Israeli Wall Street tech stocks all fall below 2021 IPO

• Author: Shiri Habib-Valdhorn
• Published date: 25 April 2022
• Publication title: Globes (Rishon LeZion, Israel)

Global-e has fared relatively well by returning to its IPO value. App monetization company ironSource (NYSE: IS), for example, held a SPAC merger in June at a company valuation of $11 billion. After falling 3.76% on Friday, the company has a market cap of just $4.174 billion, 67% below its peak value last year

Most of the worst performing Israeli tech companies held SPAC mergers rather than IPOs, merging with a special purpose acquisition company which had raised money with the express purpose of merging with an existing tech company. For example, auto-tech company Innoviz (Nasdaq: INVZ) completed a SPAC merger in April 2021 at a company valuation of $1.4 billion. Today it has a market cap of just $395,000, 72% below its debut value and 76% below its peak value. The worst performing of all Israel's tech companies that listed on Wall Street last year was by another auto-tech company Otonomo (Nasdaq: OTMO), which completed a SPAC merger in August at a company valuation of $1.26 billion. Otonomo today has a market cap of just $176,000, 86% below its debut valuation.

Other Israeli tech companies on Wall Street have performed more impressively but are still below their IPO value and far below their peak value last year...