Tuatara Capital Acquisition agreed to merge with springbig, a provider of marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs in the cannabis industry.
The estimated post-transaction equity value of the combined company is approximately $500 million, assuming no redemptions, with $200 million cash on hand after closing.
The transaction includes a $13 million fully committed PIPE anchored by Tuatara Capital and existing investors, including TVC Capital, Key Investment Partners, and springbig’s founder and CEO Jeffrey Harris
Existing springbig stockholders are rolling 100% of their equity into the combined company
If approved, upon closing the combined company is expected to list on the Nasdaq under SBIG. The deal is expected to close in the first quarter of fiscal 2022. Read more.
