Cybersecurity companies are having a moment on Wall Street right now. The rush of interest in Web 3.0, the metaverse, artificial intelligence and other groundbreaking innovations is a driving force behind this renaissance. And now, investors are seeing this resurgence through a string of new public offerings. ZeroFox (NASDAQ:ZFOX) is one such company, landing on the Nasdaq Exchange for the first time today. Buyers are taking interest, too, with ZFOX stock seeing an immediate upshot.
ZeroFox is a cybersecurity company with a robust set of clients. In addition to top tech companies like Microsoft (NASDAQ:MSFT) and Uber (NYSE:UBER), it serves top research institution Johns Hopkins University and government agencies like NASA and the Department of Defense.
It boasts a variety of cybersecurity products applicable for most companies making pushes into tech. One notable product, which it rolled out with the help of its Vigilante acquisition in 2021, monitors the dark web for information leaks and to provide clients with analysis of cyber attacks. It’s a product that bolsters the fundamental value of the new ZFOX; analysts expect the dark web security niche to be a multibillion-dollar venture in the coming years.
The company is one of the newest available for stock traders, opening for its first day of trading this morning.
Its public debut comes after it struck up a deal with special purpose acquisition company (SPAC) L&F Acquisitions. The deal, worth $1.4 billion, was announced with L&F back in December 2021. It saw approval by the U.S. Securities and Exchange Commission in mid-July. The final approvals for the deal came at a Tuesday shareholder meeting, allowing for the listing to press on.