Israel Acquisitions Corp (IAC) is a SPAC — a blank check company with no operations or revenues — formed to identify and merge with a private Israeli technology company, thereby taking that company public. IAC raised $143.75M in its January 2023 IPO, with proceeds held in a Trust Account. IAC's focus is specifically on Israeli tech companies, targeting businesses with enterprise values of $800M–$1.5B, double-digit revenue growth, and more than 50% of revenue generated outside Israel. IAC has signed a Business Combination Agreement to merge with Gadfin, an Israeli startup developing hydrogen-powered cargo drones for long-range delivery to remote areas, valuing Gadfin at $180M in equity. The SPAC model works by having the sponsor team receive "founder shares" at minimal cost that convert into shares of the combined public company upon deal close — creating value from zero-cost equity. If no deal closes, the trust liquidates and public shareholders receive approximately $10.20 per share, while the sponsor's founder shares expire worthless. IAC has faced significant execution challenges: Nasdaq delisted IAC's securities in January 2026 for falling below the minimum market value threshold, and the Gadfin BCA has been amended three times, pushing the termination deadline to April 15, 2026. The deal requires only $15M in minimum cash to close — well below the original $143.75M raised — implying substantial shareholder redemptions. IAC has three executive officers and no full-time employees.