Pomvom Ltd (TASE:PMVM) entered into a non-binding letter of intent to acquire Israel Acquisitions Corp (NasdaqGM:ISRL) in a reverse merger transaction for $125 million on October 16, 2023. The Company's pre-money equity valuation in the Transaction is anticipated to be approximately $125 million. The ultimate equity valuation for the Transaction will be established prior to the execution of a final binding agreement if signed.

Net cash proceeds from the SPAC's trust account 2 together with any PIPE, Pre-IPO investment, and/or debt raised, of no less than USD $20 million. The Parties intend to execute a final and binding agreement approximately six weeks after signing the LOI. The transaction is subject to various factors, including, the satisfactory completion of due diligence by the Parties; approval of the Parties' board of directors; and execution of customary voting and support agreements, as accepted by substantial shareholders of the Company, with regard to the transaction?s approval, including receiving all necessary approvals by the Parties' shareholders, obtaining all regulatory approvals required to proceed with the Transaction, ensuring the Minimum Closing Cash Amount is met, and ensuring there are no significant adverse changes in the businesses of the Company.

The Company expects the transaction to be completed by the end of the first quarter of 2024.