Spac Israel Acquisions Corp (Nasdaq: ISRL) found a new goal, after six months of merging with Pomvom (Tase: PMVM). SPAC, headed by Isar Shay and Zeef Elulle, has announced a merger with an Israeli company serious. GADFIN is a technology developer for delivery using drones fed by hydrogen. Its value will be for the purpose of integration of up to 200 million dollars, and the deal is expected to be closed during the second half of 2025, according to approvals.
SPAC (Special Purposes Company) is a company without an activity that collects money on the stock exchange with the aim of finding a company that can be integrated within a dedicated period, or returning the money collected to investors. For private companies, the merger with Spac is a substitute for public subscription as a way to become a listed on the stock exchange.
The direction of SPAC, which was very strong in 2020-2021, has since fade, but there is still a plumbing of money and searching for acquisitions.
Izhar Shay, the former Minister of Science and Technology, is the president of ISRAEL Acquisitions Corp. While ZIV Elul, who was running Fyber Ad-Tech until he was sold for $ 600 million in 2021, is the CEO. SPAC was launched two years ago and raised 143 million dollars, with the aim of finding the goal of acquisition in Israel.
Gadfin co -founder Eyal Regev. According to IVC, was founded in 2018 by Regev, ILAN Yuval and Ran Kleiner, which raised $ 7 million from SIBF VC and Gehr Group, among other investors. Last year, “Globes” reported a pilot program in which Gadfin participated in providing medicines and medical equipment to government hospitals. The program is scheduled to reach 60 deliveries per day within three years. The value of the program is $ 5 million to Gadfin.
“This business group agreement represents a great milestone, which corresponds to well with the vision we set when the Spac launch,” said Shay. “Innovative hydrogen drones from Jadin, capable of long -term delivery operations, and export emissions, the company has developed to seize many growth opportunities in the drone logistical services industry, both in the United States or the global. Nasdak.”
“We are pleased to announce this group of business, which represents a pivotal milestone for Gadfin and emphasizing the confidence that leaders in the financial and technicians in Israel and the United States,” said Regev.
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As we mentioned, ISRAEL Acquisions Corp has planned to integrate with Pomvom, which is traded on the Tel Aviv Stock Exchange. The company describes itself as “a digital platform linking guests smoothly with the media captured by Park or Cameras Cameras.” It was supposed to be integrated with a $ 125 million evaluation of POMVOM, which is much higher than the market roof, but the agreement was canceled last summer “due to the change in market conditions.”
Tiberius Capital Markets, a section of Arcadia Securities, works as a financial advisor to Acquisitions Corp, with Reed Smith LLP, and Stuarts Humpries act as legal advisers. Herzog, Fox and Iman act as a legal advisor to serious.
It was published by Globes, Israel Business News – En.globes.co.il – on January 28, 2025.
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