Cannabis-Focused Marketing Software Provider Springbig To Go Public Via SPAC

A special purpose acquisition company Tuatara Capital Acquisition Corporation (NASDAQ: TCAC) announced Tuesday that it has signed an agreement for a business combination that would result in springbig’s public listing. springbig is a provider of marketing software to the industry.

The Deal Highlights

Under the agreement, the combined company will stay listed on the Nasdaq Stock Market under the symbol "SBIG." The transaction is expected to close in the first quarter of fiscal 2022.

The combined company is projected to have an equity value of around $500 million, assuming $10 per share price and no redemptions by Tuatara stockholders. Additionally, a $13 million PIPE investment has commitments from Tuatara Capital and existing investors, including TVC Capital, Key Investment Partners and springbig's founder and CEO Jeffrey Harris.

After the transaction closes, Harris will continue to lead the company and springbig’s CFO Paul Sykes will also continue in his role. Sergey Sherman, managing director at Tuatara Capital and CFO of …

Full story available on Benzinga.com

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