HomeFinancial MarketsHere is why LGL Systems Acquisition Corp. (DFNS) stock skyrocketed on Thursday?

Here is why LGL Systems Acquisition Corp. (DFNS) stock skyrocketed on Thursday?

LGL Systems Acquisition Corp. (DFNS) shares soared 10.89% in after-hours on Thursday, August 26, 2021, and closed the daily trading at $14.25. In the regular trading session on Thursday, DFNS’s stock gained 26.85%. DFNS shares have risen 29.28% over the last 12 months, and they have moved up 28.50% in the past week. Over the past three months, the stock has gained 29.15%, while over the past six months, it has surged 24.15%.

Let’s see what are the latest news about the company


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DFNS shareholder meeting results

On August 26, 2021, LGL Systems Acquisition Corp (DFNS) announced the results for the six proposals considered and voted upon by its stockholders at its special meeting held on August 26, 2021.

  • The company announced the approval of all six proposals, including those pertaining to the previously announced merger between LGL and IronNet Cybersecurity, Inc.
  • DFNS also announced that the combined company will be known as IronNet, Inc., with its common stock and warrants expected to trade 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.

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Background of DFNS merger

On March 15, 2021, IronNet Cybersecurity, Inc. (IronNet), signed a definitive business combination agreement with LGL Systems Acquisition Corp (DFNS).

IronNet expansion in Singapore

On August 12, 2021, IronNet announced that it is making the technology of its flagship Collective Defense solution available to all Singapore enterprises, in its mission to transform cybersecurity through Collective Defense.

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Conclusion

The DFNS stock surged after its shareholders approved all the proposals, including the merger. Both companies (LGL Systems Acquisition Corp & IronNet) now have merged. So we have to wait and see how the merged company IronNet, Inc (IRNT) commence its trading on Friday.

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