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.
At the SPAC of Dawn During a week in which rare earth mining and space de-SPACs have seen major gains, another blast from the past is making serious waves in the market. EV battery developer QuantumScape (NYSE:QS) rose to a 52-week high of $13.79 yesterday and is cruising even higher in the pre-market. The company...
Cantor Equity Partners I (NASDAQ:CEPO) has entered into a definitive agreement to combine with Bitcoin Standard Treasury in a transaction that is worth about $4.8 billion. Bitcoin Standard Treasury aims to bring in capital from a number of equity instruments to build up one of the largest US-listed Bitcoin treasuries. The combined company is expected...
At the SPAC of Dawn Several de-SPACs have made market-moving announcements recently and they haven’t forgotten to cash in on them. Fresh off of announcing $500 million strategic investment and partnership with Apple (NASDAQ:AAPL), rare earth miner MP Materials (NYSE:MP) has followed that up with a $500 million public offering, netting the company a cool...
Pyrophyte Acquisition Corp. II (NYSE:PAII.U) announced the pricing of its $175 million IPO and its units are expected to begin trading on the NYSE under the symbol “PAII.U”, Thursday, July 17, 2025. The new SPAC plans to focus its search on companies within the energy sector that constitute critical links in the supply chain of the...
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...