RedBall Acquisition Corp. (NYSE:RBAC) announced this morning that it has mutually terminated its combination agreement with ticket marketplace SeatGeek.
Similar to a handful of other SPACs we’ve seen, RedBall cited unfavorable market conditions as the key reason behind the termination. But, the press release further specified that growth technology companies in particular have been facing difficulties in the public markets.
SeatGeek will continue to remain a private company, and RedBall will convene and adjourn the special meeting of its shareholders scheduled to be held today, June 1, 2022. Today’s press release did not disclose RedBall’s plan to seek out an alternative business combination, but it has a transaction deadline quickly approaching on August 17, 2022.
The current market pain is still impacting SPACs and IPOs alike, making RedBall’s deal the 22nd to terminate this year and the second this morning following Magnum Opus Acquisition Limited’s (NYSE:OPA) termination of Forbes. The SPAC originally priced a $500 million IPO in August 2020. The RedBall team is headlined by Billy Beane – the former Oakland A’s general manager and executive who pioneered “Moneyball” techniques of leveraging performance analytics to generate the best ROI on player acquisitions.
RedBall initially announced its $1.35 billion combination with SeatGeek in October 2021. New York City-based SeatGeek provides an event ticket marketplace to enterprise clients, individual sellers and consumers that includes in-stadium purchase options and integrations with ride-hailing services.
Four Leaf Acquisition Corporation (NASDAQ:FORL) has entered into a definitive agreement to combine with Chinese technology firm Xiaoyu Dida for undisclosed terms. The Guangzhou, China-based firm produces software and hardware for smart car washing systems. The parties have set December 31, 2025 as the initial outside date and the combined company is expected to trade...
At the SPAC of Dawn SPACs are back on the board with a new deal announcement, which is the first in a little over two weeks. This brings the fourth quarter count on fresh deals to a still-meager nine after 27 were announced in the third quarter. By contrast, this quarter has still seen more...
Range Capital Acquisition Corp. (NASDAQ: RANGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RANGU”, Friday, December 20, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but will seek opportunities in capital constrained...
SPAC Deja Vu There’s been a lot of talk this year in the SPAC market about how it’s finally reverting back to a healthier version of deal flow and the comparison is always, “….like 2019”. In fact, in 2019, Trump was in office and there were 59 SPAC IPOs priced. As of this morning, Trump...
This year has seen a variety of innovations for SPACs to continue the lifespan beyond their traditional search windows. In general, this creativity is welcome as long as investors get their chance to have a say and a redemption opportunity at the appropriate time. But, in the second half of 2024, some SPACs have not...