IACB Shareholders approve Innovid merger
November 30, 2021
ION Acquisition Corp 2, a special purpose acquisition company, has announced that its shareholders have voted to approve the previously-announced business combination with Innovid, an independent connected TV advertising delivery and measurement platform.
Approximately 97.4 per cent of the votes cast at the meeting voted to approve the transaction. The closing of the business combination will take place immediately.
The transaction will generate approximately $251 million of proceeds upon closing, after giving effect to redemptions (of 19,585,174 shares) and payment of deferred underwriting commissions, but before payment of transaction expenses.
Following the closing, the Company’s ordinary shares and warrants will begin trading on the New York Stock Exchange (NYSE) beginning on December 1st under the ticker symbols ‘CTV’ and ‘CTV.WS’ respectively.
“Innovid has built an outstanding ad-serving, creative and measurement platform, purpose-built for CTV, to empower global advertisers as they transition $200 billion of TV advertising from broadcast television to the digital age,” said Gilad Shany, CEO of ION. “With strong customer relationships with the largest TV advertisers, deep partnerships across the ecosystem, independence of any media bias, and attractive usage-based unit economics, the company is uniquely positioned going forward,” continued Gilad. “With the support of our shareholders for the business combination, we look forward to the next phase of our partnership with Zvika and the Innovid team as they commence their journey as a public company, and cement their leadership position in the CTV ecosystem.”