Cannabis Marketing Platform Springbig Will Go Public Through a SPAC
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Springbig, a provider of marketing software to cannabis retailers, has agreed to go public through a merger with Tuatara Capital Acquisition Corp., a blank-check firm.
The transaction, which if completed will result in Springbig being listed on the Nasdaq, is expected to value the combined company at about $500 million, Springbig and Tuatara said in a joint statement. The transaction features a $13 million so-called private investment in public equity, or PIPE, anchored by Tuatara Capital as well as Springbig’s backers including TVC Capital and Key Investment Partners.