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Tech-focused SPAC Israel Acquisitions decreases deal size by 17% ahead of $125 million IPO

November 22, 2022

Israel Acquisitions, a blank check company targeting Israeli or Israel-related tech businesses, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Bee Cave, TX-based company now plans to raise $125 million by offering 12.5 million units at $10. Each unit contains one share of common stock, and one whole warrant, exercisable at $11.50. The company had most recently filed in August to offer 15 million units. It had originally planned to offer 20 million units at $10, with each unit containing one share of common stock, one-half of a warrant, and one right to receive one-tenth of a share. At the revised deal size, Israel Acquisitions will raise -17% less in proceeds than previously anticipated. 

Israel Acquisitions is led by CEO and Director Ziv Elul, co-founder and former CEO of adtech company Inneractive, and Chairman Izhar Shay, a venture partner at Disruptive AI, Chairman of Kendago, and Israel's former Minister of Science and Technology. The company plans to focus on high-growth technology companies that are domiciled in Israel, that carry out all or a substantial portion of their activities in Israel, or that have some other significant Israeli connection.

Israel Acquisitions was founded in 2021 and plans to list on the Nasdaq under the symbol ISRLU. BTIG is the sole bookrunner on the deal.