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RedBall Acquisition Corp. (RBAC.UN) announced the redemption of all outstanding public shares, effective August 17, 2022, as it failed to complete a business combination by the deadline. The public shares will be redeemed at approximately $10.02 per share, marking the end of shareholder rights. Trading of public shares ceases on August 16, 2022. Following the redemption, the company plans to file for delisting from the NYSE and terminate registration under the Securities Exchange Act. This decision initiates the winding up and liquidation process in compliance with Cayman Islands law.
RedBall Acquisition Corp. (RBAC) has terminated its business combination agreement with SeatGeek as of May 31, 2022, due to unfavorable market conditions impacting growth technology firms. RedBall's partner, Andy Gordon, noted the decision was mutual, emphasizing SeatGeek's solid growth track record. SeatGeek's CEO, Jack Groetzinger, acknowledged market volatility and expressed confidence in SeatGeek's long-term growth. Consequently, the extraordinary general meeting on June 1, 2022, will not move forward with any proposed resolutions regarding the business combination.
RedBall Acquisition Corp. (NYSE: RBAC) has scheduled a Special Meeting for shareholders on June 1, 2022, at 9:30 a.m. ET to approve its business combination with SeatGeek, Inc.. This meeting follows the SEC's declaration of effectiveness for its Registration Statement on Form S-4. Shareholders of record as of April 22, 2022 will receive the proxy statement for the vote. Upon approval, RedBall will be renamed SeatGeek, Inc., with shares trading under the new symbols STGK and STGK.WS.
SeatGeek announced the addition of Anna Baird and Melissa Selcher to its Board of Directors as part of its anticipated business combination with RedBall Acquisition Corp (NYSE: RBAC). This move aims to enhance the company's leadership with expertise in finance and marketing to support growth objectives. The appointment is pending shareholder approval and other customary conditions. CEO Jack Groetzinger and the new board members emphasized a commitment to innovation in transforming the live event industry.
SeatGeek announced record financial results for Q4 and FY 2021, reflecting robust growth in net revenue, gross profit, and contribution margin. Q4 net revenue reached $82.5 million, up 45% from Q3 2021, and gross profit hit $47.6 million, a 34% increase from the previous quarter. The company also noted ongoing expansion in both primary and secondary ticketing markets. Despite losses, the Q4 loss from operations improved to $16.9 million, and adjusted EBITDA showed a loss of $11.3 million. The merger with RedBall Acquisition Corp. is anticipated to close in Q2 2022.
SeatGeek reported record Q3 2021 financial results with net revenue of $59.7 million, up 46% from Q2 2021 and over 2000% from Q3 2020. Gross profit also reached a record $36.7 million, a 44% increase from the previous quarter. The business combination with RedBall Acquisition Corp. is anticipated to close in Q1 2022, pending shareholder approval. Despite strong revenue growth, SeatGeek posted a loss from operations of $16.6 million and an adjusted EBITDA loss of $10.8 million, attributed to increased operational investments.
SeatGeek has partnered with St. Louis CITY SC as the club's primary ticketing provider for its inaugural MLS season in 2023. This partnership marks SeatGeek's seventh collaboration with an MLS team, reflecting its growing presence in the league.
SeatGeek's advanced digital ticketing technology aims to enhance fan experience by enabling mobile ticket purchases, transfers, and contactless entry into the stadium. The platform also integrates back-office technology for better demand insights. This collaboration follows a successful season ticket deposit campaign by St. Louis CITY SC.
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