co-Founder, Chief Information Officer and Chief Information Security Officer), and Melissa Logsdon (Chief People Officer).\n<\/p>\n \nIronNet\u2019s Board of Directors will be comprised of 11 members, nine of whom are \u201cindependent directors\u201d as defined in the NYSE listing standards and applicable U.S. Securities and Exchange Commission (\u201cSEC\u201d) rules.\n<\/p>\n \nA more detailed description of the transaction can be found in the definitive proxy statement filed by LGL with the SEC on August 6, 2021.\n<\/p>\n About IronNet<\/b><\/p>\n \nFounded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc. (NYSE: \u201cIRNT\u201d) is a global cybersecurity leader that is transforming how organizations secure their networks by delivering the first-ever Collective Defense platform operating at scale. Employing a high number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today. For more information, visit www.ironnet.com<\/a>.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release includes \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding IronNet\u2019s future performance, the business strategy of the combined company and IronNet\u2019s ability to transform cybersecurity, the expansion of the cybersecurity market and IronNet\u2019s expected use of proceeds from the transaction. When used in this press release, the words \u201cestimates,\u201d \u201cprojected,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cforecasts,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cfuture,\u201d \u201cpropose\u201d and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside IronNet\u2019s management\u2019s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to recognize the anticipated benefits of the business combination; IronNet\u2019s ability to execute on its plans to develop and market new products and the timing of these development programs; IronNet\u2019s estimates of the size of the markets for its products; the rate and degree of market acceptance of IronNet\u2019s products; the success of other competing technologies that may become available; IronNet\u2019s ability to identify and integrate acquisitions; the performance of IronNet\u2019s products; potential litigation involving LGL or IronNet; and general economic and market conditions impacting demand for IronNet\u2019s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described under the heading \u201cRisk Factors\u201d in LGL\u2019s proxy statement\/prospectus filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b)(3) on August 6, 2021, as well as other documents to be filed by IronNet from time to time with the SEC. The proxy statement\/prospectus identifies and addresses, and the other filings from time to time may identify and address, other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither LGL nor IronNet undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210827005058\/en\/<\/a><\/span><\/p>\n \nIronNet Investor Contact: Nancy Fazioli: IR@ironnet.com KEYWORDS:<\/b> United States North America Virginia<\/p>\n INDUSTRY KEYWORDS:<\/b> Technology Security<\/p>\n MEDIA:<\/b><\/p>\n IronNet Completes Business Combination with LGL Systems Acquisition Corp. IronNet, the leader in Collective Defense, is creating a new market in cybersecurity to protect companies, sectors and nations. IronNet to begin trading on the NYSE under symbol \u201cIRNT\u201d on August 27, 2021. MCLEAN, Va.–(BUSINESS WIRE)– IronNet, Inc. (NYSE: IRNT) (\u201cIronNet\u201d), an innovative leader transforming cybersecurity through Collective Defense, announced today that it has completed its previously announced business combination with LGL Systems Acquisition Corp (\u201cLGL\u201d). The transaction was unanimously approved by LGL\u2019s Board of Directors and was approved at a special meeting of LGL stockholders on August 26, 2021. In connection with the closing, LGL changed its name to IronNet, Inc. (\u201cIronNet\u201d or the \u201cCompany\u201d). The ticker symbols for the … <\/p>\n<\/p>\n
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IronNet Media Contact: Phil Denning \/ Nora Flaherty: IronNetPR@ICRinc.com<\/a><\/p>\n\n","protected":false},"excerpt":{"rendered":"