Gadfin Sets Sights on Nasdaq Via Business Combination with Israel Acquisitions Corp.
Deal News | Jan 27, 2025 | EIN
Israel Acquisitions Corp., a Special Purpose Acquisition Company (SPAC), has entered into a definitive business combination agreement with Gadfin Ltd., an innovative Israeli technology company specializing in drone delivery services. The merger values Gadfin up to $200 million. Following the completion of this transaction, expected in the second half of 2025, Gadfin will trade on the Nasdaq, aiming to expand its market presence with cutting-edge, hydrogen-powered drone technology. This technology allows for long-range and heavy-duty cargo deliveries under various weather conditions, significantly enhancing logistics, particularly in remote areas or combat zones. Governance of the merged company will include a staggered board of directors with nominations from both participating companies. Financial advisor Tiberius Capital Markets, with legal counsel from firms including Reed Smith LLP, assists Israel Acquisitions on the deal. The transaction represents a strategic alignment for ISRL's aim to bring high-growth, tech-driven enterprises to greater visibility and growth in the public sector, especially within the drone delivery market.
Sectors
- Aerospace & Defense
- Logistics & Transportation
- Technology
- Renewable Energy
- Financial Services
Geography
- Israel – Both Gadfin and Israel Acquisitions Corp. operate primarily from Israel, indicating a strategic presence in the region.
- United States – The business combination aims for a Nasdaq listing, indicating significant geographical relevance to the U.S. market.
Industry
- Aerospace & Defense – The article focuses on drone technology for logistics and delivery, contributing to the Aerospace industry.
- Logistics & Transportation – Gadfin's technology targets cargo delivery solutions, enhancing efficiency in the Logistics sector.
- Technology – Gadfin's innovative use of hydrogen fuel cells in drone technology highlights advancements in the Technology sector.
- Renewable Energy – Gadfin's drones are hydrogen-powered, underlining relevance to the Renewable Energy sector.
- Financial Services – The SPAC transaction involves financial advisory and structuring services, typical for the Financial Services sector.
Financials
- $200 million USD – The total equity value of Gadfin under the business combination agreement.
- $15 million – Minimum net cash condition precedent to closing the business combination.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Gadfin Ltd. | Target Company | Company | An Israeli technology company leading in hydrogen-powered drone delivery solutions. |
| Israel Acquisitions Corp. | Bidding Company | Company | A publicly traded SPAC focusing on high-growth tech companies, leading the acquisition of Gadfin. |
| Tiberius Capital Markets, Arcadia Securities | Financial Advisor | Company | Provided financial advisory services to Israel Acquisitions Corp. for the transaction. |
| Reed Smith LLP | Legal Advisor | Company | Provided legal advice to Israel Acquisitions Corp. on the transaction. |
| Stuarts Humpries | Legal Advisor | Company | Also served as a legal advisor to Israel Acquisitions Corp. |
| Herzog, Fox & Neeman | Legal Advisor | Company | Provided legal counsel to Gadfin for the transaction. |
| Izhar Shay | Chairman of ISRL's Board of Directors | Person | Key leader in Israel Acquisitions Corp., playing a strategic role in the merger. |
| Eyal Regev | Founder and CEO of Gadfin | Person | Pioneer in VTOL cargo delivery and leader of Gadfin. |