Tuatara Capital Acquisition today announced that it’s registration statement on Form S-4 has been declared effective by the SEC for thge SPAC’s proposed merger with springbig, a provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry.
A shareholder vote on the deal is scheduled for June 9.
Tuatara last month restruck the merger agreement, slashing the equity value of the deal to $215 million — down from the $500 million cited when the merger 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. Read more.
