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.
Copley Acquisition Corp has filed to raise a $150 million SPAC to hunt for a technology or lifestyle target in either the Asia Pacific or North America regions. The new S-1 also advances underwriter Clear Street in the league tables as it has backed two of the three latest SPACs to file in December, and...
Translational Development Acquisition Corp. (NASDAQ: TDACU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “TDACU”, Monday, December 23, 2024. The new SPAC intends to take a generalist approach in searching for a business combination, but intend to focus on industries that...
At the SPAC of Dawn SPACs have set to have a busy holiday week with three business combination approval votes and eight special meetings for extensions. Teams are trying to get eight of these in the books today, including all three completion votes ahead of Christmas Eve tomorrow. As noted last week, the theme of...
Terms Tracker for the Week Ending December 20, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. * We will be skipping next week’s Terms Tracker post while we work on putting together our “2024 Year End Review”. You can find 2023’s...
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...