ION Acquisition Corp 1 said that upon the closing of the previously announced business combination with online advertising company Taboola.com it intends to voluntarily delist its units from the NYSE over to the Nasdaq.
The SPAC’s decision to voluntarily delist is due to the fact that upon the consummation of the business combination, the company will become a wholly-owned subsidiary of Taboola, and Taboola’s securities will trade on the Nasdaq.
The transfer is expected by June 30.
ION set a June 28 meeting for stockholders to vote on the deal.
Announced in January, the transaction implies a pro forma valuation of approximately $2.6 billion for the merged enterprise. The deal consists of the SPAC’s $259 million in trust and approximately $285 million in primary and secondary PIPE financing from institutional investors secured by Taboola. Read more.
