LGL Systems Acquisition (OTCMKTS:DFNSU) is a special purpose acquisition company (SPAC) incorporated in Delaware in early 2021. Its principal objective is to effect one or more business combinations through mergers, share exchanges, asset acquisitions, stock purchases, reorganizations or similar transactions. As a blank-check company, it currently holds the proceeds from its initial public offering in a trust account while seeking an appropriate target.
The SPAC has not yet identified or completed a transaction with an operating business. Once a potential merger or acquisition candidate is selected, LGL Systems Acquisition will seek shareholder approval before consummating the deal. Until that time, the company does not conduct any substantive business operations or generate revenue.
The sponsor behind LGL Systems Acquisition draws on the expertise of LGL Systems Ltd., an Israel-based developer of defense and security technologies. This background positions the SPAC to explore targets in the defense, aerospace, national security and related high-technology sectors. As the deal pipeline develops, additional information on potential targets and strategic direction will become available.
Investors should be aware that, like all blank-check companies, LGL Systems Acquisition carries risks related to the timing, negotiation and execution of a qualifying business combination. The company’s management team and board of directors will provide updates as they progress toward identifying and closing a transaction.
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