Reddit Posts
$NFTX.NE Looking Glass Lab Financial Results DD
Moving Towards The Dip $IRNT here is why
Inside The Cyber Security - $IRNT Looking For Safety
IRNT DD - LGL Group may hold IRNT stock and warrants
IRNT Float (with SEC links): Either ~2.5M or ~3.6M shares
A Diamond in the Rough: $DFNS - A Sub-NAV SPAC with a Definitive Merger Agreement
Serious DD: A Diamond in the Rough (NYSE:DFNS)
Mentions
My guess is that you are with Edward Jones. In addition to their advisory fees they also put clients into high expense ratio mutual funds. Edward Jones has a revenue sharing agreement with American funds. https://www.edwardjones.com/sites/default/files/acquiadam/2023-02/LGL-7559AA-A_Final.pdf
[https://www.amazon.com/Nissin-Ramen-Beef-Ounce-Pack/dp/B079TGT2P1/ref=sr\_1\_6?crid=1QS38230QSPXW&dib=eyJ2IjoiMSJ9.uxXeBBDw0BIT6JhNq-vPY4XZ173yp1WrSXkHyo75HfPBa-LkMVdeGRmTjl2CEcA8N-X8brzNMY4D8G5iwVAP5EpcMRmwS-50lotM2FXI8dR6N5hE9HafBzZ9YRmUurw67LH6vjd5gpkjmMe3XYXdGoYavAJTDEwHLgGPzHEjWj-HoL0XuTYmmE00AGvVRpuZQ1fDJBJhHq4NFWT0Fxe0s5E5BAgEy5wooacWgbaIUvbJeh3pNj7bJKhYA2XAQrW-2pG1lozaGX-IQhsapoX-kztYc1qHGlw9zQOFj7xuiw4.LGL4mnjC-Pc2FSZfXMlLtsS62eoPqi4RePWN-urfGaI&dib\_tag=se&keywords=ramen&qid=1763183704&sprefix=ramen%2Caps%2C171&sr=8-6&th=1](https://www.amazon.com/Nissin-Ramen-Beef-Ounce-Pack/dp/B079TGT2P1/ref=sr_1_6?crid=1QS38230QSPXW&dib=eyJ2IjoiMSJ9.uxXeBBDw0BIT6JhNq-vPY4XZ173yp1WrSXkHyo75HfPBa-LkMVdeGRmTjl2CEcA8N-X8brzNMY4D8G5iwVAP5EpcMRmwS-50lotM2FXI8dR6N5hE9HafBzZ9YRmUurw67LH6vjd5gpkjmMe3XYXdGoYavAJTDEwHLgGPzHEjWj-HoL0XuTYmmE00AGvVRpuZQ1fDJBJhHq4NFWT0Fxe0s5E5BAgEy5wooacWgbaIUvbJeh3pNj7bJKhYA2XAQrW-2pG1lozaGX-IQhsapoX-kztYc1qHGlw9zQOFj7xuiw4.LGL4mnjC-Pc2FSZfXMlLtsS62eoPqi4RePWN-urfGaI&dib_tag=se&keywords=ramen&qid=1763183704&sprefix=ramen%2Caps%2C171&sr=8-6&th=1)
They’re fiduciary planners running nonfiduciary programs. I have clearly taken clients out of these accounts where I can see the funds with frontload fees and the asset management wrap fee in their statements. But don’t take my word for it. Take Edward Jones’: “How are we paid for our services? When you invest in an Advisory Solutions UMA Model, you pay asset-based fees - the Program Fee, Portfolio Strategy Fee, and SMA Manager Fees to Edward Jones (collectively, the "Advisory Solutions UMA Models Fee"). The Program Fee is charged for certain investment advisory services, including initial and ongoing analysis of your investment needs and objectives, periodic consultations, evaluation and selection of investments for the program, Edward Jones investment policy guidance and services to keep your account aligned with such guidance, periodic performance reporting, custody and transaction execution services. The Portfolio Strategy Fee is charged for discretionary management of your portfolio model, including services related to model construction and active model management, overlay management and other related discretionary services. You also incur internal fees and expenses in the program investments, including the mutual funds and ETFs in your account. The Advisory Solutions UMA Models Fee is based on the market value of all assets held in your account and is assessed monthly, in arrears. The Program Fee and Portfolio Strategy Fee are based on annual tiered fee rate schedules. As the value of the assets in your account increases or decreases, you are charged according to the tiered fee rate schedules. Annual SMA Manager Fee rates are assessed based on the target allocation of assets associated with each SMA Manager in your account. Advisory Solutions UMA Models Accounts are subject to a $10 minimum monthly fee. For more information, please see our Advisory Solutions UMA Models brochure at edwardjones.com/advisorybrochures. If your account invests in affiliated mutual funds, the investment adviser to the mutual funds will be an affiliate of Edward Jones. Affiliated mutual funds will be sub-advised for investment management by multiple sub-advisers who are unaffiliated with Edward Jones. If your account invests in such an affiliated mutual fund and the mutual fund pays Edward Jones or its affiliate a management or other fee with respect to the investment, the amounts received by Edward Jones and its affiliates will first be used to compensate the affiliated mutual fund's sub-advisers and certain other service providers. Remaining amounts, if any, that are not otherwise waived by Edward Jones or its affiliate will be credited back to your account. How is your financial advisor compensated? Your financial advisor receives a portion of the Program Fee as a form of compensation. Your financial advisor may also receive additional variable cash and non-cash compensation based in part upon activity in your Guided Solutions account through new asset accumulation bonuses, branch profitability bonuses, firm profit sharing, awards and recognition, and participation in our domestic and international travel awards program (or cash in lieu of travel).” Source: https://www.edwardjones.com/sites/default/files/acquiadam/2022-02/LGL-8944AN-A_Final.pdf
Okay but I’m gonna need you to watch this Schlitt’s Malt Liquor commercial from the 70s with a jive talking robot 🤖 https://youtu.be/0LGL_lx9XcA?t=1001
>T-cell LGL Leukemia has not been studied well, but the theory behind pathogenesis relies on strong and chronic antigenic stimulation of the immune system. Just look for it, and don’t miss it. \>[ashpublications.org/blood/article/…](https://t.co/CWuIXc40U8) https://t.co/vpc8YXiq8K ^Cassandra ^B.C. ^[@michaeljburry](http://twitter.com/michaeljburry) ^at ^2022-10-23 ^18:41:43 ^EDT-0400
I am a bot from /r/wallstreetbets. You submitted one or more banned tickers: LGL. We don't allow discussion of low market cap (less than 500mm) tickers to prevent pump & dump spam and scammers.
Any thoughts on MPTI? Is it a quick pump and dump like HKD or does it have some potential. It recently separated from LGL Group (LGL) to become public ally traded. [https://www.mtronpti.com/market-space/](https://www.mtronpti.com/market-space/)
https://sientra.com/app/uploads/2021/09/LGL-0002-R2-Limited-Warranty-and-C3-Terms-and-Conditions.pdf Non platinum warranty Section 2 Subset 3
https://sientra.com/app/uploads/2021/09/LGL-0006-R6-Sientra-Platinum20-Warranty-Terms-and-Conditions.pdf Section 2E : 2 warranty replacement due to patient trauma*
For some I do (LGL, sell anything above 5, buy below 4.8, for example) others I have in a 'Short Trash' list, when they pop on no news, sell, then wait a few days. Generally won't let it go beyond -10%, unless it is a truly shit company I know well (MVIS) in some cases I have been under -20 percent or more, always bought/waited my way out. Only lost my nerve once, handed back about 30k in gains. Learned a lesson there.
Most interesting, Feis Laurence is in the house! Goto: [https://www.sec.gov/edgar/search](https://www.sec.gov/edgar/search) Company name "Feis Laurence" Search If you look at their recent holdings, it seems they have a nose for it. LGL Systems Acquisition Corp. ($DFNS) => $IRNT Sustainable Opportunities Acquisition Corp. ($SOAC) => $TMC Locust Walk Acquisition Corp. ($LWAC) => $EFTR Blue Water Acquisition Corp. ($BLUW) => $CRXT Supernova Partners Acquisition Company ($SPNV) => $OPAD LIV Capital Acquisition Corp. ($LIVK) => $AGIL
That DD still applies because the majority of the shares are still subject to lockup leaving it with a very low float. Not sure if you looked at the dates listed on the pictures posted but it wasn't reflecting information from 13 days ago. **It reflects today. That is the cost to borrow, that is the open interest, this is the amount of shares in the float. I haven't even posted about it's upgrade to neutral ratings, or analysts price targets of $25 because I don't need to lay the sauce. This is a low float stock, easy to rally with a catalyst this week.** "That said, most of the company's 84.4 million outstanding common shares following the recent business combination remain subject to lock-up agreements (emphasis added by author): Pursuant to lock-up agreements (the “Lock-Up Agreement”) entered into prior to the consummation of the Business Combination by and among LGL and certain stockholders and employees of Legacy IronNet signatories thereto, including Legacy IronNet’s executive officers, directors and 5% stockholders (the “Legacy IronNet Lock-Up Parties”), who held in the aggregate approximately 66 million shares of our common stock as of the consummation of the Business Combination, the Legacy IronNet Lock-Up Parties have agreed that, with respect to our common stock, through the date that is 180 days after the closing of the Business Combination, and, with respect to the Warrants and any of our common stock issuable upon the exercise of Warrants, through the date that is 30 days after the closing of the Business Combination (...). **The majority of the currently locked-up shares will become available for sale on February 27, 2022."** **Unless you time travelled back from March 2022, the information would still remain current instead of outdated.** Or I didn't mention: https://finance.yahoo.com/news/ironnet-named-2021-advanced-persistent-124500132.html
"Pursuant to lock-up agreements (the “Lock-Up Agreement”) entered into prior to the consummation of the Business Combination by and among LGL and certain stockholders and employees of Legacy IronNet signatories thereto, including Legacy IronNet’s executive officers, directors and 5% stockholders (the “Legacy IronNet Lock-Up Parties”), who held in the aggregate approximately 66 million shares of our common stock as of the consummation of the Business Combination, the Legacy IronNet Lock-Up Parties have agreed that, with respect to our common stock, through the date that is 180 days after the closing of the Business Combination, and, with respect to the Warrants and any of our common stock issuable upon the exercise of Warrants, through the date that is 30 days after the closing of the Business Combination, subject to certain exceptions, to not, without the prior written consent of the our board of directors, among other things, sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly any shares of our common stock, the Warrants, our common stock issuable upon the exercise of the Warrants, as applicable, held by the Legacy IronNet Lock-Up Parties; provided, however, certain founders and employees of Legacy IronNet, including an executive officer, have been granted relief from the lock-up to sell up to an aggregate of approximately 1.5 million shares of our common stock eligible for sale immediately after consummation of the Business Combination, subject to compliance with applicable securities laws. In addition, the Sponsor and LGL’s executive officers and directors agreed, subject to certain exceptions, to not transfer, assign or sell the 2,904,375 shares of common stock (which number reflects the previous distribution of 330,000 of such Founder Shares as charitable donations on August 25, 2021) received upon conversion of the Sponsor’s remaining Founder Shares (after the forfeiture of 1,078,125 Founder Shares pursuant to the Sponsor Support Agreement) (the “Remaining Founder Shares”) until six months after the closing of the Business Combination and to not transfer, assign or sell the Private Warrants or any of our common stock issuable upon exercise of the Private Warrants until 30 days after the closing of the Business Combination." ​ there it is... 1.5M shares can be sold immediately by management. Or pledged for loans of course. And, the warrants to sell unlock 30 days from today.
Directly from page 41 of the S1 - Our warrants, if exercised, would increase the number of shares eligible for future resale in the public market and result in dilution to stockholders, which may have an adverse effect on the market price of our common stock. We issued warrants to purchase 8,625,000 shares of our common stock as part of the units offered in the LGL IPO and, simultaneously with the closing of the LGL IPO, we issued 5,200,000 warrants to the Sponsor, resulting in an aggregate of 13,784,096 warrants outstanding to purchase shares of our common stock at closing of the Business Combination. Upon the effectiveness of the registration statement of which this prospectus forms a part, each of our warrants will be exercisable to purchase one share of common stock at $11.50 per share, subject to adjustment. To the extent the warrants are exercised, it will increase the number of issued and outstanding shares of common stock, which will result in dilution to our stockholders and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect the market price of our common stock.
>Day traders are targeting some companies that recently closed SPAC mergers, reinvigorating some of the meme-stock excitement that helped make such deals popular early in the year. The latest special-purpose-acquisition-company excitement focuses on firms like cybersecurity firm IronNet Inc. IRNT 2.05% that suffered significant investor withdrawals ahead of going public by closing SPAC mergers. High withdrawals leave the companies going public with less cash to put into their businesses and can make it harder for them to meet the growth projections they made as part of the deals with so-called blank-check companies. YOUR MONEY BRIEFING The Wall Street Journals Your Money Matters SPAC Mergers: How Day Traders Hope to Cash In SUBSCRIBE That drop in cash proceeds is why high withdrawals have historically sunk share prices. But lately, large withdrawals are attracting day traders, making some stocks trend on social-media platforms and fueling share-price gains. Here’s how it works: SPACs such as LGL Systems Acquisition Corp. raise money from investors, then begin trading on a stock exchange with the sole intent of merging with a private company to take it public. The LGL Systems SPAC raised more than $170 million in November 2019. In March of this year, it reached a roughly $1.2 billion deal with IronNet, which has former National Security Agency director Keith Alexander as co-chief executive. IronNet hoped to use the money held by the SPAC and a $125 million private investment in public equity, or PIPE, associated with the merger to fuel the company’s growth. As the SPAC market cooled this summer, shares of LGL Systems traded below their initial-public-offering price of $10. Because investors can withdraw $10 a share plus a tiny bit of interest held by the SPAC, trading below that level allowed many investors to either make a small, risk-free profit or eliminate taking a loss on the trade by withdrawing. Late last month, investors withdrew about $160 million—or 92% of the money held by the LGL Systems SPAC—before the deal closed. IronNet shares roughly tripled over just a few weeks after the merger closed. The gains continued after the company said revenue fell from a year earlier in the most recent quarter, in part because of shifting contract dates with some customers. Even with a recent retreat, the shares are up 105% in the past month. Other companies that had high withdrawals but have seen shares surge at various points this month include technology firm Arqit Quantum Inc. ARQQ -7.65% , digital real-estate platform Offerpad Solutions Inc. OPAD -2.87% and biotechnology startup eFFECTOR Therapeutics Inc. The unusual pattern is reminiscent of the volatility in companies like GameStop Corp. and the early-year rush into SPACs that were already trading at lofty valuations. As with those moves, some analysts expect the commotion to backfire on late investors. “They’re the ones that are going to be left holding the bag,” said Evan Ratner, president of Levin Capital Strategies and a SPAC investor. “The market has gotten completely crazy.” SPAC mergers have become popular alternatives to traditional IPOs in the past year, in part because companies combining with SPACs can make business projections. Those aren’t allowed in IPOs and are often based in part on the cash that companies hope to generate from the deals. Over 205 SPAC deals that collectively value companies at a record of about $560 billion have been announced this year, according to Dealogic. Investor withdrawals were minimal early in the year as SPAC shares soared, but have risen with many blank-check companies trading below their listing price. For much of the summer, high withdrawals contributed to the sector’s malaise. Now, they are helping drive new interest in the sector, along with hair-raising stock moves. A number of factors are boosting shares after SPAC deals close, investors say. Large investor withdrawals reduce the number of shares available to trade, also known as a stock’s float. That scarcity means it doesn’t take much to swing the stock. Companies that go public via SPACs are also popular targets for short sellers, who wager on stock-price declines, a trend that can attract day traders hoping to “squeeze” the professionals by bidding up the shares. Short sellers borrow shares, sell them, then aim to buy them back at lower prices. A low float also makes it challenging for traders to borrow shares. That means it can be relatively easy to force those trying to wager on share-price declines to limit losses by buying, analysts say, adding fuel to rallies. Rising trading in options—which give the holder the right to buy a stock at a certain price in the future—is also playing a role. Market makers that sell options often hedge by buying shares of the underlying stock, a force that can help amplify share-price gains. IronNet recently issued additional shares to company insiders because the stock had stayed above a certain level for a period of time. Such “earnout” provisions are common in SPAC deals. Some individuals in recent months piling into stocks popular on social media have claimed they hope to hurt professional short sellers by pushing up share prices. Yet large institutions often benefit on paper from such activity. Hedge-fund giant Bridgewater Associates is an IronNet investor. Offerpad shares more than doubled in three sessions after the company’s SPAC deal closed with withdrawals of more than 90%. The stock has since pared nearly all of that advance. Shares of the biotech startup eFFECTOR, meanwhile, have roughly doubled in the past month following a similar withdrawal rate. Deep-sea mining startup Metals Co. saw investors withdraw more than 90% of its SPAC’s cash but also said it hadn’t received funds from all of the investors who committed to put money in through a PIPE associated with the deal. Environmentalists have called for an end to all deep-sea mining. Its shares rose about 30% after the deal was completed but have since dropped well below their listing price. A spokesman said the company got enough cash in its deal to move its project forward in the next few years. Head-scratching stock moves are a result of opening startup investments to public-market investors, some investors say.
IRNT state of warrants and when they exercise is the biggest meme unsolved mystery right now. Current facts: * S-1 approved but not in effect. * No one knows how long the SEC will take on this. Estimates from a few days to 6 months. * S-1 says warrants will be effective 9/25/2021 but here we are way past that date. * I called Chief of Compliance at the transfer agent and he has no clue when it will be in effect. * IRNT investor relations, LGL investor relations, doesn't answer phone or email. * Tried to get a hold of someone at the SEC to help me but no luck. * Warrants trading at a deep discount, implying price of $17-$18. Deep ITM puts also indicate similar price drop upon dilution. I've concluded this ticker is risky af either LONG or SHORT since no one seems to know anything. Decided to take no position for now.
It's a bit fascinating the IRNT situation. Based on my reading of the filing, it should have been exerciseable now. >We issued warrants to purchase 8,625,000 shares of our common stock as part of the units offered in the LGL IPO and, simultaneously with the closing of the LGL IPO, we issued 5,200,000 warrants to the Sponsor, resulting in an aggregate of 13,784,096 warrants outstanding to purchase shares of our common stock at closing of the Business Combination. **As of September 25, 2021, each of our warrants is exercisable to purchase one share of common stock at $11.50 per share.** But supposedly S1 filings can take 2 months to a year so this is quite puzzling. To add onto all this fuckery. Warrant prices and deep ITM put prices suggest the stock should be trading at around $17.
They called it out very clearly in the S1 We issued warrants to purchase 8,625,000 shares of our common stock as part of the units offered in the LGL IPO and, simultaneously with the closing of the LGL IPO, we issued 5,200,000 warrants to the Sponsor, resulting in an aggregate of 13,784,096 warrants outstanding to purchase shares of our common stock at closing of the Business Combination. **As of September 25, 2021, each of our warrants is exercisable to purchase one share of common stock at $11.50 per share, subject to adjustment. To the extent the warrants are exercised, it will increase the number of issued and outstanding shares of common stock, which will result in dilution t**o our stockholders and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect the market price of our common stock.
This is what I am reading from S1 filing, what am I missing folks? I read this as float becoming huge on monday 09/27 and sell off pressure since a lot of these are sponsor warrants which are essentially free so there is a huge incentive to sell the stock which is still sitting at a neat $25 Happy to be corrected if I am missing something The price action today was counter intuitive https://www.sec.gov/Archives/edgar/data/1777946/000119312521279697/d207573ds1.htm ​ We issued warrants to purchase 8,625,000 shares of our common stock as part of the units offered in the LGL IPO and, simultaneously with the closing of the LGL IPO, we issued 5,200,000 warrants to the Sponsor, resulting in an aggregate of 13,784,096 warrants outstanding to purchase shares of our common stock at closing of the Business Combination. As of September 25, 2021, each of our warrants is exercisable to purchase one share of common stock at $11.50 per share, subject to adjustment. To the extent the warrants are exercised, it will increase the number of issued and outstanding shares of common stock, which will result in dilution to our stockholders and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect the market price of our common stock.
I was just about to ask you re: lockup expiration date, and found it myself: > Our warrants, if exercised, would increase the number of shares eligible for future resale in the public market and result in dilution to stockholders, which may have an adverse effect on the market price of our common stock. > We issued warrants to purchase 8,625,000 shares of our common stock as part of the units offered in the LGL IPO and, simultaneously with the closing of the LGL IPO, we issued 5,200,000 warrants to the Sponsor, resulting in an aggregate of 13,784,096 warrants outstanding to purchase shares of our common stock at closing of the Business Combination. As of September 25, 2021, each of our warrants is exercisable to purchase one share of common stock at $11.50 per share, subject to adjustment. To the extent the warrants are exercised, it will increase the number of issued and outstanding shares of common stock, which will result in dilution to our stockholders and increase the number of shares eligible for resale in the public market. Sales of substantial numbers of such shares in the public market could adversely affect the market price of our common stock.
*LGL has agreed that as soon as practicable, but in no event later than fifteen 15 business days after the closing of the Business Combination, the Combined Company will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Combined Company Common Stock issuable upon exercise of the Public Warrants. The Combined Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants in accordance with the provisions of the warrant agreement. If a registration statement covering the Combined Company Common Stock issuable upon exercise of the Public Warrants is not effective by the 60th day after the closing of our the Business Combination, Public Warrant holders may, until such time as there is an effective registration statement and during any period when the Combined Company has failed to maintain an effective registration statement, exercise Public Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption.*
I am a bot. You submitted a picture of a banned ticker, LGL. This check will fire if you included unnecessary pictures that have bad phrases or a bad crop with news about cryptocoins, for example. Repost with the useless pictures omitted if you did that. Yell at /u/zjz if it's above 1.5 billion-ish market cap and not related to crypto/pennies/OTC/SPACs.
LGL owns 40% and it hasnt really moved
They become available the 27th to dump on the market. https://sec.report/Document/0001193125-21-263381/ In connection with LGL’s initial public offering, LGL Systems Acquisition Holding Company, LLC, a Delaware limited liability company (the “Sponsor”) entered into an agreement, dated on November 6, 2019 and as amended on March 15, 2021 (as so amended, the “Sponsor Agreement”) pursuant to which it has also agreed not to transfer or otherwise dispose of 3,234,375 shares of Company common stock during the same 180-day lock-up period agreed to by the Legacy IronNet stockholders, subject to relief from the lock-up provisions to allow gifts to charitable organizations. LGL’s officers, directors and special advisors entered into similar agreements which, as amended in connection with the Merger Agreement, also provide for a six-month post-business combination lock-up restriction. Further, the Sponsor entered into a lock-up agreement pursuant to which it agreed not to transfer its 5,200,000 warrants exercisable for Company common stock at an exercise price of $11.50 per share (the “Private Warrants”) or common stock underlying the Private Warrants, subject to limited exceptions, until 30 days after the Closing Date.
Fuck Yeah actually most of the relevant information was in the S-4/A If I interpreted it correctly LGL common stock is not sellable for 180 days by all parties who agreed with it. The 1m shares are surrendered to LGL to issue to eligible former equity holders upon meeting the conditions of the earnout. These former equity holders are supposed to be held under the lockout agreement for 180 days. We shall see, but that AH price action might've corresponded with a dump by share issuance. Hopefully not.
5.2 million warrants that are being held by LGL are exercisable on September 25th. Btw I would double check the SEC filing I posted in case there are other warrants.
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Thanks, didn't know sponsor shares and PIPE were both still in lock up. Then again, no idea how much LGL actually owns and how much they redeemed. Wish they had to disclose this to the SEC. Do you know if you decide to redeem a SPAC, are you also forfeiting your warrants or can you just redeem the stock but keep the warrants?
I ran the 13F today. Outside management and board kf directors, there are 3 companies holding, but none is LGL
# IRNT Float (with SEC links): Either ~2.5M or ~3.6M shares ***tl;dr As stated above, IRNT's float is 2,528,995 or 3,607,120 shares*** I know some of these numbers have been mentioned before, but I'm a big believer in seeing a primary source. So I dug through IRNT's SEC filings to ease my own mind regarding the actual size of IRNT's float. My findings are below. **Outstanding Shares: 84,423,567** (page 4 of the [Sept. 1 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1777946/000119312521263381/d216367d8k.htm)) **Shares Subject to Lock Up** (until 180 days after August 26): **69,394,572** (page 3 of the [Sept. 1 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1777946/000119312521263381/d216367d8k.htm)) **Shares Not Subject to Lock Up: 15,028,995** (difference between outstanding & locked up shares) **Shares held by Subscription Investors through their PIPE investments: 12,500,000** (§4.xi of the [Lock Up Agreement](https://www.sec.gov/Archives/edgar/data/1659719/000119312521266632/d171675dex99a.htm); §4.1 on page 16 of the [PIPE Subscription Agreement](https://www.sec.gov/Archives/edgar/data/1777946/000121390021015433/ea137631ex10-3_lglsystems.htm)) * These aren’t tradable until IRNT files a Form S-1 or S-3, which they have not done but have agreed to do within 30 days of Aug. 26. **Shares Available to Trade: 2,528,995** (difference between shares not locked up & unregistered PIPE shares) **or 3,607,120\*\*** * Comprised of: * **1,207,884** by certain founders/employees who were granted relief from the lock up agreement (page 74 of the [Aug. 6th Amendment No. 3 to the Form S-4](https://www.sec.gov/Archives/edgar/data/1777946/000119312521239010/d472786ds4a.htm#rom472786_2))(calculated by subtracting the unredeemed shares from the shares available to trade) * **1,321,111** unredeemed by the LGL stockholders (17,250,000 - 15,928,889; page 2 of the [Sept. 1 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1777946/000119312521263381/d216367d8k.htm); page 32 of the [Aug. 6th Amendment No. 3 to the Form S-4](https://www.sec.gov/Archives/edgar/data/1777946/000119312521239010/d472786ds4a.htm#rom472786_2)) * **\*\*1,078,125** “Earnout” shares were issued to certain IRNT shareholders because of the stock’s performance; Item 8.01 of the [Sept. 14 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001777946/000119312521272930/d193819d8k.htm)) * It’s unclear to me whether these shares are tradable immediately or whether IRNT needs to file a resale registration statement first).
I tried posting this as its own submission, but WSB apparently bans posts on INTR? ​ # IRNT Float (with SEC links): Either ~2.5M or ~3.6M shares ***tl;dr As stated above, IRNT's float is 2,528,995 or 3,607,120 shares*** I know some of these numbers have been mentioned before, but I'm a big believer in seeing a primary source. So I dug through IRNT's SEC filings to ease my own mind regarding the actual size of IRNT's float. My findings are below. **Outstanding Shares: 84,423,567** (page 4 of the [Sept. 1 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1777946/000119312521263381/d216367d8k.htm)) **Shares Subject to Lock Up** (until 180 days after August 26): **69,394,572** (page 3 of the [Sept. 1 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1777946/000119312521263381/d216367d8k.htm)) **Shares Not Subject to Lock Up: 15,028,995** (difference between outstanding & locked up shares) **Shares held by Subscription Investors through their PIPE investments: 12,500,000** ([§4.xi of the Lock Up Agreement](https://www.sec.gov/Archives/edgar/data/1659719/000119312521266632/d171675dex99a.htm); §4.1 on page 16 of the [PIPE Subscription Agreement](https://www.sec.gov/Archives/edgar/data/1777946/000121390021015433/ea137631ex10-3_lglsystems.htm)) * These aren’t tradable until IRNT files a Form S-1 or S-3, which they have not done but have agreed to do within 30 days of Aug. 26. ​ **Shares Available to Trade: 2,528,995** (difference between shares not locked up & unregistered PIPE shares) **or** **3,607,120\*\*** * Comprised of: * **1,207,884** by certain founders/employees who were granted relief from the lock up agreement (page 74 of the [Aug. 6th Amendment No. 3 to the Form S-4](https://www.sec.gov/Archives/edgar/data/1777946/000119312521239010/d472786ds4a.htm#rom472786_2))(calculated by subtracting the unredeemed shares from the shares available to trade) * **1,321,111** unredeemed by the LGL stockholders (17,250,000 - 15,928,889; page 2 of the [Sept. 1 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/1777946/000119312521263381/d216367d8k.htm); page 32 of the [Aug. 6th Amendment No. 3 to the Form S-4](https://www.sec.gov/Archives/edgar/data/1777946/000119312521239010/d472786ds4a.htm#rom472786_2)) * **\*\*1,078,125** “Earnout” shares were issued to certain IRNT shareholders because of the stock’s performance; Item 8.01 of the [Sept. 14 Form 8-K](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001777946/000119312521272930/d193819d8k.htm)) * It’s unclear to me whether these shares are tradable immediately or whether IRNT needs to file a resale registration statement first)
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No >Item 1.01 Entry into a Material Definitive Agreement. > > Lock-Up Agreements > > In connection with the Business Combination, the Company and certain stockholders, officers and directors of Legacy IronNet entered into a Lock-Up Agreement (each, a “Lock-Up Agreement”) pursuant to which they have agreed not to dispose of their shares of Company common stock for a period of 180 days following the Business Combination, subject to customary carve-outs. As of the date of this report, holders of an aggregate of approximately 66,160,197 outstanding shares of Company common stock and approximately 18,971,549 shares issuable pursuant to stock options and restricted stock units are subject to Lock-Up Agreements. > > In connection with LGL’s initial public offering, LGL Systems Acquisition Holding Company, LLC, a Delaware limited liability company (the “Sponsor”) entered into an agreement, dated on November 6, 2019 and as amended on March 15, 2021 (as so amended, the “Sponsor Agreement”) pursuant to which it has also agreed not to transfer or otherwise dispose of 3,234,375 shares of Company common stock during the same 180-day lock-up period agreed to by the Legacy IronNet stockholders, subject to relief from the lock-up provisions to allow gifts to charitable organizations. LGL’s officers, directors and special advisors entered into similar agreements which, as amended in connection with the Merger Agreement, also provide for a six-month post-business combination lock-up restriction. Further, the Sponsor entered into a lock-up agreement pursuant to which it agreed not to transfer its 5,200,000 warrants exercisable for Company common stock at an exercise price of $11.50 per share (the “Private Warrants”) or common stock underlying the Private Warrants, subject to limited exceptions, until 30 days after the Closing Date.
>Item 1.01 Entry into a Material Definitive Agreement. > > Lock-Up Agreements > > In connection with the Business Combination, the Company and certain stockholders, officers and directors of Legacy IronNet entered into a Lock-Up Agreement (each, a “Lock-Up Agreement”) pursuant to which they have agreed not to dispose of their shares of Company common stock for a period of 180 days following the Business Combination, subject to customary carve-outs. As of the date of this report, holders of an aggregate of approximately 66,160,197 outstanding shares of Company common stock and approximately 18,971,549 shares issuable pursuant to stock options and restricted stock units are subject to Lock-Up Agreements. > > In connection with LGL’s initial public offering, LGL Systems Acquisition Holding Company, LLC, a Delaware limited liability company (the “Sponsor”) entered into an agreement, dated on November 6, 2019 and as amended on March 15, 2021 (as so amended, the “Sponsor Agreement”) pursuant to which it has also agreed not to transfer or otherwise dispose of 3,234,375 shares of Company common stock during the same 180-day lock-up period agreed to by the Legacy IronNet stockholders, subject to relief from the lock-up provisions to allow gifts to charitable organizations. LGL’s officers, directors and special advisors entered into similar agreements which, as amended in connection with the Merger Agreement, also provide for a six-month post-business combination lock-up restriction. Further, the Sponsor entered into a lock-up agreement pursuant to which it agreed not to transfer its 5,200,000 warrants exercisable for Company common stock at an exercise price of $11.50 per share (the “Private Warrants”) or common stock underlying the Private Warrants, subject to limited exceptions, until 30 days after the Closing Date.
Dude, stop spreading fud https://www.globenewswire.com/news-release/2021/08/26/2287377/0/en/LGL-Systems-Acquisition-Corp-Announces-Stockholder-Approval-for-and-Closing-of-Business-Combination-with-IronNet-Cybersecurity-Inc.html. You can look up the actual 8-K is you want also. 15 million pre merger shares existed, 93% redeemed. Total float is around 80 million but every share except 2 million are locked up u til at least October.
**The Company announced that a total of 1,078,125 shares (the “Earnout Shares”) of its common stock, par value $0.0001 per share (the “Common Stock”) will be issued to eligible former equityholders of IronNet Cybersecurity, Inc., in accordance with the earnout provision of the Agreement and Plan of Reorganization and Merger among the Company (previously named LGL Systems Acquisition Corp.), IronNet Cybersecurity, Inc. and LGL Systems Merger Sub Inc., dated March 15, 2021 and as amended August 6, 2021 (the “Business Combination Agreement”), as the Triggering Event (as defined in the Business Combination Agreement) has been met. The Triggering Event was met by virtue of the volume-weighted average closing sale price of Common Stock having been greater than or equal to $13.00 for ten (10) consecutive trading days during the two-year period following the closing of the business combination.** The former holders of IronNet Cybersecurity, Inc. common stock and the eligible holders of IronNet Cybersecurity, Inc. options, warrants, restricted stock unit awards and restricted stock awards (as applicable, only to the extent time vested as of the closing of the business combination) as of the closing of the business combination will receive their pro rata portion of the Earnout Shares.
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DFNS [has a $125M PIPE.](https://www.businesswire.com/news/home/20210315005346/en/IronNet-Cybersecurity-the-Leader-in-Collective-Defense-and-Network-Detection-and-Response-NDR-to-Be-Listed-on-NYSE-Through-a-Merger-With-LGL-Systems-Acquisition-Corp) PIPE's aren't automatically "a few weeks" to register. From what I've seen the "subscribers" (the term frequently used for PIPE investors) will usually have the shares registered by ticker swap. IRNT swapped tickers a little quicker than usual, but I would be surprised if the PIPE's shares weren't registered by next Friday, but probably by Monday or Tuesday. Also, options prices aren't really relevant during the ticker swap. A lot of brokerages don't have the tickers swapped over yet (mine didn't), and options trading is almost always light during this period. On Monday, options will likely resume normal activity levels. Puts are the way to go with this one. This thing will be visiting XOS, HIPO, and the others in the SPAC graveyard by COB Friday.
LGL Systems Acquisition Corp. Announces Stockholder Approval for and Closing of Business Combination with IronNet Cybersecurity, Inc. 9 minutes agoPublished 9 minutes agoGlobeNewswire RENO, NV, Aug. 26, 2021 (GLOBE NEWSWIRE) -- LGL Systems Acquisition Corp. (NYSE: DFNS) (“LGL” or the “Company”) today announced the results for the six proposals considered and voted upon by its stockholders at its special meeting held on August 26, 2021. LGL reported that each of the six proposals, including the proposals giving effect to the previously announced business combination between LGL and IronNet Cybersecurity, Inc. (“IronNet”), was approved. LGL also announced that it has completed its business combination with IronNet, resulting in the combined company being renamed as “IronNet, Inc.”, with its common stock and warrants to commence trading on the New York Stock Exchange on August 27, 2021 under the ticker symbols “IRNT” and “IRNT.WS”, respectively. The combined company expects to file a Form 8-K today disclosing the full voting results of the special meeting. Additionally, the deadline for electing redemptions has passed with approximately 93% of the shares of Class A common stock being redeemed in connection with the business ​ 93% and there's the pop
I did a little digging and found what happened to warrants when LGL (formerly a Bill Foley SPAC) was bought by Fidelity National Financial. The warrant holders were offered a combination of partial shares in the pre-conversion LGL stock plus cash per warrant. I'm sure each deal will be handled differently, but making the warrant holders whole either through a cash payout and/or share conversion would be part of the process.
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Glad I still have my tsla puts and Sqqq calls sad I picked up a literal shit ton of LGL thinking the 7% in premarket wasn’t the only thing it was going to do all day....
I took 100k out of my $GME gains and split it into a 3-way position to go all in on $BRLY $LGL $SLTS
In this case the founder shares are actually owned by another publicly traded company (LGL). I think they most likely will be able to fund the PIPE because the Gabelli's are behind this and probably have the capital/connections to get the money. I would suggest buying LGL instead of DFNS if you want to own some ownership of IronNet since you get all the perks of the founder shares and warrants.
"LGL S.A. Corp which currently holds approximately $173M cash in trust, will combine with IronNet at an estimated pro forma total enterprise value of $927M. Assuming no redemptions by LGL's existing public stockholders, IronNet's existing stockholders will hold approximately 72% of the fully diluted shares of common stock in the combined company, IronNet Cybersecurity, immediately following the closing of the business combination. The combined company expects to receive approximately $267M in net proceeds, assuming no redemptions by LGL's existing public stockholders, including proceeds from a $125M PIPE transaction."
IronNet is a great company. My question is: what's the valuation and potential upside of LGL shares in this?
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I've been wanting a decent cybersecurity play but this is not it, at least not at this valuation. The LGL Systems team is well equiped to get government/municipal customers. I might buy back in if there is a significant dip post merger
LGL is a penny stocks that worth mere $60 million in market cap and they listed since 1981 Use a simple calculation, how many million of market cap it gained a year since listed for almost 30 years? There are way more better investment opportunities for you to exercise capital gain than LGL