Mentioned:REDLatticeBold Eagle Acquisition Corp.AE Industrial PartnersEagle Equity PartnersLoomis Sayles$610M · Public Markets
REDLattice, a provider of lawful intercept and cyber intelligence technology for U.S. and allied governments, is going public through a SPAC merger with Bold Eagle Acquisition Corp. at a $1.25 billion pre-money enterprise value. The deal is expected to bring up to about $610 million in gross proceeds assuming no redemptions, including $335 million of committed capital from $275 million in convertible notes and a $60 million PIPE.
What's happening
- REDLattice will merge with Bold Eagle Acquisition Corp. and trade on Nasdaq under ticker REDL, with closing anticipated by year-end 2026.
- The transaction provides up to about $610 million in gross proceeds assuming no redemptions: $335 million of committed capital ($275 million of convertible notes at a 4% coupon with a $12.50 conversion price, plus a $60 million PIPE at $10 per share) and up to about $275 million from Bold Eagle's trust account.
- Loomis Sayles anchors the convertible note tranche while AE Industrial Partners and Eagle Equity Partners participate in the PIPE.
- For the 12 months ended June 30, 2026, REDLattice generated $267 million in revenue, up 29% year-over-year.
Why it matters
- REDLattice serves over 100 customers across 23 countries and reported $200 million in contracted backlog as of June 30, 2026, indicating sustained government demand for cyber intelligence capabilities.
- Public capital and equity currency enable the company to accelerate organic growth, expand product portfolio, and pursue M&A across adjacent mission-critical cyber capabilities.
- The deal reflects investor confidence in the mission-critical cyber intelligence market, with AE Industrial remaining the largest shareholder post-transaction.
Going deeper
- REDLattice acquired Paragon Solutions and is using proceeds to fund the final cash earnout payment associated with that deal.
- CEO Andy Boyd, former Director of the CIA's Center for Cyber Intelligence, will remain CEO and existing shareholders will roll over 100% of equity.
- REDLattice has a $1.5 billion active pipeline as of June 30, 2026, indicating substantial demand in the national security cyber market.
Financial impact
- REDLattice expects up to about $610 million in gross proceeds, including $335 million committed through $275 million of convertible notes and a $60 million common stock PIPE, to fund debt refinancing, the Paragon earnout, and growth.
- Cash flow statement: up to about $610 million of inflow at closing, depending on redemptions, funds debt repayment and earnout obligations; remaining proceeds provide working capital for organic growth and M&A.
- Balance sheet: REDLattice will retire existing debt using proceeds and recognize convertible notes at issue; public equity structure changes capital architecture from private to public company.
- Revenue trajectory: $267 million in LTM revenue through June 30, 2026 with 29% year-over-year growth will be tracked as REDLattice public company following closing.
The fine print
- Closing subject to Bold Eagle shareholder approval, SEC registration statement effectiveness, and customary closing conditions.
- Convertible notes carry a $12.50 fixed conversion price, 25% above the $10 per share PIPE price.
- Gross proceeds of $610 million assume no redemptions from Bold Eagle trust account; actual net proceeds to REDLattice may be lower depending on shareholder redemption levels.
Source: Pulse 2.0 · Sep 29, 2026 · Drafted with Claude, reviewed by Industrial Base Alpha.
