Israeli-founded ride-hailing startup Gett announced last week that it will enter into a definitive agreement to merge with Rosecliff Acquisition I, a special purpose acquisition company (SPAC), to go public on the NASDAQ.
Rosecliff is backed by the investment firm Rosecliff Venture Management.
The deal is expected to close in the first half of 2022. The newly combined company will operate as Gett and trade on the Nasdaq under the symbol “GETT.”
The deal will provide up to $253 million in gross proceeds from Rosecliff’s trust account and an additional $30 million in gross proceeds from a fully committed common equity PIPE (Private Investment in Public Equity) from Rosecliff’s sponsors and existing Gett shareholders.
Founded in 2010, Gett creates solutions for corporate travel with its mobility software, putting clients’ preferred ride-hailing apps and car services onto one SaaS platform. The company launched its on-demand B2B mobility service in 2010. The advanced technology aims to make ground travel for business simpler, safer, and more efficient.
Gett said it will leverage the cash from the deal to fund the growth of its company and further expand in building its place in the global transportation sector.
The company raised $100 million in July 2020 from new and existing investors, with a valuation of $1.5 billion.
“At Gett, we are inspired to become the industry standard in corporate ground transportation spend management. Our team is building a global grid of ground transportation, embracing the entire world, connecting the dots, similar to telephonic and internet grids,” said Dave Waiser, CEO and founder at Gett.