Black cab and corporate transportation company Gett will go public as part of a merger with Rosecliff Acquisition in a deal valued at $1billion, the firms announced on Wednesday.
Rosecliff Acquisition, a special purpose acquisition company, and GT Gettaxi Limited, better known as Gett announced yesterday that they have entered into a definitive business combination agreement.
The newly combined company will operate as Gett and trade on the Nasdaq under the symbol “GETT”.
The merger will provide up to $253million in gross proceeds from Rosecliff’s trust account, with an additional $30million in gross proceeds from a fully committed common equity PIPE from Rosecliff’s sponsors and existing Gett shareholders.
The transaction, which has been unanimously approved by the Boards of Directors of both Gett and Rosecliff, is expected to close in the first half of 2022, subject to approval.
SPACs are firms that appear on exchanges but have no business operations. They focus on using capital raised through an initial public offering to merge with a privately held company, in a merger that then takes it public.
Michael Murphy, Founder and CEO of Rosecliff, said: “Upon the creation and initial listing of Rosecliff, we sought to partner with a high growth, scalable software company operating in a large, unpenetrated market, in an early cycle of disruption. Following a period of admirable hard work from our entire team, we have achieved this milestone with Gett.
“Dave (Waiser) and his management team have done a remarkable job transitioning from a traditional ride-hailer to become a leading global corporate GTM platform. With our added expertise with high-growth companies and vast corporate network in the United States to create rapid inroads to new customer opportunities, we believe that we can accelerate Gett’s growth to significantly increase value for all shareholders.”
Dave Waiser, Founder and CEO of Gett, said: “At Gett, we are inspired to become the industry standard in corporate ground transportation spend management. Our team is building a global grid of ground transportation, embracing the entire world, connecting the dots, similar to telephonic and internet grids.
“With an increasing shortage of drivers due to a Covid-induced market shock, it has become more difficult in some markets to predictably and repeatedly find a car with any single provider, especially on-demand. Corporations and their employees are looking for a more modern and highly reliable service to manage the broadest array of vendors to optimize their ground transportation for faster pickups and better price.
“Our platform operates as a marketplace that benefits key stakeholders: corporate clients, who receive a modernized and streamlined expense management workflow, faster pickup times, broader geographical coverage and increased cost efficiencies, and partner vendors, who are generating extra revenues using our automated solution across all geographies.”