Welcome to our dedicated page for Israel Acquisitions news (Ticker: ISRL), a resource for investors and traders seeking the latest updates and insights on Israel Acquisitions stock.
Israel Acquisitions Corp (ISRL) is a publicly traded special purpose acquisition company (SPAC) incorporated in the Cayman Islands. The company focuses on merging with or acquiring high-growth technology businesses based in Israel, or those with significant ties to Israel. The management team is led by Chairman Izhar Shay, CEO Ziv Elul, and CFO Sharon Barzik Cohen.
Recently, ISRL announced a definitive business combination agreement with Pomvom Ltd., a technology firm that provides experiential content solutions for amusement parks and attractions worldwide. This transaction values Pomvom at $125 million USD. Pomvom's innovative digital platform has seen impressive growth, with revenues of $57.4 million in 2022 and significant revenue from its digital platform in 2023. The combined company will leverage Pomvom’s technology and ISRL's expertise to accelerate growth and expand global market presence.
Pomvom serves major clients such as Six Flags, Warner Bros., and Merlin Entertainment. Strategic agreements are expected to increase partner sites to 47 by the end of 2024. The combined company will also launch digital content across these sites, enhancing the user experience and driving long-term growth.
ISRL’s merger with Pomvom aims to capitalize on the growing demand for immersive location-based entertainment experiences. Following the merger, the company aims for a 30% increase in top-line revenues and positive adjusted EBITDA by 2024. This strategic move is supported by advisors such as Tiberius Capital Markets and Roth Capital Partners, ensuring a robust and well-structured transaction.
Israel Acquisitions Corp. (NASDAQ: ISRL) has signed a non-binding letter of intent for a proposed business combination with Gadfin Aero-Logistics Systems, an Israeli technology company specializing in all-weather unmanned aerial delivery for necessary cargo such as medical supplies. Gadfin's patented technology uses Hydrogen Fuel cell-powered unmanned aerial vehicles capable of delivering cargo to long-range destinations in harsh weather conditions, improving logistics in both combat zones and civil applications.
Izhar Shay, Executive Chairman of Israel Acquisitions Corp., highlighted the potential of Gadfin's technology to revolutionize the speed of delivery for medical supplies and important cargo, including in high-risk areas. Eyal Regev, Gadfin CEO, expressed excitement about the partnership and the opportunity to accelerate production and bring new models to market. The definitive Business Combination Agreement is expected to be announced in the fourth quarter of 2024.
Israel Acquisitions Corp (NASDAQ: ISRL) and Pomvom (TASE: PMVM) have mutually terminated their Business Combination Agreement due to changing global market conditions. The decision was announced on August 22, 2024, with both parties agreeing to waive any claims against each other, except for violations of the Termination Agreement or confidentiality obligations.
The chairmen of both companies stated that the current state of capital markets does not allow the transaction to proceed under the originally agreed financial parameters. To avoid additional expenses for both parties, they decided to terminate the deal in good spirit.
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