ION Acquisition 3, the third blank check company formed by ION Asset Management targeting an Israeli tech business, filed on Tuesday with the SEC to raise up to $250 million in an initial public offering.
The Herzliya, Israel-based company plans to raise $250 million by offering 25 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 $120 million at the closing of an acquisition pursuant to a forward purchase agreements with certain investors. At the proposed deal size, ION Acquisition 3 would command a market value of $313 million.
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. He is joined by Co-CEO and Director Gilad Shany, co-founder and Managing Partner of ION Crossover Partners, and Co-CEO and President Avrom Gilbert, who has served as COO of blockchain firm Coin Sciences since 2018. The company plans to identify, acquire, and help build a company with ties to the technology and innovation ecosystem in Israel. Management's previous SPACs include ION Acquisition 1 (IACA) and ION Acquisition 2 (IACB.U).
ION Acquisition 3 was founded in 2021 and plans to list on the NYSE under the symbol IACC.U. Morgan Stanley and Goldman Sachs are the joint bookrunners on the deal.
