Gett taxis in Tel Aviv on March 2, 2021. (Miriam Alster/Flash90)
Israel-based ridesharing app Gett said Wednesday it will go public on the Nasdaq at an implied value of $1 billion.
Gett will make the move by merging with a special purpose acquisition company, or SPAC, called Rosecliff Acquisition I, backed by the investment firm Rosecliff Venture Management.
The deal is expected to net Gett some $283 million in cash and cash equivalents, the company said in a statement.
After the deal goes through, Gett will trade under the ticker “GETT.”
Gett said it intends to use the cash proceeds from the deal to fund growth and further cement its position in the so-called global transport management market.
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The deal is expected to close in the first half of 2022.
SPACs are shell companies that aim to raise capital by going public, then merge with and into an existing company, in a process that is generally easier and quicker than a traditional initial public offering. SPACs have been around for decades but have been a major market trend in the past year.
The Nasdaq building in Times Square in New York. (littleny, iStock by Getty Images)
Founded in 2010, Gett has raised some $850 million to date, including $300 million from Volkswagen, according to the Globes financial daily.
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The company raised $100 million in July 2020 with a valuation of $1.5 billion, the newspaper said. Gett has had a positive cash flow since late 2019 but its valuation has fallen slightly over recent quarters, the report added.
Luke Tress contributed to this report.
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