Israel Acquisition Corp., Pomvom merger deal falls through

Israel Acquisitions Corp. (ISRL), a publicly-traded special-purpose acquisition company, and Pomvom Ltd., an Israeli technology company developing and providing experiential content to amusement parks and attractions, have called off their previously announced merger, citing a “change to the global market conditions.”

Both 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.

The combined company was originally intended to trade on the Nasdaq and leverage Pomvom’s leading technology augmented with the expertise of the ISRL team, the company said in a press release. At the closing of the transaction, Pomvom was to be delisted from the Tel Aviv Stock Exchange and listed solely on the Nasdaq in the United States. The agreement was expected to close by the third quarter of 2024. Pomvom serves many of the largest theme park and attraction operators, including, parent companies Six Flags, Warner Bros., and Merlin Entertainment.

Shira Fayans Birenbaum, Pomvom’s Chairman and Izhar Shay, ISRL\SPAC’s Chairman released a joint statement: “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.”