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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, a leading live event technology platform, announced its attendance at several investor conferences: JMP Securities on March 7, Morgan Stanley on March 8, and Deutsche Bank on March 14, 2022. Management will host one-on-one meetings at these events. This follows the previously announced merger with RedBall Acquisition Corp. (NYSE: RBAC), expected to close in Q2 2022, pending shareholder and regulatory approvals. Post-merger, RedBall will be renamed SeatGeek, Inc. This deal aims to enhance SeatGeek's position as a global ticketing leader.
SeatGeek, a leading live event technology platform, announced investor meetings on December 6, 2021, at the Raymond James Virtual Technology Investors Conference. Previously, on October 13, 2021, SeatGeek and RedBall Acquisition Corp. (NYSE: RBAC) confirmed a business combination agreement, expected to close in Q1 2022, pending regulatory and shareholder approvals. Following the merger, RedBall will rebrand as SeatGeek, Inc. SeatGeek aims to revolutionize live-event experiences through innovative ticketing technology, partnering with prominent sports and entertainment organizations worldwide.
SeatGeek, Inc. will participate virtually in the J.P. Morgan Media and Communications Industry Panel on October 18, 2021, with CEO Jack Groetzinger speaking at 8:10 am ET about the return of live entertainment. Following the event, a transcript will be available on SeatGeek's investor relations website. Additionally, on October 13, 2021, SeatGeek and RedBall Acquisition Corp. (RBAC.UN, RBAC-UN) announced a definitive business combination, with plans to close in Q1 2022, pending regulatory and shareholder approvals. RedBall will be renamed SeatGeek upon closing.
SeatGeek has entered into a definitive merger agreement with RedBall Acquisition Corp (RBAC.UN) to become a public company, establishing a high-growth global ticketing marketplace.
The combined entity will have an enterprise value of approximately $1.35 billion, benefitting from an estimated $126 billion live entertainment market. This deal is expected to fuel SeatGeek's growth, providing access to new capital sources and enhancing its technology platform.
Jack Groetzinger, CEO of SeatGeek, will lead the merged company, aiming to revolutionize the ticketing experience.
RedBall Acquisition Corp. (NYSE: RBAC) is currently in exclusive discussions with SeatGeek, Inc. regarding a potential business combination. No definitive agreement has been reached, and the company will refrain from further comments unless a transaction is finalized or discussions conclude. This announcement follows the company's focus on mergers within the sports, media, and data analytics sectors, particularly professional sports franchises. RedBall's sponsor is affiliated with RedBird Capital Partners.
