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IronNet, LGL Systems Complete Merger; Marc Gabelli Quoted

IronNet, a cybersecurity company founded by U.S. Army veteran Keith Alexander, has completed its merger with LGL Systems Acquisition Corp. after the latter’s stockholders approved the business combination at a special meeting Thursday.

Both parties first announced the deal in mid-March and McLean, Virginia-based IronNet will start trading on the New York Stock Exchange Friday under the ticker symbol “IRNT,” the special purpose acquisition company said Thursday.

The combined company raised approximately $136.7 million through the transaction, including $125.0 million from a private placement and another $11.7 million from a trust account.

“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.

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