Tuatara Capital Acquisition and springbig, a provider of marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs in the cannabis industry, submitted a draft registration statement on Form S-4 on a confidential basis to the SEC outlining their proposed business combination.
The deal, if approved, is expected to close in the first half of 2022. Upon closing, springbig is expected to list on the Nasdaq under new symbol SBIG.
As announced last month, 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 merged company. Read more.
