The Strategist

Gett announces plans to go public via merger with SPAC


11/11/2021 - 10:23



Taxi ordering service Gett has officially announced plans to go public via a merger with SPAC. The company has a preliminary valuation of $1bn.



Marco Verch
Marco Verch
Taxi ordering service Gett has officially announced plans to go public via a merger with SPAC company Rosecliff Acquisition. It is announced on the service's website. SPAC (special purpose acquisition company) is a company formed to merge with a non-public company that wants to go public.

The company has a preliminary valuation of $1 billion, Gett points out. The merger would provide Gett with up to $253 million in proceeds from the Rosecliff trust account and $30 million in private equity investments (PIPE), at $10 per share, from Rosecliff's sponsors and current Gett shareholders. 

Following the merger, the company will operate under the Gett brand and trade on the Nasdaq under the ticker GETT. The deal is scheduled to close in the first half of 2022. 

Dave Waiser, founder and head of Gett, commenting on the company's plans, told Forbes that it has moved to a new stage of development. 

Earlier, sources told The Wall Street Journal about a possible merger between Gett and Rosecliff Acquisition. The publication pointed out that the company was valued at around $1.5 billion in 2019 and had raised several hundred million dollars in financing, including $300 million from Volkswagen.

source: forbes.com, ft.com




More
< >

Tuesday, December 7th 2021 - 08:15 Saudi Aramco sells 49% in its subsidiary