Tuatara Capital Acquisition in a regulatory filing said it restruck a merger agreement with cannabis company Springbig, lowering the equity value of the deal to $215 million — down from the $500 million cited when the deal was announced last November. The SPAC also said it would issue 1 million shares to stockholders who do not redeem their shares ahead of the merger vote. Tuatara’s sponsor has agreed to forfeit 1 million of its shares.
In addition, Tuatara extended the earnout period to five years and increased the number of shares that would be available under the earnout.
Springbig provides marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs in the cannabis industry.
Original terms called for the target to receive $200 million cash 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. Read more.
