Tuatara Capital Acquisition in a regulatory filing said BMO Capital Markets, one of the underwriters in the SPAC’s initial public offering, has agreed to waive its deferred underwriting fee of $2.8 million. This fee was agreed between TCAC and BMO in the IPO underwriting agreement signed by the parties on Feb. 11, 2021, and was earned in full upon completion of the IPO — but payment was conditioned upon closing of the SPAC’s business combination. The waiver was given by BMO on a gratuitous basis, according to the filing.
BMO has had no involvement in the SPAC’s proposed business combination with SpringBig, a provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry.
BMO informed TCAC that, since they were not mandated in any capacity in connection with the business combination and had not done any diligence in respect of SpringBig, they were waiving their fee.
BMO’s fee waiver means the transaction costs for the SpringBig merger will be reduced by $2.8 million, Tuatara said in the filing. Read more.
