RedBall Acquisition Corp. and SeatGeek, Inc. Mutually Agree to Terminate Business Combination Agreement due to Unfavorable Market Conditions
01 Junio 2022 - 7:30AM
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.
About RedBall Acquisition Corp.RedBall
Acquisition Corp. (NYSE: RBAC) is a blank-check company
incorporated as a Cayman Islands exempted company and formed for
the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization or similar business
combination with one or more businesses with a focus on businesses
in the sports, media and data analytics sectors, in particular
professional sports franchises, which complement RedBall management
team’s expertise and benefits from its strategic and hands-on
operational leadership. RedBall’s management team represents a
unique combination of operating, investing, financial and
transactional experience.
About SeatGeekSeatGeek is on a mission to
transform the live-event experience for fans, teams and venues. By
combining a consumer marketplace with innovative primary ticketing
box office technology, SeatGeek has become a high-growth global
ticketing leader. SeatGeek delights fans through industry-first
features including: Deal Score, its proprietary ticket rating
technology; Rally, its event-day operating system; and SeatGeek
Swaps, the first return policy offered by a major ticketer. In
parallel, the platform's open-ecosystem enterprise ticketing
software empowers teams, venues and promoters to efficiently grow
their businesses while delivering the superior experience that all
fans deserve.
SeatGeek is proud to partner with some of the most recognized
names in sports and live entertainment across the globe including
the Dallas Cowboys, Brooklyn Nets and Liverpool F.C., as well as
Major League Soccer (MLS), National Football League (NFL), half of
the English Premier League (EPL) and multiple theaters across NYC’s
Broadway and London’s West End. Curious? Visit
www.seatgeek.com.
Forward-Looking StatementsThis press release
contains certain statements that are forward-looking statements for
purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. You should not place undue
reliance on forward-looking statements, which speak only as of the
date of this report. Except as may be required under applicable
securities laws, RedBall does not undertake any obligation to
update these forward-looking statements and RedBall specifically
disclaims any obligation to do so. These forward-looking statements
are subject to a number of risks and uncertainties, including, but
not limited to, those risks and uncertainties set forth under the
headings “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the registration statement on Form
S-4 and proxy statement/prospectus and other documents filed by
RedBall from time to time with the SEC. In addition,
forward-looking statements are based on current expectations and
beliefs concerning future developments and their potential effects
on RedBall. There can be no assurance that future developments
affecting RedBall will be those that RedBall have anticipated.
These forward-looking statements involve a number of risks,
uncertainties (some of which are beyond our control or the control
of RedBall) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. Should one or more of
these risks or uncertainties materialize, or should any of
RedBall’s assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements.
Media ContactDan Gagnier / Jeffrey Mathews,
Gagnier Communicationsseatgeek@gagnierfc.com
SeatGeek Media Relationspress@seatgeek.com
RedBall Acquisition (NYSE:RBAC)
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