LGL Systems Acquisition Corp. Announces the Separate Trading of its Class A Common Stock and Warrants, Commenced on March 13,...
March 24 2020 - 5:14PM
LGL Systems Acquisition Corp. (NYSE: DFNS.U) (the “Company”)
announced today that, as indicated in its Form 8-K filing on March
2, 2020, holders of the Company’s units (the “Units”) can now elect
to separately trade the shares of Class A common stock (the “Common
Stock”) and warrants (the “Warrants”) included in the Units.
The Common Stock and Warrants that are separated
trade on the New York Stock Exchange (“NYSE”) under the symbols
“DFNS” and “DFNS WS”, respectively. Units that are not
separated will continue to trade on the NYSE under the “DFNS.U”
ticker symbol. No fractional Warrants will be issued upon
separation of the Units and only whole Warrants will trade.
Holders of Units will need to have their brokers contact
Continental Stock Transfer & Trust Company, the Company’s
transfer agent, in order to separate the Units into Common Stock
and Warrants.
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.’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 Gabelli Chief Executive
Officer (775) 393-9113
LGL Systems Acquisition (NASDAQ:DFNSU)
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