ZeroFox Holdings To Be Acquired By Haveli Investments For About $350 Mln

(RTTNews) - ZeroFox Holdings, Inc. (ZFOX), a provider of external cybersecurity, Tuesday said it has agreed to be acquired by Haveli Investments, a technology-focused private equity firm, in an all-cash transaction with an enterprise value of about $350 million. Shares of the company gained 20% following the news.

Under the agreement, ZeroFox stockholders will receive $1.14 per share in cash upon completion of the transaction. The per share purchase price represents a premium of 45% over the volume weighted average price for the 90-day period ending February 2, 2024.

ZFOX is currently trading at $1.10, up $0.19 or 20.25%, on a volume of 10 million shares, above average volume of 0.5 million, on the Nasdaq. The stock opened its trading at $0.9150 after closing Monday's trading at $1.1000. The stock has traded between $0.4120 and $3.1600 in the past 52-week period.

The transaction, which was unanimously approved and recommended by a Special Committee comprised of independent members of ZeroFox's Board of Directors and unanimously approved by ZeroFox's Board of Directors, is expected to close in the first half of 2024.

The transaction is not subject to a financing condition.

Upon completion of the transaction, ZeroFox's common stock will no longer be publicly listed on the Nasdaq Global Market, and ZeroFox will become a privately held company.