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WASHINGTON and NEW YORK, Aug. 04, 2022 (GLOBE NEWSWIRE) — ZeroFox, Inc., an enterprise software-as-a-service leader in external cybersecurity, today announced the closing of its previously announced combination with L&F Acquisition Corp. (“L&F”), a special purpose acquisition company, and ID Experts Holdings, Inc. (“IDX”). L&F shareholders approved the transaction at L&F’s extraordinary general meeting held on August 2, 2022, and the transaction was finalized on August 3, 2022.
The combined company is now called ZeroFox Holdings, Inc. and will begin trading on the Nasdaq stock market at market open today, August 4, 2022, under the symbol “ZFOX” for its common stock and “ZFOXW” for its listed shares. warrants.
“We were attracted to ZeroFox for its proven business model, strong leadership and exceptional products, and with IDX, the company will provide a comprehensive offering to meet the growing demand for external threat protection and breach response services. said Adam Gerchen, CEO. by L&F. “I look forward to continuing my collaboration with Foster and the management team, helping ZeroFox capture a significant share of the external cybersecurity and digital protection market.”
“We are delighted to complete our combination with L&F and IDX. We are now embarking on our next chapter as a public company and I want to thank all of our early customers, investors, innovators and Foxes around the world,” said James C. Foster, co-founder, chairman and CEO of ZeroFox. “As I said at the beginning of this process, we have a bold vision for ZeroFox, to make the internet a safer place, eradicate cybercrime and enable digital prosperity. We recognized early on that digital transformation would change how people conduct business and how humans interact; and that malicious actors would exploit these new technologies and advancements, exposing organizations to new types of risks. We look forward to the future and believe that ZeroFox is positioned to capitalize on significant growth opportunities and generate substantial value for all stakeholders.
ZeroFox will ring the closing bell at the Nasdaq Marketsite today, August 4 at 4 p.m. ET. A live stream of the closing ceremony will be available here.
About ZeroFoxZeroFox (Nasdaq: ZFOX), an enterprise software-as-a-service leader in external cybersecurity, has redefined security outside the corporate perimeter on the Internet, where businesses operate and of threat thrive. The ZeroFox platform combines advanced AI analytics, digital risk and privacy protection, full-spectrum threat intelligence, and a robust portfolio of breach, incident, and takedown response capabilities to expose and disrupt phishing and fraud campaigns, botnet exposures, credential theft, impersonation, data breaches and physical threats that target your brands, domains, people and assets. Join thousands of customers, including some of the largest public sector organizations as well as companies in finance, media, technology and retail, to stay ahead of the competition and face up to the entire life cycle of external cyber risks. ZeroFox and the ZeroFox logo are trademarks or registered trademarks of ZeroFox, Inc. and/or its subsidiaries in the United States and other countries. Visit www.zerofox.com for more information.
Forward-looking statementsStatements in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. occur in the future, including statements relating to management’s plans, strategies and objectives, our business prospects, our systems and technology, future profitability and our competitive position, are forward-looking statements. The words “will”, “may”, “believe”, “anticipate”, “believe”, “expect”, “estimate”, “plan”, “intend”, and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by such forward-looking statements. The inclusion of any statement in this press release does not constitute an admission by ZeroFox or any other person that the events or circumstances described in such statement are material. In addition, new risks may arise from time to time and it is not possible for management to predict these risks or to assess the impact of these risks on our business or financial results. Therefore, future results may differ materially from historical results or from those discussed or implied by such forward-looking statements. Given these risks and uncertainties, the reader should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: our ability to recognize the anticipated benefits of the business combination; defects, errors or vulnerabilities in ZeroFox’s platform, failure of ZeroFox’s platform to block malware or prevent a security breach, misuse of ZeroFox’s platform or the risks of product liability claims would harm ZeroFox’s reputation and adversely impact our business, results of operations and financial condition; if ZeroFox’s enterprise platform offerings do not interact with our customers’ network and security infrastructure, or with third-party products, websites, or services, our operating results may be adversely affected; we may not scale and adapt our existing technology in a timely and cost-effective manner to meet the performance and other requirements of our customers; our ability to introduce new products, solutions and features depends on adequate research and development resources and our ability to successfully complete acquisitions; our success depends, in part, on the integrity and scalability of our systems and infrastructure; we rely on third-party cloud providers, such as Microsoft Azure, Amazon Web Services and Cloudflare, to host and operate our platform, and any disruption or interference with our use of these facilities may adversely affect our ability to maintain performance and the reliability of our platform which could harm our business; we rely on software and services from other parties; ZeroFox has a history of losses, and we may not be able to achieve or maintain profitability in the future; if organizations do not adopt cloud and/or external cybersecurity solutions provided by SaaS which may be based on new and untested security concepts, our ability to grow our business and operating results may be adversely affected ; we have grown rapidly in recent periods, and if we do not manage our future growth, our business and results of operations will be adversely affected; we face intense competition and could lose market share to our competitors, which could adversely affect our business, financial condition and results of operations; competitive pricing pressure may reduce revenues, gross profits and adversely affect our financial results; adverse general and industry economic and market conditions and reductions in customer spending, in the private or public sector, including due to geopolitical uncertainty such as the ongoing conflict between Russia and Ukraine, may reduce demand for our platform or products and solutions that could adversely affect our business, financial condition and results of operations; the COVID-19 pandemic could adversely affect our business, results of operations and financial condition; if we fail to adapt to rapid changes in technology, changing industry standards and changing customer needs, requirements or preferences, our ability to remain competitive could be impaired; if we are unable to maintain successful relationships with our channel partners, or if our channel partners fail, our ability to market, sell and distribute our platform will be limited, and our business, financial condition and results will be limited. operations will be affected; we target corporate customers and government organizations, and sales to such customers involve risks that may not be present or are present to a lesser extent with sales to smaller entities; historically, a US government client has represented a substantial portion of IDX’s revenue and is expected to represent a substantial portion of our revenue after the business combination; we may need to raise additional capital to maintain and grow our operations and invest in new solutions, the capital of which may not be available on terms acceptable to us, or at all, and which may reduce our ability to compete and harm our business; there may not be an active market for our common stock, which may make it difficult to sell shares of our common stock; the market price of our common stock may be volatile due to factors beyond our control; the convertible notes issued in connection with the business combination may impact our financial results, result in the dilution of our shareholders, create downward pressure on the price of our common stock and restrict our ability to raise additional capital or to take advantage of future opportunities; we rely heavily on the services of our management team, and if we fail to attract or retain management personnel, we may not be able to successfully implement our business strategy; and our management has limited experience in operating a public company.
Additional information regarding these and other risks is described under “Risk Factors”, “Management’s Discussion and Analysis of ZeroFox’s Financial Condition and Results of Operations” and “Discussion and Analysis by management on the financial condition and results of operations of IDX” in L&F Acquisition Corp.’s definitive proxy statement/prospectus. filed with the SEC on July 14, 2022. We expressly disclaim any obligation to update any of these forward-looking statements, except as required by applicable law.
contacts:
ZeroFoxMedia InquiriesMalory Van Guilder[email protected]
Investor RelationsMarc P. Griffin, ICR[email protected]
Source: ZeroFox, Inc.
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