Israel tech-focused SPAC Keter1 Acquisition withdraws $250 million IPO

Keter1 Acquisition, a blank check company targeting technology companies in Israel, withdrew its plans for an initial public offering on Tuesday. It had filed in March 2021 to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-third of a warrant. 

The company was set to be led by CEO and Director Oren Dobronsky, who currently is an independent angel investor at Dobronsky Capital, and CFO, President, and Director Omer Cygler, who is a Managing Partner at Israeli private equity firm Lion Investment Partners. Keter1 Acquisition intended to focus on technology companies with a strong Israeli nexus, which management defined as technology companies established in Israel, founded by Israeli founders, having significant operations in Israel, and/or having significant Israeli investors.

The Claymont, DE-based company was founded in 2021 and had planned to list on the Nasdaq under the symbol KETAU. Citi and Credit Suisse were set to be the joint bookrunners on the deal.