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LGL Systems Acquisition Corp.

DFNS · Nasdaq · formerly MTRON Systems Acquisition Corp.

Trust settledIronNet, Inc. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from LGL Systems Acquisition Holding Company, LLC, listed on Nasdaq in November 2019.
What it's doing now
It agreed to buy IronNet, Inc.. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
IronNet, Inc. — Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc.
Industry
the deal record does not name the target's industry yet
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
12 November 2019
size not on file
Headquarters
7900 TYSONS ONE PLACE, MCLEAN, VA, 22102
registered in Delaware
Lead underwriter
not extracted from the prospectus yet
Key officers
Zecher Linda Kay (Chief Executive Officer) · Closser Donald (Chief Product Officer) · Pforr Cameron (Chief Financial Officer)
Listed securities
DFNS common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

1 dated milestone

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 12 November 2019IPOpassed

    IPO size not on file

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • IronNet, Inc.—
    closed

    What IronNet, Inc. does — read from ironnet.com on 26 August 2026

    IronNet, Inc. is a cybersecurity company providing a Collective Defense platform and network detection and response (NDR) products. Its offerings include IronDefense (NDR), IronDome (Collective Defense integration), Dome (automated cyber defense), Overwatch (24/7 NDR services), and IronRadar (C2 threat intelligence feed). The platform enables organizations to detect threats, share anonymized threat intelligence in real time, and stop attacks collaboratively across critical industries such as financial services, defense, healthcare, public sector, and energy & utilities.

    Financial ServicesDefenseHealthcarePublic SectorEnergy & UtilitiesEnterprise
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $125M · unsourced
    Min-cash condition
    $125M
    Break fee
    $5M

    PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.

    stated in:0001193125-21-161945 opens on sec.gov in a new tab0000950170-23-032607 opens on sec.gov in a new tab

The score

deterministic, from filed fields

DFNS is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

LGL Systems Acquisition Corp. was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker DFNS. The company priced its initial public offering on November 12, 2019, under SEC file number 333-234124, an S-1 registration (accession 0001213900-19-019903) of shares sold for cash, with the pricing prospectus filed as 424B4 0001213900-19-022827. The registrant was classified under SEC SIC industry code 7372 (Services-Prepackaged Software) and described itself as a blank check company in that prospectus. The common ticker DFNS appears on the cover page of a 10-Q filed December 23, 2019 (accession 0001213900-19-026874). The vehicle completed a business combination and no longer files, with its closed status established by an 8-K filed September 1, 2021 (accession 0001193125-21-263381) reporting a change in shell company status under Item 5.06; EDGAR now files SEC CIK 0001777946 under the name IronNet, Inc.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • S-4/A6 August 20210001193125-21-239010opens on sec.gov in a new tab

    A merger agreement amended on the day the amended registration statement is filed means the terms holders will vote on moved immediately before the document describing them went out, and the meeting is only weeks away. The charter proposals are put separately rather than as one block: a name change to IronNet, Inc., and an increase in capitalisation to 500,000,000 authorised shares of a single class of common stock and 100,000,000 authorised shares of preferred stock.

  • S-4/A23 July 20210001193125-21-223163opens on sec.gov in a new tab

    The charter amendments are put separately rather than as a package, so a holder votes on each on its own: the change of name to IronNet, Inc. and an increase in capitalisation to 500,000,000 authorised shares of a single class of common stock, with a further 100,000,000 authorised, are distinct items. The meeting has neither a date nor an hour on the face of the notice, so no redemption deadline can be computed from this version of the document.

  • S-4/A2 July 20210001193125-21-206780opens on sec.gov in a new tab

    The charter proposals are voted separately and reach well beyond a name change: capitalisation rises to 500,000,000 shares of a single class of common stock and 100,000,000 shares of preferred stock, from 75,000,000 Class A, 10,000,000 Class B and 1,000,000 preferred. Two further amendments narrow shareholder rights — stockholders may act only at annual and special meetings and not by written consent, and the existing limitations on the corporate opportunity doctrine are eliminated. Each is put as its own proposal.

  • S-414 May 20210001193125-21-161945opens on sec.gov in a new tab

    The $3,563.82 is a Rule 457(f)(2) construct rather than a valuation: IronNet is private, no market exists for its securities and it has an accumulated deficit, so the price is one-third of the aggregate par value of the IronNet securities to be exchanged, including securities issuable on the exercise of options or settlement of restricted stock units. The figure that carries meaning is 86,340,000 — the ceiling on what LGL issues, with the target's option and RSU overhang counted inside it rather than added to it.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

  • 15-12G22 February 20240001193125-24-042825opens on sec.gov in a new tab
  • SC 13D/A14 February 20240001104659-24-022707opens on sec.gov in a new tab
  • SC 13G/A12 February 20240001753926-24-000270opens on sec.gov in a new tab
  • 10-Q31 January 20240000950170-24-009148opens on sec.gov in a new tab
    What changed vs 2023-05-02deadline 2023-03-31 → 2023-12-31
    combination deadline, going-concern doubt1 moved · 1 with no prior record of ours
    Combination deadline
    2023-03-312023-12-31

    SpacBrain reads this as 275 days later than the previous record.

    The clause …“to these notes to extend the maturity dates thereof from June 30, 2023 to December 31, 2023. Our obligations under the Director Notes and the C5 Notes are secured by substantially all of our assets, excluding our intellectual”…

    Going-concern doubt
    stated · unchanged

    The clause …“may be risks involved with trading in an over-the-counter market. • There is substantial doubt about our ability to continue as a going concern for a period of twelve months from the date of this Quarterly Report on Form 10-Q. • Our”…

    Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

  • 10-Q31 January 20240000950170-24-009153opens on sec.gov in a new tab
    combination deadline, going-concern doubtnothing moved · 2 with no prior record of ours
    Combination deadline
    2023-12-31 · unchanged

    The clause …“to these notes to extend the maturity dates thereof from June 30, 2023 to December 31, 2023. Our obligations under the Director Notes and the C5 Notes are secured by substantially all of our assets, excluding our intellectual”…

    Going-concern doubt
    stated · unchanged

    The clause …“may be risks involved with trading in an over-the-counter market. • There is substantial doubt about our ability to continue as a going concern for a period of twelve months from the date of this Quarterly Report on Form 10-Q. • Our”…

    Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPOnot extracted from the prospectus

from 424B3 0001193125-22-294612

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Services-Prepackaged Software (7372)
Registered inDelaware
Exchange · CIKNasdaq · 0001777946

All filings on EDGARopens on sec.gov in a new tab

FormerlyMTRON Systems Acquisition Corp.

Directors & officers

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

13 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

31 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail4 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

DFNS — company record
UNIVERSE-IPO-INDEX2026-08-17

admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 7372 (Services-Prepackaged Software). The screen found it by filing SHAPE instead — S-1 2019-10-07 → 8-A12B 2019-11-05 → 424B4 2019-11-12 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 7372 + self-described blank check in 424B4 0001213900-19-022827; 424B 0001213900-19-022827 priced 2019-11-12 under S-1 0001213900-19-019903 (file 333-234124, an offering for cash); common ticker DFNS off 10-Q 0001213900-19-026874 (2019-12-23); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-234124, which belongs to S-1 0001213900-19-019903 (2019-10-07) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2019-11-12). Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-21-263381 (2021-09-01) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,4.01,5.01,5.02,5.03,5.06,9.01). EDGAR now files this CIK as "IronNet, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SPONSOR-ID2026-08-14

sponsor "LGL Systems Acquisition Holding Company, LLC" sourced from prospectus definition (10-K/A) acc 0001213900-21-025485.

Deal — IronNet, Inc.
UNTAGGED

[CLOSED-RENAME] EDGAR CIK 0001777946 records "LGL Systems Acquisition Corp." ending 2021-08-30; the registrant continues as "IronNet, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2021-08-30. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=125, minCashM=125, terminationFeeM=5 from primary filings (0001193125-21-161945, 0000950170-23-032607).

PIPE2026-08-29

pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow

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