LGL Systems Acquisition, a blank check company led by Marc Gabelli and the co-founder of L3 Technologies targeting the aerospace and defense industries, filed on Monday with the SEC to raise up to $125 million in an initial public offering.
The Reno, NV-based company plans to raise $125 million by offering 12.5 million units at a price of $10. At $10, LGL Systems Acquisition would command a market value of $156 million. Each unit consists of one share of common stock and one half of one warrant to purchase common stock at a price of $11.50 per share.
Sponsor LGL Systems Acquisition Holdings (20% post-IPO stake) is an affiliate of the SPAC's officers and directors, Gabelli Group, and Aston Capital. The SPAC's co-Chairman and CEO, Marc Gabelli, serves as President and director of GGCP, parent of GAMCO Investors. Co-Chairman Bob LaPenta is Founder and CEO of his family office, Aston Capital, and previously co-founded L-1 Identity Solutions (sold in 2011) and L3 Technologies.
The Reno, NV-based company was founded in 2019 and plans to list on the Nasdaq under the symbol DFNSU. LGL Systems Acquisition filed confidentially on May 30, 2019. Jefferies is the sole bookrunner on the deal.
