LGL Systems Acquisition Corp. (DFNS – NYSE) Successfully Lists on the NYSE Reiterates U.S. Defense Landscape Opportunities ...
March 10 2020 - 6:00AM
LGL Systems Acquisition Corp. (DFNSU) (the “Company”) is pleased to
announce that it successfully transferred the listing of its units
to the New York Stock Exchange ("NYSE") and has commenced trading.
“The American defense priorities are at a critical juncture in
our nation’s history. The opportunity for investment is great at
many levels. We remain confident with our efforts on behalf of
shareholders.” said Rob LaPenta, the Company’s Chief Financial
Officer.
LGL Systems is focused on combining with a U.S. Defense platform
business to build value over the long term. The LGL team consists
of proven operators and investors dedicated to national security
and defense, protecting our citizens against a host of
evolving/emerging threats such as cyber, communications,
hypersonics, etc. As such, the Company seeks to acquire and
profitably grow an aerospace and defense company to protect and
serve America’s interests at home and abroad.
“We look forward to the evolution of our Company now trading on
the NYSE, a market with a long legacy and a proven specialist
system in providing investors liquidity,” continued Mr.
LaPenta.
The LGL initial public offering was November 12, 2019 raising
total gross proceeds of $172,500,000. The Company trades under the
“DFNS.U” ticker symbol for the units. The Company expects separate
trading of its Class A common stock (DFNS) and warrants (DFNSW)
comprising the units to begin on the NYSE on March 13, 2020 under
the ticker symbols “DFNS” and “DFNS WS”. Following the commencement
of separate trading of the Class A common and warrants on the NYSE,
the units will continue to be listed on the NYSE.
About LGL Systems Acquisition Corp.
LGL Systems Acquisition Corp.’s (“LGL”) long term mission is to
acquire a business that will serve as a platform to build a fully
integrated provider of defense products and services defending the
interests of the United States. LGL believes there is a significant
growth opportunity in the United States defense landscape due to
the continued emphasis on modernization as the United States and
its Western European allied nations have underinvested in their
respective militaries as the perceived threat diminished after the
end of the Cold War. C4ISR data processing, analytics, security and
dissemination with a broad range of applications across the
aerospace, defense and communication end markets will be a focus,
and will seek to effectively employ our management team’s industry
skills and experience as well as their extensive personal network
to add substantial value. LGL 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:investors@dfns.ai
Marc GabelliChief Executive Officer(775) 393-9113
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