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ZeroFox to go public in $1.4bn L&F Acquisition (LNFA) merger

By Joyanta Acharjee

16:30, 20 December 2021

Silhouette of a hacker at work in his computer lair
ZeroFox has announced it will go public next year – Photo: Shutterstock

Cyber-security company ZeroFox on Monday said it is going public by merging with L&F Acquisition Corp (LNFA), a special purpose acquisition corporation (SPAC), in a deal valued at $1.4bn (£1.06bn).

Under the proposed deal, ZeroFox will also buy digital privacy and data breach response firm IDX and rename as ZeroFox Holdings, listing under the ZFOX ticker. The deal is expected to close in the first half of 2022.

As at 11:25am EST (UTC-5) LNFA stock was flat at $10.05.

Addressing emerging challenges

“Since ZeroFox was founded in 2013, we have helped companies address emerging security challenges caused by the transformational shift to a ‘digital everything’ world,” ZeroFox chair and CEO James Foster said in a press release.

“This rapid digital transformation has made companies vulnerable to attackers, resulting in the highest breach rate the industry has ever seen,” Foster added.


2,036.07 Price
-0.440% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 22:00 (UTC)
Spread 0.30


0.61 Price
-0.480% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168


37,815.80 Price
+0.070% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00


15,921.40 Price
-0.860% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 1.8

“With its leading global position, seasoned management team and proven technology, ZeroFox is poised to capture a significant share in the growing, $51bn external cyber security and digital protection market,” L&F Acquisition CEO Adam Gerchen added.

Over $250m of SPAC cash

The new company is set to gain more than $250m of cash from the SPAC plus $170m in financing from a group of backers led by Monarch Alternative Capital.

ZeroFox was founded in 2013 to address the security challenges created by a digital world.

It provides businesses with external threat intelligence and protection to disrupt potential attacks across all parts of the internet and also offers an artificial intelligence-based analysis engine that identifies and remediates attacks.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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