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Pomvom Ltd., an Israeli technology company publicly traded on the TASE that develops experiential content for amusement parks and attractions globally, and Israel Acquisitions Corp’s publicly-traded special purpose acquisition company, have terminated their proposed SPAC merger. The decision, they said, was made in response to shifting global market conditions.
Pursuant to the Termination Agreement, the parties also mutually agreed to waive any claim or demand on the part of any of the parties against the other parties, except in relation to a violation of the Termination Agreement or a violation of the confidentiality obligations stipulated in the Merger Agreement.
Investopedia explains that a special purpose acquisition company (SPAC) is a company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company.
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Also known as blank check companies, SPACs have existed for decades, but their popularity has soared in recent years, explains Investopedia, because of how they enact an IPO: They basically form as a publicly traded firm first then raise the money to buy up a private company that wishes to go public, giving that company an accurate valuation before it begins trading.
Founded in 2016, Pomvom provides an innovative end to end solution for automated photography through image recognition software. The company develops a pioneering image recognition AI platform, easy to integrate and use. The solution is capable of recognizing individuals in real-time in a crowd and in various conditions, capturing their experience and automatically conducting personalized content distribution across vast groups of users.
Pomvom serves many of the largest theme park and attraction operators globally, including, parent companies Six Flags, Warner Bros., and Merlin Entertainment. Strategic long-term agreements signed in 2023 with Warner Bros. and Six Flags are expected to increase the number of partner sites for Pomvom to 47 sites by the end of 2024 — an impressive 23% increase from its current 38 sites, and to accelerate growth in 2024 and onwards. Pomvom’s launch of digital content across its partner sites is expected to leverage its new online platform and accelerate long-term growth.
Shira Fayans Birenbaum, Pomvom’s Chairman and Izhar Shay, ISRL\SPAC’s Chairman released a joint statement saying, “The decision to terminate the Merger Agreement was made jointly by the companies, with the understanding that the current state of the capital markets does not allow for the transaction to proceed at this time based on the same financial parameters that had been agreed upon originally. Considering these factors and in order to avoid additional expenses related to the transaction for both parties, it was decided in good spirit to terminate the transaction.”
