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Today we cover $RBAC, $CCV, $CBAH and more…

RedBall is in Merger Talks with SeatGeek

On Friday, RedBall Acquisition Corp, which is co-chaired by Oakland Athletics executive, Billy Beane, confirmed that it was in exclusive talks with ticketing agency company SeatGeek over a SPAC Merger.

SeatGeek partners with multiple high-profile sports teams, which include the Dallas Cowboys, New Orleans Saints, Arizona Cardinals from the NFL, Brooklyn Nets, Cleveland Cavaliers, New Orleans Pelicans from the NBA and Philadelphia Flyers from the NHL.

New-York based SeatGeek also has a presence in England and has partnerships with Soccer clubs Liverpool and Manchester City. RedBall confirmed that there is no assurance of a definitive agreement, but should the merger go through, SeatGeek should see its valuation rise (the company was last valued at $571 million according to Pitchbook).

The SPAC raised $575 million in 2020 to acquire companies in sports, media, and analytics sectors with a focus on professional sports teams.


Amazon Aggregator Delays SPAC Deal 

US Aggregator of Amazon third-party sellers, Thrasio has delayed plans to go public through a SPAC merger after the company reported complications with its financial audits.

There were reports in June that Thrasio was in talks to go public through a merger with a SPAC led by Michael Klein, which valued the combined company at more than $10 billion. But the company’s audit proved much more difficult compared to an e-commerce/tech company, since Thrasio oversees more than 200 Amazon brands, creating a complex balance sheet.

As an alternative to the SPAC, the company announced last month that it was raising $650 million through a debt facility, bringing the total amount raised in the company’s lifetime to $2.3 billion.

Thrasio now has 200 brands with over 22,000 products which range across categories from skincare to home goods.


Reddit Reads

Department of Energy’s Announcement May Benefit CBAH 

The DOE announced that it wants to power 5 million homes with community solar by 2025. CBAH which is a SPAC merging with Atlus Power may benefit from the announcement in the future.

The Warranty Liability Game 

The SEC warranty liability change could result in earnings surprises for SPACs that have shares prices that swing from slightly over 11.50 to well below 11.50 from quarter to quarter.

The SPAC Market in a Nutshell 


Gett is Closing in on $1.3 Billion SPAC Deal 

Corporate ground travel company Gett is closing in on a SPAC deal, which values the company between $1.3-$1.5 billion, which is close to its valuation in its most recent funding round in June 2020.

Gett is currently closing PIPE funding for the deal, which is estimated to be between $150-$200 million, with the assistance of Morgan Stanley and Jefferies Group. Despite being in the final stretch of going public, the deal is far from being sure, given the company’s track record.

Gett has been looking to go public for the last two years and has explored options including an IPO on Nasdaq, Europe, and even on the Tel Aviv Stock Exchange, but is now set to be heading to the market through a SPAC merger.

The company, which was founded in 2010 as Gett Taxi, has rebranded itself in recent years from a ride-hailing service to one that focuses on the enterprise market and now optimizes its client’s corporate ground travel needs, from booking and riding to invoicing and analytics.


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