Gett Nears $1.1B SPAC Merger To Go Public

Author: Anusuya Lahiri | November 10, 2021 08:43am

Corporate-transportation platform Gett is nearing a special-purpose acquisition company (SPAC) merger worth $1.1 billion with Rosecliff Acquisition Corp I (NASDAQ:RCLF), the Wall Street Journal reports.
Gett now aims to streamline the company’s ride-hailing, taxi, and limousine booking options worldwide into one platform to save customers time and money. It initially started as a Uber Technologies (NYSE:UBER) competitor.
Gett now joins companies like Lyft Inc (NASDAQ:LYFT) and Indian ride-hailing operator Ola to offer many different services.
Gett is marketing itself as a solution for global companies to transport workers rapidly, particularly with many remote workers at least part-time during the pandemic.
Gett works with companies like Apple Inc (NASDAQ:AAPL) and Coca-Cola Co (NYSE:KO), the report adds.
Gett closed its New York ride-sharing business Juno in 2019. Gett still operates ride-hailing services in markets like Israel and London, but 40% of its trips for corporate clients now come from third parties.
Price Action: RCLF shares traded higher by 1.63% at $9.95 in the premarket session on the last check Wednesday.