Bold Eagle Acquisition Corp. has agreed to merge with REDL Intermediate Holdings, the parent of defense technology company REDLattice, in a transaction that values REDLattice at a $1.25 billion pre-money enterprise value. The deal, announced Sept. 28 and filed with the Securities and Exchange Commission, is expected to take REDLattice public on Nasdaq under the ticker REDL around the end of 2026, subject to shareholder approval and other closing conditions.
The transaction is expected to provide up to approximately $610 million of gross proceeds. That includes $335 million of committed capital from institutional investors and up to approximately $275 million from Bold Eagle’s trust account, assuming no shareholder redemptions. The committed financing consists of $275 million of convertible notes anchored by Loomis Sayles with a 4% coupon and a fixed conversion price of $12.50, plus a $60 million common-stock private investment in public equity, or PIPE, priced at $10 per share.
The proceeds are earmarked primarily for REDLattice’s existing financial obligations. The company plans to use $213 million for debt repayment and $119 million for the final cash earnout payment related to its previously completed acquisition of Paragon Solutions. A further $20 million is allocated to repayment of a Goldman Sachs facility, while about $197 million is expected to remain on the combined company’s balance sheet for working capital, growth initiatives and other uses.
The transaction gives existing REDLattice shareholders an equity rollover rather than a cash exit. Under the expected capitalization, REDLattice investors would hold about 71.4% of the combined company before accounting for shares underlying the convertible notes, while public SPAC shareholders would hold about 21.4%, common-stock PIPE investors about 4.7% and the sponsor about 2.4%. The transaction and common-stock PIPE are both priced at $10 per share, while the convertible notes carry the higher $12.50 conversion price.
REDLattice provides cyber intelligence technology and services to government, intelligence and defense customers. The company said it serves more than 100 customers across 23 countries and generated $267 million of revenue in the 12 months ended June 30, 2026, up 29% from the prior year. At the same date, REDLattice reported $200 million of contracted backlog and an active pipeline of approximately $1.5 billion.
The company’s business includes lawful-intercept technology, vulnerability research and intelligence acquisition tools. Its customers are exclusively government agencies at the nation-state or federal level, and the company says its products support national security and intelligence missions. REDLattice has also identified product expansion and acquisitions in adjacent cyber capabilities as potential uses for capital from the transaction.
The investor presentation filed with the SEC shows $260 million of trailing-12-month revenue as of March 31, 2026, with revenue up 44% year over year for that period. It also reported an 80% gross margin and a 24% management-adjusted EBITDA margin for 2025, while emphasizing that some of its financial measures are non-GAAP metrics. Preliminary first-half 2026 figures in the presentation indicated revenue of about $102 million, based on management estimates and subject to review.
The combination has been unanimously approved by the boards of both REDLattice and Bold Eagle. Completion is expected around year-end 2026, but the transaction remains subject to approval by Bold Eagle shareholders, effectiveness of a registration statement to be filed with the SEC and other customary conditions.
Bold Eagle’s filing also shows that the transaction will involve the SPAC’s domestication from the Cayman Islands to Delaware before the merger. After closing, REDLattice is expected to operate as a publicly traded company, with its existing management team continuing to lead the business and AE Industrial remaining its largest shareholder.
The deal represents a new route to the public markets for REDLattice while combining the SPAC merger with a substantial private capital raise. Because the transaction has not yet closed, the final capitalization, available trust proceeds and other financial terms remain subject to shareholder redemptions, closing conditions and the definitive registration materials.
