Gett to Go Public Through $1.1B SPAC Merger

Corporate transportation company Gett is closing in on a special purpose acquisition company (SPAC) merger with Rosecliff Acquisition Corp. I, which is backed by Rosecliff Venture Management LLC, people familiar with the situation told The Wall Street Journal for its report Tuesday (Nov. 9).

London-based Gett offers on-demand ride-hailing, taxi and limousine booking options in a single platform, mirroring the multi-pronged offering approach also used by Lyft and Indian ride-hailing company Ola.

The company sees itself as a practical solution for global companies — including about one-quarter of Fortune 500 companies, such as Apple and Coca-Cola — to bring workers to their destinations quickly, especially as many continue working from home at least part-time since the start of the COVID-19 pandemic.

Related: SPACs — and B2B Listings – Gather Momentum Across 2021’s Finish Line

CNBC recently reported that 57 SPACs began trading last month, the highest number since 109 in March and double the number of new issues that went public in September. There have been 45 work-related listings (including SPACs and traditional IPOs) year to date, second only to banking, according to PYMNTS research.

Accounts receivable automation and integrated B2B payment firm Billtrust kicked off the flurry of SPAC merger activity at the beginning of this year with South Mountain Merger Corp. Cross-border B2B firm Payoneer recently went public via SPAC in a $3.3 billion deal and supply chain management firm E2open went public via SPAC as well.

Also read: UK Strengthens SPAC Investor Protections

The Financial Conduct Authority (FCA) enacted new rules across the U.K. in August, including lowering the minimum amount an SPAC would need to raise at initial listing from 200 million pounds to 100 million pounds.

The FCA also introduced an option to extend the proposed two-year time-limited operating period (or three-year period if shareholders have approved a 12-month extension) by six months in cases where a transaction is “well advanced,” without the need to get shareholder approval.

The new rules also have a “redemption” option to let investors back out of SPAC deals before any acquisition is completed, requiring shareholder approval for proposed acquisitions and setting a time limit on the life of SPAC if no acquisition is completed.