Former Uber rival flags down SPAC business model

Spectral AI

11/11/2021 10:58

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Karen Kwok
    LONDON, Nov 11 (Reuters Breakingviews) - Gett, once a
ride-hailing hopeful, is reinventing itself as a platform to
help big companies manage their taxi bills. Merging with a U.S.
blank-cheque firm brings cash to pursue the switch. A less shiny
$1 bln valuation leaves some room for disappointment.        
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    CONTEXT NEWS
    - Gett, an Israeli-British corporate transportation company,
on Nov. 10 said it will go public by merging with a U.S.
special-purpose acquisition company in a deal valued at $1
billion.
    - Gett offers corporate fleets, ride-hailing services and
taxis on its platform to big corporates. It serves up to a
quarter of Fortune 500 companies.
    - The deal with Rosecliff Acquisition Corp I will provide
Gett with proceeds of about $253 million from the SPAC trust
account and another $30 million from private placement in public
equity (PIPE).
    - The company said none of the existing investors are
selling and are committed not to sell for a year.
    - Shares in Rosecliff Acquisition closed at $9.85 on Nov.
10.

 (Editing by Peter Thal Larsen and Oliver Taslic)
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