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Israel-focused SPAC ION Acquisition 2 prices $220 million IPO

February 11, 2021
IACB.U

ION Acquisition 2, the second blank check company formed by ION Asset Management targeting an Israeli tech business, raised $220 million by offering 22 million units at $10. Each unit consists of one share of common stock and one-eighth of a warrant, exercisable at $11.50. The company may raise an additional $50 million at the closing of an acquisition pursuant to a forward purchase agreement with certain investors.

The company is led by Chairman Jonathan Kolber, who currently serves as Chairman of ION Asset Management and a Partner and Senior Advisor of tech buyout and growth capital firm Viola Growth, and CEO and Director Gilad Shany, co-founder and Managing Partner of ION Crossover Partners. The company plans to identify, acquire, and help build a company with ties to the technology and innovation ecosystem in Israel.

Management's previous SPAC, ION Acquisition 1 (IACA; +31% from $10 offer price), went public in October 2020 and has a pending merger agreement with advertising company Taboola.

ION Acquisition 2 plans to list on the NYSE under the symbol IACB.U. Goldman Sachs and Morgan Stanley acted as lead managers on the deal.