Defense tech firm REDLattice strikes SPAC deal to go public in US
U.S. 100 dollar banknotes are seen in this picture illustration taken in Kiev, Ukraine, October 31, 2016. REUTERS/Valentyn Ogirenko/Illustration
Sept 28 : REDLattice has agreed to go public in the US through a special purpose acquisition deal with blank-check firm Bold Eagle Acquisition, the companies said on Monday.
The transaction values the US-based defense technology company at a pre-money enterprise value of $1.25 billion.
Here are some details:
• The deal is expected to generate proceeds of up to roughly $610 million, including $335 million in committed capital from new and existing mutual fund and institutional investors.
• It comes as special purpose acquisition companies (SPACs), an alternative route to public markets, are making a comeback in the US after years of subdued activity.
• A SPAC is a shell company that raises capital through an initial public offering and then uses the funds to merge with or acquire a private company, taking it public without a traditional IPO.
• Founded in 2012, REDLattice provides lawful intercept, vulnerability research and intelligence acquisition solutions.
• "The company sells exclusively to government agencies at the nation-state or federal level and is a trusted partner to more than 100 customers across 23 countries," it added.
• After the deal closes, REDLattice expects to trade on the Nasdaq under the ticker symbol "REDL."
• The companies expect the deal will close around year-end 2026.
