ION Acquisition 1, a blank check company formed by Ion Asset Management, filed on Tuesday with the SEC to raise up to $200 million in an initial public offering.
The Herzliya, Israel-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to forward purchase agreements with ION Asset Management and The Phoenix Insurance Company. At the proposed deal size, ION Acquisition 1 would command a market value of $250 million.
The company is led by Chairman Jonathan Kolber, Chairman of ION Asset Management and a Partner and Senior Advisor at Viola Growth, and CEO Gilad Shany, co-founder of ION Crossover Partners and former General Partner at Magma Venture Partners. While the company has not selected a target industry yet, it plans to target Israeli businesses and entrepreneurs that apply technology and innovation to everyday life.
ION Acquisition 1 was founded in 2020 and plans to list on the NYSE under the symbol IACA.U. Cowen is the sole bookrunner on the deal.
