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Tel Aviv Stock Exchange gears up for its first PSPC offering




The Israel Securities Authority (ISA) is in advanced negotiations with Roni Biram and Gil Deutsch, the founders of the investment house Excellence Nessuah, regarding the float of the very first SPAC (Special Purpose Acquisition Company) of the Stock Exchange. Tel Aviv. A source who spoke to Calcalist on condition of anonymity said Biram and Deutsch had already filed an initial prospectus through attorney Erez Rozenbuch. Muli Eden, former senior vice president of Intel Corporation and president of Intel Israel, as well as Tzahi Sultan, president of Discount Capital Underwriting, are also said to be in talks with the ISA in hopes of listing their own SPAC, although ‘he Biram and Deutsch are the closest to receiving approval.

Merging with SPACs (Special Purpose Acquisition Companies) has become a popular way for companies to enter US stock exchanges over the past year. PSPC businesses have a limited window, typically two years, to begin operations. If they fail to generate business within this time frame, the money is returned to the investors.

Gil Deutsch (right) and Roni Biram. Photo: Shay Shvero

Two Israeli companies officially announced their IPO via a SPAC last week, with eToro to merge with FinTech Acquisition Corp. Industrial Tech Acquisitions, Inc. has a combined valuation of $ 723 million.

With PSPCs currently only possible in the United States, the ISA intends to jump on the bandwagon and try to profit from the trend, but not at the expense of safeguarding investor interests. One of the conditions considered by the ISA is to only approve PSPCs that raise a minimum of NIS 300 million (around $ 91 million) to ensure that they ultimately only merge with a major company. . Another condition is that the entrepreneur initiating the PSPC himself invests at least 10% of the sum and that at least 70% of the funds be provided by institutional investors, who have the capacity to examine the merger in depth. In addition, Israeli PSPCs, like their US counterparts, will have a two-year window to find a company to merge with or have to return the money to investors. Entrepreneurs will not be able to withdraw the management fee, but will be able to receive options that will turn into shares following a merger. However, they will only be able to liquidate these options one year after the merger, and no more than 2.5% of their holdings per month. The entrepreneurs will also not be able to vote on the approval of the merger and the ISA is set to dictate that 95% of the funds raised will be managed by a trustee, while the rest will be used for the day-to-day running of the company. business.

Biram and Deutsch made their fortunes by ceding Excellence Nessuah to the Phoenix Insurance Company, receiving a total of NIS 900 million in this transaction.

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