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Israel Acquisitions Corp (ISRL0.00%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported entering into a Business Combination Agreement with Gadfin Ltd., an Israeli technology company specializing in hydrogen-powered drones for logistics and cargo delivery.
The agreement outlines a series of transactions, including the formation of NewPubco and mergers involving Gadfin and Israel Acquisitions Corp, with Gadfin becoming a wholly owned subsidiary of NewPubco.
Holders of Gadfin equity interests are expected to receive approximately $200 million in aggregate consideration in the form of NewPubco Ordinary Shares, subject to certain conditions.
The company has extended its deadline to complete an initial business combination to January 18, 2026, with the ability to extend further under certain conditions.
As of December 31, 2024, Israel Acquisitions Corp had $82.6 million in its Trust Account, with plans to use these funds for the business combination.
The company has faced challenges, including the termination of a previous business combination agreement with Pomvom and the redemption of a significant number of public shares.
Israel Acquisitions Corp continues to focus on identifying high-growth technology companies, with a particular interest in Israeli firms.
The company acknowledges the risks associated with its operations, including potential market volatility and geopolitical tensions in Israel.
Management has expressed confidence in the potential for the business combination with Gadfin to create long-term value for shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Israel Acquisitions Corp annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.