Tuatara Capital Acquisition sharehoders voted in favor of merging with springbig, a provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, according to a news release.
Tuatara in a regulatory filing said 19,123,806 shares were redeemed ahead of the vote. That wiped out about 84 percent of the SPAC’s cash in trust.
The deal was approved by approximately 94% of the shares voted, which represented approximately 74% of the outstanding shares. The merger is expected to close June 14.
While the deal was valued at $500 million when announced last November, Tuatara restruck terms of the mergeer agreement twice, lowering the valuation to $275 million last month. The SPAC in April said it would issue 1 million shares to stockholders who did not redeem their shares ahead of the merger vote.
After closing, SpringBig Holdings stock and warrants will list on the Nasdaq under new ticker symbols SBIG and SBIGW. Read more.
