L&F (NYSE:LNFA) announced in an 8-K filing this afternoon that its shareholders have approved its combination with cybersecurity firm ZeroFox at a special meeting held earlier today.
But, L&F public stockholders holding 2,419,687 ordinary shares elected to redeem their shares at approximately $10.177 per share, for an aggregate amount of approximately $24,626,039. Including L&F’s previous extension vote, this bring their total outstanding public shares redeemed to 94.168%. L&F had a minimum cash closing condition of $170 million, but this amount was already covered by the $20 million PIPE and $150 million in convertible notes.
L&F announced the $1.3 billion deal with ZeroFox on December 20, 2021. Baltimore, Maryland-based ZeroFox provides external threat intelligence and protection to businesses, brands and people and the company will acquire peer IDX as a part of this transaction, which specializes in data breach response services.
All other proposals on the ballot, such as the Articles Amendment Proposal, the Domestication Proposal, the Governing Documents Proposal, were also approved at today’s meeting with limited pushback.
ADVISORS
- Stifel is serving as financial advisor and capital markets advisor and Venable LLP is serving as legal advisor to ZeroFox.
- DBO Partners is serving as financial advisor and Wilson Sonsini is serving as legal advisor to IDX.
- Jefferies is serving as financial advisor and capital markets advisor and Kirkland & Ellis is serving as legal advisor to LNFA.
- Jefferies is acting as lead placement agent and Stifel is serving as co-placement agent on the PIPE.
- Stroock & Stroock & Lavan LLP is serving as legal advisor to Monarch Alternative Capital
A SPAC III (NASDAQ:ASPC) has entered into a definitive agreement to combine with sustainable fabric maker Bioserica for $200 million in equity consideration. Hangzhou, China-based Bioserica manufactures biodegradable socks made from anti-bacterial materials backed up by 57 patents. The combined company is expected to trade on the Nasdaq once the deal is completed by an...
At the SPAC of Dawn After a scant May for new SPAC deal announcements, both Investcorp Europe I (OTC:IVCBF) and A SPAC III (NASDAQ:ASPC) unveiled new business combinations coming out of Memorial Day weekend. While both deals are on the smaller side, they both represent somewhat different processes as well. Investcorp Europe I IPO’d back...
Terms Tracker for the Week Ending May 23, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Another solid week for SPAC IPO trading. Five more IPOs priced, bringing May’s total to 18 and the YTD tally to 49. That’s just eight...
Pelican Acquisition Corp. (NASDAQ:PELIU) announced the pricing of its $75 million IPO and its units began trading on the Nasdaq under the symbol “PELIU”, Friday, May 23, 2025. The new SPAC aims to combine with a technology company with a defensible market position that would benefit from being publicly traded in the US. Pelican’s management...
Cohen Circle II (NASDAQ:CCIIU) has filed for a $220 million SPAC marking the second wave of the Betsy Cohen team’s return to the market in the burgeoning 2024/2025 cycle. The new SPAC brings slightly less warrant coverage than its predecessor Cohen Circle I (NASDAQ:CCIR) with a 1/4 warrant in each of its units as opposed...