ION Acquisition Corp. 3 Ltd (NYSE: IACC) filed a proxy this afternoon to seek shareholder approval to liquidate early.
The SPAC’s board has determined that it is very unlikely that ION will be able to complete a business combination before its completion deadline of May 4, 2023. As a result, ION intends to amend its charter proposal in an effort to change the original termination date.
If the charter amendment is approved, ION will cease all operations immediately after the shareholder meeting and promptly complete voluntary redemptions. The SPAC will then voluntarily delist the Class A Ordinary Shares from the New York Stock Exchange as soon as practicable after completion of the post-amendment share redemption.
ION’s board has fixed the close of business on October 21 as the record date for determining shareholders entitled to receive notice of, and vote at, the shareholder meeting and any adjournment thereof.
This marks the twelfth such SPAC to hold a shareholder vote to move up their completion deadline to liquidate early, but given the current market, it is anticipated that other SPACs will follow suit. ION 3 announced the pricing of its downsized $220 million IPO in April 2021 with the intention of combining with an Israeli tech company.
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