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Cybersecurity Firm ZeroFox Begins Trading on Nasdaq via SPAC Deal

Social media threat protection firm ZeroFox will begin trading on the Nasdaq Stock Market today as a result of the previously announced deal by special purpose acquisition company (SPAC) L&F Acquisition Corp. that combines ZeroFox with incident response services firm IDX .

The combined company is now called ZeroFox Holdings, Inc. and will trade under the ticker symbol “ZFOX” for its common stock and “ZFOXW” for its publicly traded warrants.

ZeroFox provides an AI-powered platform that protects users and brands from social media-sourced threats. The platform analyzes millions of pieces of publicly-accessible content in platforms such as Microsoft 365, G Suite, LinkedIn, Facebook, Slack, Instagram, and Apple and Google mobile app stores -- looking for potential threats such as account compromise, fraudulent profiles, business email compromise and spear-phishing on digital platforms. 

ZeroFox LogoWhen the SPAC deal was first announced in December 2021, the combined company was expected to have a pro forma equity value of approximately $1.4 billion, assuming no redemptions, resulting in over $250 million of cash on the combined company’s balance sheet. 

ZeroFox, which has raised more than $154 million in funding, was founded in 2013 by Chris Cullison, Evan Blair, Hillary Herlehy (chief people officer), James Foster (CEO), and Robert Francis. 

ZeroFox Holdings has more than 650 employees and serve nearly 2,000 customers.

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For more than 10 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.