Big moves for SpringBig are coming together, as the company is expected to close a deal to go public today. Shareholders of Tuatara Acquisition Corporation (Nasdaq: TCAC), a blank-check firm, recently voted in favor of a merger with the cannabis marketing platform, with ninety-four percent of shareholders voting yes. Once the deal is done, Tuatara will change its name to SpringBig Holdings, valued at $500 million, and trade on the Nasdaq using the “SBIG” symbol.
In a previous statement, SpringBig CEO Jeffrey Harris mentioned that going public would make it possible for the company to keep up with growing demand in the cannabis sector. They currently have more than 1,000 clients, including dispensary chains and brands, across 2,300 North American locations. In 2017, the company began exclusively serving cannabis businesses and has raised nearly $20 million in venture capital since. SpringBig has reported reaching about 38 million legal cannabis consumers through its SaaS platform, which allows businesses to market their products and loyalty programs to customers directly through text, boasting a 99% open rate.
Tuatara Capital Acquisition Corp. is a Special Purpose Acquisition Company (SPAC) created to effect a merger between one or more businesses in the cannabis industry. In November of 2021, the company announced a definitive agreement with SpringBig, and the deed is finally set to be done today.
“This strong foundation will enable us to leverage our data and technology to consolidate across multiple market verticals including data analytics, increased marketing automations, and advertising solutions,” said SpringBig CEO Jeffrey Harris.