Israeli taxi hailing app Gett will list on Nasdaq after agreeing a SPAC merger at a valuation of $1 billion, with Rosecliff Acquisition I, a SPAC backed by the investment firm Rosecliff Venture Management, both cmpanies have announced.
On completion of the merger, Gett will become a publicly traded company under the name "Gett Inc." and trade under the ticker symbol "GETT." The transaction reflects an implied pro forma enterprise value at closing of $1 billion. The transaction will provide up to $253 million in gross proceeds from Rosecliff’s trust account, with an additional $30 million in gross proceeds from a fully committed common equity PIPE from Rosecliff’s sponsors and existing Gett shareholders.
The merger is due to close in the first half of 2022.
Gett has raised $850 million since it was founded including $300 million from Volkswagen. The company raised $100 million in July 2020 at a company valuation of $1.5 billion. The company has had a positive cash flow since the end of 2019 but its valuation has fallen over recent quarters.
Gett's main markets are in the UK, Israel and Russia after closing its Juno ridesharing unit in New York in 2019.
Gett founder and CEO Dave Waiser 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."
Published by Globes, Israel business news - en.globes.co.il - on November 10, 2021.
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