United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
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Item 1.01. Entry into a Material Definitive Agreement.
As previously reported on a Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on January 27, 2025, Israel Acquisitions Corp, a Cayman Islands exempted company (the “Company” or “ISRL”), entered into a business combination agreement on January 26, 2025 (as amended, the “BCA”) with Gadfin Ltd., a company domiciled in Israel (“Gadfin”).
Pursuant to Section 8.3 of the BCA, the BCA may be amended, modified or supplemented by an agreement in writing executed by the Company and Gadfin. On July 2, 2025, the Company, Gadfin, and Gadfin Regev Holdings Ltd., a company domiciled in Israel (“NewPubco”) entered into an amendment to the BCA (the “Amendment”). Pursuant to the Amendment, the Company and Gadfin agreed to (i) remove the requirement for the Company to liquidate immediately following the Mergers (as defined in the BCA), (ii) revise the Company Equity Value (as defined in the BCA) to $180,000,000, (iii) remove the PCAOB Related Default (as defined in the BCA) and related provisions, (iv) remove the Threshold Raised Amount (as defined in the BCA) and related provisions, (iv) clarify the maximum dilution calculation, (v) extend the deadline for the Benchmark Analysis (as defined in the BCA) to September 30, 2024, (vi) add a termination right for Gadfin, without penalty, in the event the Company does not, within 30 days, receive a full cash waiver from underwriters of the deferred underwriting fees currently owed and outstanding by the Company, and (vii) act as a joinder agreement pursuant to which NewPubco became a party to the BCA.
The foregoing description of the Amendment is a summary only and is qualified in its entirety by reference to the full text of the Amendment, which is attached hereto as Exhibit 2.2 and incorporated by reference herein.
Item 8.01. Other Events.
On July 2, 2025, the Company and Gadfin submitted a confidential draft of a Registration Statement on Form F-4 (the “Registration Statement”) to the SEC with respect to its proposed business combination (the “Business Combination” and together with the transactions contemplated by the BCA, the “Transactions”) with Gadfin.
Forward Looking Statements
This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. ISRL and Gadfin have based these forward-looking statements on each of its current expectations and projections about future events. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and operational metrics and the likelihood and ability of the parties to successfully consummate the Transactions. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Gadfin’s and ISRL’s respective management teams and are not predictions of actual performance. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may materially differ from assumptions. Many actual events and circumstances are beyond the control of ISRL and Gadfin. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ISRL and Gadfin that may cause each of its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include changes in domestic and foreign business changes in the competitive environment in which Gadfin operates; Gadfin’s ability to manage its growth prospects, meet its operational and financial targets, and execute its strategy; the impact of any economic disruptions, decreased market demand and other macroeconomic factors, including the effect of a global pandemic, to Gadfin’s business, projected results of operations, financial performance or other financial metrics; Gadfin’s reliance on its senior management team and key employees; risks related to liquidity, capital resources and capital expenditures; failure to comply with applicable laws and regulations or changes in the regulatory environment in which Gadfin operates; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries that Gadfin may face; assumptions or analyses used for Gadfin’s forecasts proving to be incorrect and causing its actual operating and financial results to be significantly below its forecasts, including as a result of, among other things, the inability to sign new contracts or secure necessary financial resources as anticipated; an acquisition not occurring as planned and negatively affecting operating results; the inability of the parties to successfully or timely consummate the Transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect NewPubco, which will be the combined company upon closing of the Transactions, or the expected benefits of the Transactions or that the approval of the shareholders of ISRL is not obtained; the risk that shareholders of ISRL could elect to have their shares redeemed by ISRL, thus leaving NewPubco with insufficient cash to complete the Transactions or grow its business; the outcome of any legal proceedings that may be instituted against Gadfin or ISRL; failure to realize the anticipated benefits of the Transactions; risks relating to the uncertainty of the projected financial information with respect to Gadfin; the effects of competition; changes in applicable laws or regulations; the ability of Gadfin to manage expenses and recruit and retain key employees; the ability of ISRL or NewPubco to issue equity or equity linked securities in connection with the Transactions or in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; a potential U.S. government shutdown; the impact of certain geopolitical events, including wars in Ukraine and the surrounding region, the war between Israel and Hamas, the war between Israel and Iran, and conflict in the Middle East; the impact of a future pandemic on Gadfin, ISRL or NewPubco’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; those factors discussed in under the heading “Risk Factors” in the Registration Statement (when publicly filed), as may be amended from time to time, and other documents filed, or to be filed, with the SEC by ISRL or NewPubco. If any of these risks materialize or Gadfin’s or ISRL’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Gadfin nor ISRL presently know or that Gadfin and ISRL currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Gadfin’s and ISRL’s expectations, plans or forecasts of future events and views as of the date of this communication. Gadfin and ISRL anticipate that subsequent events and developments will cause Gadfin’s and ISRL’s assessments to change. However, while Gadfin and ISRL may elect to update these forward-looking statements at some point in the future, Gadfin and ISRL specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Gadfin and ISRL’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. An investment in Gadfin, NewPubco, or ISRL is not an investment in any of Gadfin’s, NewPubco’s, or ISRL’s respective founders’ or sponsors’ past investments or companies or any funds affiliated with any of the foregoing. The historical results of these investments are not indicative of future performance of Gadfin, NewPubco, or ISRL, which may differ materially from the performance of past investments, companies or affiliated funds.
Additional Information and Where to Find It / Non-Solicitation
Additional information about the Transactions, including a copy of the BCA, is disclosed in the Current Report on Form 8-K that ISRL filed with the SEC on January 27, 2025 and is available at www.sec.gov. The documents filed by the Company with the SEC also may be obtained free of charge at the Company’s website at https://israelacquisitionscorp.com/ or upon written request to the Company, 12600 Hill Country Blvd, Building R, Suite 275, Bee Cave, Texas, 78738. In connection with the Transactions, the Company confidentially submitted the Registration Statement, which includes a preliminary proxy statement/prospectus, with the SEC. The definitive proxy statement/prospectus will be sent to the shareholders of the Company. The Company and Gadfin also will file other documents regarding the Transactions with the SEC. Before making any voting decision, investors and security holders of the Company are urged to read the definitive proxy statement/prospectus, when available, and all other relevant documents filed or that will be filed with the SEC in connection with the Transactions as they become available because they will contain important information about the Transactions.
Participants in the Solicitation
Gadfin, NewPubco, ISRL, Israel Acquisitions Sponsor LLC and their respective directors and executive officers may be deemed participants in the solicitation of proxies from ISRL’s shareholders with respect to the Transactions and other matters described in the Registration Statement. A list of the names of ISRL’s directors and executive officers and a description of their interests in ISRL is set forth in ISRL’s filings with the SEC (including the Registration Statement, when publicly filed, and Annual Reports and Quarterly Reports filed by ISRL with the SEC on Forms 10-K and 10-Q, respectively) and are available free of charge at the SEC’s website located at www.sec.gov, or by directing a written request to Israel Acquisitions Corp at 12600 Hill Country Blvd, Building R, Suite 275, Bee Cave, TX 78738. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the definitive proxy statement/prospectus when it becomes available. Shareholders, potential investors and other interested persons should read the definitive proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
No Offer or Solicitation
This Current Report on Form 8-K shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transactions. This Current Report on Form 8-K shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. |
Description | |
| 2.1* | Business Combination Agreement, dated as of January 26, 2025, by and among, Israel Acquisitions Corp and Gadfin Ltd. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company on January 27, 2025) | |
| 2.2 | Amendment No. 1 to the Business Combination Agreement, dated July 2, 2024, by and between Israel Acquisitions Corp, Gadfin Ltd., and Gadfin Regev Holdings Ltd. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline document) |
* Certain exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K, Item 601(a)(5). The Company agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ISRAEL AcquisitionS Corp | |||
| By: | /s/ Ziv Elul | ||
| Name: | Ziv Elul | ||
| Title: | Chief Executive Officer and Director | ||
| Dated: July 3, 2025 | |||
Exhibit 2.2
AMENDMENT NO. 1 TO BUSINESS COMBINATION AGREEMENT
This AMENDMENT NO. 1 to the BUSINESS COMBINATION AGREEMENT, dated as of July 2, 2025 (this “Amendment”), is made by and between Israel Acquisitions Corp, a Cayman Islands exempted company (“SPAC”), Gadfin Ltd., a company domiciled in Israel (the “Company”), and Gadfin Regev Holdings Ltd., a company domiciled in Israel (“NewPubco”). SPAC, the Company, and NewPubco shall each be referred to herein from time to time individually as a “Party” and collectively as the “Parties”.
RECITALS:
WHEREAS, SPAC and the Company entered into that certain Business Combination Agreement, dated as of January 26, 2025 (the “Business Combination Agreement”);
WHEREAS, pursuant to Section 8.3 of the Business Combination Agreement, the Business Combination Agreement may be amended, modified or supplemented by an agreement in writing executed by SPAC and the Company;
WHEREAS, pursuant to Section 5.2(e) of the Business Combination Agreement, following the incorporation of NewPubco, the Company shall cause NewPubco to execute and deliver to SPAC a joinder agreement in form and substance to be mutually agreed by SPAC and the Company, pursuant to which, among other things, NewPubco shall become a party to the Business Combination Agreement as of January 26, 2025; and
WHEREAS, SPAC and the Company desire to amend the Business Combination Agreement as hereinafter set forth and add NewPubco as a Company Party to the Business Combination Agreement.
NOW, THEREFORE for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:
1. Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the respective meanings ascribed to them in the Business Combination Agreement.
| 2. | Amendments. The Business Combination Agreement is hereby amended as follows: |
| a. | The seventh recital is hereby deleted in its entirety and replaced with the following: |
WHEREAS, the Parties intend to effect a Business Combination upon the terms and conditions set forth in this Agreement whereby, on the Closing Date, (i) following the Share Split, Merger Sub 1 shall be merged with and into the Company (the “Acquisition Merger”), with the Company as the surviving entity of such Acquisition Merger (the “Acquisition Surviving Company”) and consequently becoming a wholly-owned Subsidiary of NewPubco through the transfer of its entire issued and outstanding share capital to NewPubco in exchange for newly-issued NewPubco Ordinary Shares, all in accordance with the terms and conditions of this Agreement; (ii) following the Acquisition Merger, Merger Sub 2 shall be merged with and into SPAC (the “SPAC Merger” and together with the Acquisition Merger, the “Mergers” and each individually, a “Merger”), with the SPAC as the surviving entity of such SPAC Merger and consequently becoming a wholly-owned Subsidiary of NewPubco through the transfer of its entire issued and outstanding share capital to NewPubco in exchange for newly-issued NewPubco Ordinary Shares (as defined below), all, in accordance with the terms and conditions of this Agreement; and (iii) following the Mergers, the SPAC Surviving Company shall distribute any remaining cash in the Trust Account to NewPubco;
| b. | The definition of “Aggregate Transaction Proceeds” in Section 1.1 is hereby deleted in its entirety and replaced with the following: |
“Aggregate Transaction Proceeds” means an amount equal to the sum of (a) the aggregate cash proceeds available prior to the Closing for release to SPAC (or any designee thereof) from the Trust Account, after giving effect to all of the SPAC Shareholder Redemptions, plus (b) the PIPE Financing Amount plus (c) any Additional Financing plus (d) any SPAC Introduced Financing Amount, minus (e) payment of SPAC Expenses (including but not limited to deferred underwriting fees, banker fees, and legal fees), minus (f) payment of all SPAC Liabilities; and minus (g) all fees and expenses in connection with the PIPE Financing; and minus (h) the payment of Company Expenses, in all cases, without duplication.
| c. | The definition of “Company Equity Value” in Section 1.1 is hereby deleted in its entirety and replaced with the following: |
“Company Equity Value” means an amount equal to $180,000,000.
| d. | The definition of “PCAOB Related Default” in Section 1.1 is hereby deleted in its entirety. |
| e. | The definition of “Threshold Raised Amount” in Section 1.1 is hereby deleted in its entirety. |
| f. | Section 2.6(h) is hereby deleted in its entirety and replaced with the following: |
| (h) | Maximum Dilution. The Parties hereby agree that, when aggregated, the NewPubco Ordinary shares to be issued in consideration of, or exchange for, (i) the Sponsor Shares and (ii) SPAC Shares, and PIPE Shares (together, the “Covered Shares”) shall not exceed thirty percent (30%) of NewPubco’s issued and outstanding share capital upon Closing (the “Dilution Cap”). In the event the Covered Shares exceed the Dilution Cap, the Sponsor shall irrevocably forfeit and surrender, immediately prior to Closing, for no consideration, a number of Sponsor Shares, up to a maximum of 1,429,000 Sponsor Shares, in order to reduce the aggregate Covered Shares below the Dilution Cap (the “Sponsor Forfeiture”). The Sponsor shall not hold less than a minimum of 4,000,000 Sponsor Shares following such Sponsor Forfeiture; provided however, that in the event the Covered Shares exceed the Dilution Cap following the Sponsor Forfeiture, the Company, the SPAC, and the Sponsor mutually agree that the Parties shall work together in good faith to negotiate an adjustment to the Dilution Cap (“Dilution Cap Breach Adjustment”). As used herein, “NewPubco’s issued and outstanding share capital” shall include Covered Shares plus the Company Share Amount. |
| g. | Section 5.14(a) is hereby deleted in its entirety and replaced with the following: |
| (a) | The Company shall use reasonable best efforts to deliver to SPAC the financial statements required to be included in the Registration Statement / Proxy Statement and any other filings to be made by the Company, NewPubco and/or SPAC with the SEC in connection with the Transactions (including the financial statements for the fiscal years ended December 31, 2023 and December 31, 2024). All such financial statements, together with any unaudited consolidated balance sheet and the related statements of operations, changes in shareholders’ equity and cash flows of the Company as of and for a year-to-date period ended as of the end of a different fiscal quarter that is required to be included in the Registration Statement / Proxy Statement and any other filings to be made by the Company, NewPubco and/or SPAC with the SEC in connection with the Transactions, (A) will be prepared in accordance with GAAP applied on a consistent basis (except as may be indicated in the notes thereto) throughout the periods indicated, (B) will fairly present, in all material respects, the financial position, results of operations and cash flows of the Company as of the date thereof and for the period indicated therein, except as otherwise specifically noted therein, and (C) will, in the case of the audited financial statements of the Company, have been audited in accordance with the standards of the PCAOB. The auditor engaged to audit the audited financial statements of the Company and to review the unaudited financial statements is an independent registered public accounting firm with respect to the Company within the meaning of the Exchange Act and the applicable rules and regulations thereunder adopted by the SEC and the PCAOB. |
| h. | Section 5.22 is hereby deleted in its entirety and replaced with the following: |
Post-Closing Officer and Director Remuneration. As soon as practicable after the execution of this Agreement, the Company shall retain an independent compensation consultant to conduct a benchmark analysis of the compensation packages for officers and directors of public market companies that are comparable to the Company (the “Benchmark Analysis”) in order to provide compensation packages to the officers and directors of the Company after the Closing Date that are in line with public market practices. The Benchmark Analysis, as well as the recommendations contained therein, shall be presented to the Company’s Board in connection with its review and approval of such compensation packages by September 30, 2025, which shall, subject to the receipt of any required approval of the Company Shareholders, be effective as of the Closing Date.
| i. | Section 7.1(j) is hereby deleted in its entirety. |
| j. | Section 7.1(i) is hereby deleted in its entirety and replaced with the following: |
| (i) | by the Company, in the event SPAC does not receive a full waiver of the cash payment of any deferred underwriting fees currently owed and outstanding by the SPAC within thirty (30) days of July 2, 2025. |
| k. | Section 7.3(b) is hereby deleted in its entirety and replaced with the following: |
| (b) | In the event that this Agreement is terminated for any reason other than by the Company pursuant to Section 7.1(c) or Section 7.1(i), or by SPAC or by the Company, as the case may be, pursuant to Section 7.1(f) or Section 7.1(g), the Company shall pay, or cause to be paid, to the SPAC, an amount equal to five percent (5%) of any SPAC Introduced Financing Amount from any source during the period beginning October 16, 2024 and extending through the twelve (12) months immediately following the effective date of such termination (the “Post-Termination Fee”). The Company shall remit the Post-Termination Fee to SPAC within thirty (30) days of receiving any such funds during this period. This obligation shall survive the termination of this Agreement and shall be binding upon the Parties. |
3. Joinder. By executing this Amendment, NewPubco shall (i) become a party to the Business Combination Agreement as of January 26, 2025, (ii) agree to be bound by the terms, covenants and other provisions of the Business Combination Agreement applicable to it as a Company Party, and (iii) assume all rights and obligations of a Company Party thereunder, with the same force and effect as if originally named therein.
4. Effect of this Amendment. Except as expressly provided by this Amendment, each of the provisions of the Business Combination Agreement shall remain unchanged and in full force and effect following the execution of this Amendment. Following the execution of this Amendment, references in the Business Combination Agreement to “this Agreement”, “herein”, “hereof” or phrases having a similar meaning shall refer to the Business Combination Agreement as amended by this Amendment.
5. Entire Agreement. This Amendment and the Business Combination Agreement constitute the entire agreement among the Parties with respect to the subject matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the Parties or any of their respective Subsidiaries with respect to the subject matter hereof.
6. General Provisions. Section 8.4 (Notices), Section 8.5 (Governing Law), Section 8.7 (Construction; Interpretation), Section 8.10 (Severability), Section 8.11 (Counterparts; Electronic Signatures), Section 8.14 (Waiver of Jury Trial) and Section 8.15 (Submission to Jurisdiction) of the Business Combination Agreement are incorporated herein by reference and shall apply, mutatis mutandis, to this Amendment as though fully set forth herein.
[Signature pages follow]
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their respective authorized representatives as of the date first written above.
| ISRAEL ACQUISITIONS CORP | ||
| By: | /s/ Ziv Elul | |
| Name: | Ziv Elul | |
| Title: | Chief Executive Officer | |
| GADFIN LTD. | ||
| By: | /s/ Eyal Regev | |
| Name: | Eyal Regev | |
| Title: | CEO & Director | |
| GADFIN REGEV HOLDINGS LTD. | ||
| By: | /s/ Eyal Regev | |
| Name: | Eyal Regev | |
| Title: | Sole-Director | |
[Signature Page to Amendment No. 1 to Business Combination Agreement]