ION Acquisition Corp. 1 Ltd. (NYSE:IACA) announced in a press release that its shareholders approved its combination with digital ad firm Taboola at a special meeting earlier today.
The press release mentioned holders of ION Class A ordinary shares reflecting approximately 7% of outstanding shares exercised their right to redeem their shares, but did not give the exact number of shares. It is worth mentioning that SPACs typically do not include information on redemptions in press releases, but given how the past few shareholder meetings have turned out amid June’s merger madness, it is likely the market would assume high redemptions if nothing is said. So in this case, 7% redemptions in connection with the business combination is a relatively solid outcome and worth pointing out. Approximately 99% of the votes cast at the meeting voted to approve the transaction.
The transaction is expected to close tomorrow on June 29, and the combined entity’s shares and warrants will start trading on the Nasdaq under the new symbols “TBLA” and “TBLAW”, respectively, on June 30. The company recently transfered its ION units from the NYSE to the Nasdaq as the company will be a wholly-owned subsidiary of Taboola.
ION 1 and Taboola initially announced the $2 billion deal on January 25. Taboola provides digital advertising services for about 13,000 publishers, advertisers and brands with AI-driven recommendation banners on sites in the open web.
The ION team is still rolling out deals and contributing to the pipeline of Israeli tech companies to US exchanges as ION 2 (NYSE:IACB) announced a $1.1 billion combination with ad delivery platform Innovid just last week.
ADVISORS
- Credit Suisse Securities (USA) LLC acted as lead financial and capital markets advisor to Taboola and also acted as lead placement agent on the PIPE.
- J.P. Morgan Securities LLC also acted as a financial advisor to Taboola.
- Latham & Watkins LLP, Meitar Law Offices and Davis Polk & Wardwell LLP acted as legal counsel to Taboola.
- Cowen acted as sole financial and capital markets advisor to ION and also acted as placement agent on the PIPE.
- White & Case LLP and Goldfarb Seligman & Co. acted as legal counsel to ION.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...