BOCA RATON, Fla. and NEW YORK, June 15, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE -- springbig, a provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, and Tuatara Capital Acquisition Corporation (“TCAC”) today announced that they have completed their previously announced business combination (the “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 “SBIG” and “SBIGW,” respectively, and will begin trading today 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, chief executive officer and co-founder of springbig, said: “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.”
Harris concluded, “I would like to congratulate and thank all those involved in this transaction, including our passionate and dedicated team. I could not be more excited for the future of springbig and look forward to generating sustained value for our shareholders, customers, and consumers, as we accelerate our growth strategy as a newly public company.”
The Company and TCAC also announced the issuance of $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, the previously announced 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 1,000,000 shares by TCAC’s sponsor.
Jefferies LLC served as exclusive financial advisor and exclusive capital markets advisor to springbig and Cantor Fitzgerald & Co. served as exclusive capital markets advisor and exclusive PIPE placement agent to TCAC. Benesch, Friedlander, Coplan & Aronoff LLP acted as legal counsel for springbig, and Davis Polk & Wardwell LLP and Dentons US LLP acted as legal counsel to TCAC.