Israel Acquisitions in an 8-K said shareholders voted in favor of a deadline extension up to January 2025 in monthly increments, for which the SPAC will deposit the lesser of $50,000 or 2 cents a share into trust for each month.
The extension came at a cost. Redemptions are expected to remove about $75.9 million from trust, leaving just under $78 million. Israel Acquisitions will then have 12,813,782 shares outstanding.
The SPAC earlier this month announced a deal with Pomvom Ltd. at an equity value of $125 million.
The target is a digital platform that connects guests to media of themselves captured by amusement park or venue cameras. Pomvom serves many of the largest theme park and attraction operators globally, including Six Flags, Warner Bros., and Merlin Entertainment.
Israel Acquisitions raised $125 million in an IPO a year ago this month. The SPAC signed an LOI with Pomvom in October. Read more.
