GT Gettaxi Ltd has entered into a business combination agreement with special purpose acquisition company (SPAC) Rosecliff Acquisition Corp I (RCLF). Upon closing of the transaction, the combined company, GT Gettaxi ListCo (NASDAQ: GETT), will trade on the NASDAQ Stock Market.
GT Gettaxi Ltd has entered into a business combination agreement with special purpose acquisition company (SPAC) Rosecliff Acquisition Corp I (RCLF). Upon closing of the transaction, the combined company, GT Gettaxi ListCo (NASDAQ: GETT), will trade on the NASDAQ Stock Market.
Gett is a leading provider of corporate ground transportation management (GTM) services – a global market worth over USD100 billion annually – and serves over one quarter of Fortune 500 companies. Gett’s cloud based soft- ware matches transportation providers, such as taxis and ride hailing services, with end users on a single worldwide platform, reducing its clients’ ground transportation expenses by an average of 25 per cent.
The SPAC transaction, which reflects a Gett pro forma enterprise value of USD1 billion, provides the company with up to USD253 million of capital from Rosecliff’s trust account. Gett’s existing shareholders are subject to a 12 month lockup period during which they may not dispose of their shares. In addition, Rosecliff’s sponsors and several of Gett’s existing shareholders, including Da Vinci Capital, will collectively purchase USD30 million worth of new Gett shares in a “private investment in public equity” transaction.
Da Vinci Capital Managing Partner Dennis Fulling, who serves on Gett’s board of directors, provided strategic advice to the company concerning its SPAC transaction.
Fulling says: “Da Vinci Capital is proud to be one of Gett’s early partners. We look forward to continuing our journey with Gett as it taps the capital markets and executes its long term strategy of being the leading software as a service platform for corporate ground transportation.”
Gett Founder and CEO, Dave Waiser adds: “Da Vinci Capital has actively supported Gett since 2018. Da Vinci actively guided our efforts to tap the capital markets and played a key role in mobilising our existing share-holders to propel the company forward.”
