LGL Systems Acquisition Corp. Announces Closing of $172.5 Million Initial Public Offering, Including Full Exercise of the Und...
November 12 2019 - 5:42PM
LGL Systems Acquisition Corp. (Nasdaq: DFNSU) (the “Company”)
announced today that it closed its initial public offering of
17,250,000 units, including the exercise in full of the
underwriters’ over-allotment option to purchase up to an additional
2,250,000 units. The offering was priced at $10.00 per unit
resulting in gross proceeds of $172,500,000.
The units are listed on The Nasdaq Capital Market under the
symbol “DFNSU”. Each unit consists of one share of the Company’s
Class A common stock, $0.0001 par value per share
(“Class A Common Stock”), and one-half of one
redeemable warrant (“Warrant”) with each whole Warrant entitling
the holder to purchase one share of Class A Common Stock at a
price of $11.50 per share. Once the securities comprising the units
begin separate trading, the Class A Common Stock and Warrants
are expected to be traded on The Nasdaq Capital Market under the
symbols “DFNS”, and “DFNSW”, respectively. No fractional warrants
will be issued upon separation of the units and only whole warrants
will trade.
Of the proceeds received from the consummation of the initial
public offering and a simultaneous private placement of warrants,
$172,500,000 (or $10.00 per unit sold in the public offering) was
placed in trust. An audited balance sheet of the Company as of
November 12, 2019 reflecting receipt of the proceeds upon
consummation of the initial public offering and the private
placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the Securities and
Exchange Commission.
Jefferies LLC acted as the sole book-running manager of the
offering and BTIG, LLC acted as the lead manager of the
offering.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
on November 6, 2019. The offering was made only by means of a
prospectus, copies of which may be obtained by contacting Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, or by telephone at
877-821-7388 or by email at Prospectus_Department@Jefferies.com.
Copies of the registration statement can be accessed through the
SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About LGL Systems Acquisition Corp.
LGL Systems Acquisition Corp. is a blank check company organized
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization, or other similar
business combination with one or more businesses or entities. The
Company’s efforts to identify a prospective target business will
not be limited to any particular industry or geographic region,
although the Company initially intends to focus on target
businesses in the aerospace, defense and communications industries
with enterprise valuations in the range of $350 million to $1
billion.
Forward Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward looking statements are
statements that are not historical facts. Such forward-looking
statements, including with respect to the initial public offering,
the anticipated use of the proceeds thereof and the search for an
initial business combination, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward looking statements, including those set forth in the risk
factors section of the prospectus used in connection with the
Company’s initial public offering. No assurance can be given that
the offering discussed above will be completed on the terms
described, or at all, or that the net proceeds of the offering will
be used as indicated. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company’s expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based, except as required by law.
Contact: Marc Gabelli Chief Executive
Officer (775) 393-9113
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