SeatGeek announced record revenues for Q4 of 2021, showing $82.5 million in net revenue – more than 17 times the comparable figure from Q4 2020 and up more than 30 percent from the $56.8 million reported in Q3 2021. For the full year, the company reported $186.3 million in net revenue, 5.5 times the number from the COVID-ravaged 2020 year.
The ticket resale platform and growing primary ticketing business also reported that its merger with RedBall Acquisition is on track and expected to close in the second quarter of 2022, Ticket News reports.
The business combination implies an enterprise value of approximately $1.35 billion. If approved, and assuming no redemptions by RedBall public shareholders, the current owners of SeatGeek will hold approximately 63.5% of the combined company and current RedBall shareholders will hold approximately 28.5%.
The company will receive proceeds of $575 million cash held in trust, less any deferred underwriting commissions, transaction expenses and redemptions, along with $90.5 million from a committed PIPE and $9.5 million from a committed PIPE of a warrant to purchase 950,000 shares of SeatGeek common stock.
RedBall is a $575 million SPAC, sponsored by an affiliate of RedBird Capital Partners under the control of “MoneyBall” figure Billy Beane. Reqd more.
