ION 2 (IACB) Shareholders Approve Innovid Deal
by Marlena Haddad on 2021-11-30 at 6:27am

ION Acquisition Corp 2 Ltd. (NYSE:IACB) secured shareholder approval of its combination with ad delivery platform Innovid in a special meeting yesterday.

The combination was approved by 97.4% of participating shares, but it also saw 19,585,174 shares redeemed, removing about 77.4% of the value of its trust, estimated at $253 million heading into the vote.

The deal will still bring $251 million in proceeds to Innovid after redemptions and expenses, which narrowly clears the bar of its $250 million minimum cash condition. But, the transaction was likely not at risk of missing this threshold as ION 2 added $50 million to the PIPE in late October to support the transaction and its sponsor has said it would purchase additional shares if need be towards close.

ION 2 now expects to close the deal later today and the combined company’s ordinary shares and warrants are set to begin trading on the NYSE beginning on Wednesday, December 1 under the ticker symbols “CTV” and “CTV.WS” respectively.

ION 2 initially announced its $1.1 billion deal with Innovid in June. New York-based Innovid is an omnichannel advertising and analytics platform placing video marketing on streaming and social media services.

Innovid is set to be the second ad company that started up in Israel that the ION team has taken to public markets this year having announced a deal with Taboola (NASDAQ:TBLA) in January. TBLA closed yesterday at $8.15.


  • Evercore LLC acted as sole financial and capital markets advisor to Innovid and also acted as a placement agent on the PIPE.
  • Latham & Watkins LLP and FWMK Law Offices acted as legal counsel to Innovid.
  • Morgan Stanley acted as sole financial advisor to ION and also acted as lead placement agent to ION on the PIPE.
  • White & Case LLP and Goldfarb Seligman & Co. acted as legal counsel to ION.
  • Debevoise & Plimpton LLP acted as legal counsel to the placement agents.
  • Kost Forer, Gabbay & Kasierer, a member of Ernst & Young Global Limited, is acting as independent auditor.
Recent Posts
by Marlena Haddad on 2023-12-06 at 1:32pm

Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...

by Nicholas Alan Clayton on 2023-12-06 at 11:36am

Perception Capital Corp IV (NYSE:RCFA) has entered into a definitive agreement to combine with mining firm Blue Gold for $114.5 million in equity consideration. London-based Blue Gold has been developed as a platform to acquire gold mining assets in Ghana. The combined company is expected to trade on the NYSE once the deal is completed...

by Marlena Haddad on 2023-12-06 at 11:19am

Zalatoris II Acquisition Corp.(NASDAQ: ZLS) has entered into a definitive agreement to combine with modular construction company Eco Modular at an enterprise value of $600 million. Dublin, Ireland-based Eco Modular uses modular construction techniques that allows it to build ecologically clean and sustainable buildings while saving energy and time. The combined company is expected to trade...

by Kristi Marvin on 2023-12-06 at 10:42am

This week, we speak with iLearningEngine’s CEO Harish Chidambaran and Matt Safaii, Chairman and CEO of Arrowroot Acquisition Corp. (Nasdaq: ARRW). The two announced a $1.4 billion deal in April. AI may be the major buzzword of 2023, but iLearningEngines has been working on AI tools since 2010. Now, it hopes to use a SPAC transaction as its next step....

by Nicholas Alan Clayton on 2023-12-06 at 7:52am

At the SPAC of Dawn SPACs continue to love EVs, but the Biden administration is throwing cold water on at least some of the party as the US will no longer offer a $7,500 tax credit for EV purchases if their battery was produced in China. This only affects some EV de-SPACs, but it would...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved