Ion Acquisition (NYSE:IACA) stock is on the rise Monday after announcing plans to take Taboola public via a special purpose acquisition company (SPAC) merger.
Source: Shutterstock
Here’s everything investors need to know about Ion Acquisition and the upcoming SPAC merger.
- Ion Acquisition is a SPAC with the purpose of taking another company public.
- It was created with a focus on “Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives.”
- However, it notes that this wouldn’t stop it from combining with any company in any industry.
- The company is sponsored by Ion Holdings 1, LP, which is an affiliate of Ion Asset Management Ltd.
- Taboola is a digital advertising company that makes use of artificial intelligence (AI).
- Its partners include CNBC, NBC News, Business Insider, The Independent, and El Mundo.
- The SPAC merger with Taboola values the combined company at $2.6 billion.
- It will also provide Taboola with roughly $545 million in funding.
- That’ comes from $259 million held in trust by Ion Acquisition and another $285 million from a private investment in public equity (PIPE).
- The PIPE is backed by institutional investors, as well as “Fidelity Management & Research Company LLC, Baron Capital Group, funds and accounts managed by BlackRock, Hedosophia, the Federated Hermes Kaufmann Funds” and others.
- The SPAC merger is set to close in the second quarter of 2021.
- After this, the company will operate under the Taboola name, and shares of IACA stock will change to the TBLA stock ticker.
IACA stock was up 33.2% before markets opened on Monday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
