GETT to List on NASDAQ Through Merger with Rosecliff Acquisition Corp.
Rosecliff Acquisition Corp I (NASDAQ: RCLF), a special purpose acquisition company, and GT Gettaxi Limited, the category-leading corporate Ground Transportation Management (GTM) platform, today announced that they have entered into a definitive business combination agreement. Upon closing of the business combination, the newly combined company (the "Company") will operate as Gett and trade on the Nasdaq under the symbol “GETT.”
Gett is a technology platform focused on solving corporate Ground Transportation Management (GTM) challenges, where spending is estimated to exceed $100 billion globally.
Gett is the GTM category leader, serving over a quarter of the Fortune 500 companies.
Gett’s cloud-based software offers the choice of more than 1,700 transportation providers, including corporate fleets, ride-hailing services, taxis, and limousines, on one single platform, forming a truly global transportation grid. The technology helps save businesses time and money by centrally managing all of their ground transportation spending and optimizes the entire employee experience from booking and riding to invoicing and analytics.
Building a ground transportation grid available to customers worldwide, similar to telephonic and internet grids, Gett aspires to become the industry standard in corporate ground transportation. Founded in 2010 and headquartered in London, Gett employs over 800 employees globally.
Upon completion of the business combination, Gett will become a publicly traded entity under the name “Gett Inc.” and trade under the ticker symbol “GETT.” The transaction reflects an implied pro forma enterprise value at closing of $1 billion. The transaction will provide up to $253 million in gross proceeds from Rosecliff’s trust account, with an additional $30 million in gross proceeds from a fully committed common equity PIPE from Rosecliff’s sponsors and existing Gett shareholders.
The transaction, which has been unanimously approved by the Boards of Directors of both Gett and Rosecliff, is expected to close in the first half of 2022, subject to approval by Rosecliff’s and Gett’s respective stockholders and the satisfaction or waiver of other customary closing conditions, including applicable regulatory approvals.
Jefferies is acting as financial and capital markets advisor to Gett. Davis Polk & Wardwell LLP and DLA Piper are acting as legal counsel to Gett. BTIG, LLC and Piper Sandler are acting as financial advisors and capital markets advisors to Rosecliff. Latham & Watkins LLP is acting as legal counsel to Rosecliff. In addition, Pareto Securities AB, SberCIB, and ITI Group Ltd. are acting as capital market advisors on the transaction.Read more