Innovid begins trading on the NYSE worth $ 1.3 billion

The Israeli technology company Innovid, which has developed a platform for analyzing and measuring digital ads on smart TVs, has completed its SPAC merger with ION Acquisition Corp. 2 and today begins trading on the New York Stock Exchange (NYSE) under the CTV ticker. ION announced yesterday that its shareholders’ meeting approved the deal with an overwhelming majority of 97.4%.

Innovid has merged with SPAC to a company value of $ 1.3 billion. When the merger was first announced in June, Innovid was to raise $ 403 million, including $ 253 million from SPAC and $ 150 million in private equity investments (PIPE) from investment institutions, including Fidelity and Israel Phoenix Assurance Ltd. (TASE: PHOE).

Subsequently, the PIPE investment was raised to $ 200 million, which meant that Innovid would raise $ 453 million after investors asked to increase their efforts. But ION’s report yesterday said that Innovid would only raise a total of $ 251 million, meaning that 80% of SPAC investors preferred to cash in on their shares before the merger and not participate in the trade. The increase in PIPE investment only partially offset this.

Innovid was founded in 2008 by CEO Zvika Netter, Tal Chalozin and Zack Zigdon.

ION CEO Gilad Shany said: “Innovid has built a unique ad serving, creative and measurement platform, built specifically for CTV, to empower global advertisers as they transfer $ 200 billion in television commercials from broadcast to the digital age. With strong customers.relations to the largest TV advertisers, deep partnerships across the ecosystem, independence from any media bias and attractive usage-based device economy, the company is uniquely positioned going forward, “Gilad continued. “With the support of our shareholders for the business association, we look forward to the next phase of our partnership with Zvika and the Innovid team as they begin their journey as a public company and cement their leading position in the CTV ecosystem.

Published by Globes, Israel business news – en.globes.co.il – on December 1, 2021.

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