Pitango and Chemi Peres launching $230 million SPAC
The new special acquisition company, backed by VC funds Pitango, Amplify, and Sphera, has been named Israel Amplify Program and is targeting a merger with a technology company in Israel
Meir Orbach | 12:28 29.03.2021
Pitango Venture Capital is joining the SPAC trend, announcing on Friday that it is launching a special purpose acquisition company (SPAC) named Israel Amplify Program (ISAP) together with funds Amplify, and Sphera with the aim of raising up to $200 million in an initial public offering. According to its announcement, Israel Amplify Program is targeting a merger with a technology company in Israel. The New York-based company plans to offer 20 million units at $10 each. The company may also raise an additional $45 million, increasing Israel Amplify Program's value to $250 million. According to the prospectus, the anchor investor intends to purchase up to 9.8% of the offering.