Cannabis Marketing Agency Springbig To Be Taken Public In SPAC Merger
Cannabis marketing platform Springbig is set to be taken public by special purpose acquisition company Tuatara Capital Acquisition Corporation (Nasdaq: TCAC). The companies have filed confidentially with the US Securities and Exchange Commission regarding their proposed business combination.
The blank check firm closed its US$20 million initial public offering in February 2021, offering 20 million company units at US$10.00 per unit. The firm had said it planned to pursue a business combination with a firm in the cannabis industry.
According to its latest financials as of September 30, 2021, the SPAC posted a net income of US$8.4 million, or US$0.34 income per share. The firm has US$201.1 million in total assets with a cash balance of US$0.7 million.
The proposed business combination is expected to close in H1 2022, subject to customary closing conditions and the approval of the SPAC’s shareholders. The combined company is also expected to use Springbig’s name and change its Nasdaq symbol to “SBIG”.
Tuatara Capital Acquisition last traded at US$9.85 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
