What Happened to IronNet?
Ticker: DFNSSPAC Year: 2019
Return
-91.2%
Current Price
$0
Peak Price
$87.89
Trust Size
$15M
Summary
IronNet was a cybersecurity company founded by General Keith Alexander, former director of the NSA, that provided collective defense solutions using AI to detect threats. The company went public via SPAC merger with LGL Systems Acquisition Corp in 2021. IronNet filed for Chapter 11 bankruptcy in October 2023.
What Happened
LGL Systems Acquisition Corp merged with IronNet in September 2021, trading on its NSA pedigree and collective defense concept. The company never achieved product-market fit, burning through cash while generating minimal revenue. IronNet suspended operations and filed for Chapter 11 in October 2023 after simply running out of money. The bankruptcy filing revealed the company had just $2.6 million in cash.
Timeline
2019-11-04
S-1 Registration Filed
2024-02-22
Last SEC Filing