NEW YORK--(BUSINESS WIRE)--ION Acquisition Corp 1 Ltd. announced today the closing of its initial public offering of 25,875,000 units, which includes 3,375,000 units issued pursuant to the exercise by the underwriters of their over-allotment option at the initial public offering price. The offering was priced at $10.00 per unit, resulting in gross proceeds of $258,750,000.

The Company’s units began trading on The New York Stock Exchange (the “NYSE”) on October 2, 2020 under the ticker symbol “IACA.U”. Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the NYSE under the symbols “IACA” and “IACA WS,” respectively.

The Company is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, the Company intends to focus on the rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives. The Company is sponsored by ION Holdings 1, LP, an affiliate of ION Asset Management Ltd.

Cowen and Company, LLC served as the sole book running manager for the offering.