springbig and Tuatara Capital Acquisition Corporation have completed their business combination.
The business combination was approved at a special general meeting of TCAC shareholders on June 9, 2022. In connection with the closing of the business combination, TCAC has changed its name to SpringBig Holdings, Inc. The ticker symbols for TCAC’s common stock and warrants have been changed to (NASDAQ:SBIG) and (NASDAQ:SBIGW) respectively, and will begin trading on June 15, on the Nasdaq Global Market.
springbig is the largest customer loyalty and marketing platform in the cannabis industry and is the provider of choice and trusted partner to many leading cannabis retailers and brands across North America. The company serves over 1,300 clients with more than 2,400 retail locations, through its suite of category-leading solutions designed to increase customer retention, build customer loyalty, and boost brand awareness through digital marketing and communications and industry-leading reporting and analytics.
Jeffrey Harris, CEO and co-founder of springbig, stated: “We are thrilled to close this business combination and further springbig’s evolution – not only as a public company, but as a trusted and distinguished technology and software leader serving the growing North American cannabis ecosystem. Looking ahead, we will strategically position and adapt our industry-leading offering alongside the maturation of the cannabis sector, including expanding our engagement with major brands. Additionally, we will continue exploring avenues for growth, both organically and through M&A.”
The company and TCAC issued $11 million in aggregate principal amount of senior secured convertible notes to a global institutional investor, pursuant to the terms of the previously announced financing transaction.
As of the closing of the business combination, bonus shares have been delivered to non-redeeming shareholders, with each such shareholder receiving one bonus share for each non-redeeming share and a corresponding forfeiture of 1 million shares by TCAC’s sponsor.
Photo by Tim Foster on Unsplash
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