ION Acquisition 1, a blank check company formed by ION Asset Management to acquire an Israeli business, raised $225 million by offering 22.5 million units at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company may raise an additional $50 million at the closing of an acquisition pursuant to forward purchase agreements with ION Asset Management and The Phoenix Insurance Company.
The company is led by Chairman Jonathan Kolber, Chairman of ION Asset Management and a Partner and Senior Advisor at Viola Growth, and CEO Gilad Shany, co-founder of ION Crossover Partners and former General Partner at Magma Venture Partners. While the company has not selected a target industry yet, it plans to target Israeli businesses and entrepreneurs that apply technology and innovation to everyday life.
ION Acquisition 1 plans to list on the NYSE under the symbol IACA.U. Cowen acted as sole bookrunner on the deal.
The article Israel-focused SPAC ION Acquisition 1 prices upsized $225 million IPO at $10 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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