RedBall Acquisition in an 8-K filing said its agreement end date with SeatGeek has been extended to June 27 from April 13. SeatGeek is a ticketing tech platform.
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. Read more.
