Tuatara Capital Acquisition Corporation $500 million merger with springbig
Davis Polk is advising Tuatara Capital Acquisition Corporation on its approximately $500 million business combination with springbig. Additionally, an approximately $13 million PIPE investment has commitments from existing and new investors, including Tuatara Capital, TVC Capital, Key Investment Partners and springbig’s founder and CEO Jeffrey Harris. Upon closing of the transaction, the combined company is expected to remain listed on the Nasdaq Stock Market under the symbol “SBIG.” The transaction has been approved by the boards of directors of TCAC and springbig, and is expected to close in the first quarter of 2022.
Tuatara Capital Acquisition Corporation was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. springbig is a leading provider in customer-loyalty and text message communications solutions for cannabis retailers and cannabis brands.
The Davis Polk corporate team includes partners Leonard Kreynin and Derek Dostal and associates Alex Yang and Meaghan Kennedy. The tax team includes partner William A. Curran. The intellectual property and technology transactions team includes partner Pritesh P. Shah and associates S. Dream Montgomery and Joshua Cameron Shirley. Counsel Kevin A. Brown is providing executive compensation advice. All members of the Davis Polk team are based in the New York office.