Reno, Nevada, March 10, 2020 (GLOBE NEWSWIRE) -- 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.
Marc GabelliChief Executive Officer(775) 393-9113