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RedBall Acquisition Corp. ("RedBall") (NYSE:RBAC), a publicly traded special purpose acquisition company, and SeatGeek, the technology platform that is transforming the live event experience for fans, teams, and venues, announced today that on May 31, 2022 the companies have mutually agreed to terminate their previously announced business combination agreement and plan of reorganization (the "Business Combination Agreement") with immediate effect.
The parties decided to terminate the Business Combination Agreement as a result of current unfavorable market conditions, particularly impacting growth technology companies.
Andy Gordon, Partner at RedBird Capital, on behalf of RedBall, said, "SeatGeek is a great technology company with a proven track record of growth and strong momentum. However, given current market conditions, it was mutually determined that the best option for all parties at this time is for SeatGeek to remain private. We wish this incredible team continued success."
Jack Groetzinger, SeatGeek CEO and Co-Founder, said, "Given the volatility in the public markets, together, we determined that a termination of the business combination was in the best interest of all parties. We have a tremendous amount of respect for the great team at RedBall and appreciate their partnership throughout the process. SeatGeek recently announced two record-breaking quarters – Q3 and Q4 of 2022 – and we remain confident in our continued long-term growth trajectory."
As required by Cayman Islands law, RedBall will convene the extraordinary general meeting of RedBall's shareholders scheduled to be held on June 1, 2022 to approve the proposed business combination. However, as a result of the termination of the Business Combination Agreement, at the extraordinary general meeting, RedBall intends that none of the proposed resolutions to approve the Business Combination Agreement and the connected matters concerning the transactions contemplated thereby would be put forward for the consideration and approval of RedBall's shareholders and that the extraordinary general meeting would be adjourned indefinitely. In light of the termination of the Business Combination Agreement, the proposed business combination will not be concluded and any ordinary shares submitted for redemption will not be redeemed at this time and will be returned to the respective holder, broker or bank in the manner described in the definitive proxy statement for the extraordinary general meeting.
Additional information about the termination of the Business Combination Agreement will be provided in a Current Report on Form 8-K to be filed by RedBall with the U.S. Securities and Exchange Commission and available at www.sec.gov.
Posted In: RBAC
