Keter1 Acquisition, a blank check company targeting technology companies in Israel, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The Claymont, DE-based company plans to raise $250 million by offering 25 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. The company may raise an additional $50 million pursuant to a forward purchase agreement with Migdal Insurance Company that will close concurrently with the initial business combination. At the propose deal size, Keter1 Acquisition will command a market value of $320 million.
The company is 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 intends to focus on technology companies with a strong Israeli nexus, which management defines as technology companies established in Israel, founded by Israeli founders, has significant operations in Israel, and/or has significant Israeli investors.
Keter1 Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol KETAU. It filed confidentially on February 16, 2021. Citi and Credit Suisse are the joint bookrunners on the deal.
