Springbig, a provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, and Tuatara Capital Acquisition Corporation have completed their previously announced business combination.
The business combination was approved at a special general meeting of TCAC shareholders on June 9, 2022. In connection with the closing of the business combination, TCAC has changed its name to SpringBig Holdings, Inc. The ticker symbols for TCAC’s common stock and warrants have been changed to “SBIG” and “SBIGW,” respectively, and will begin trading today on the Nasdaq Global Market.
Springbig is a customer loyalty and marketing platform that partners with many cannabis retailers and brands across North America. The company serves more than 1,300 clients with more than 2,400 retail locations, through its suite of solutions designed to increase customer retention, build customer loyalty, and boost brand awareness through digital marketing and communications and industry-leading reporting and analytics.
, said: “We are thrilled to close this Business Combination and further springbig’s evolution – not only as a public company, but as a trusted and distinguished technology and software leader serving the growing North American cannabis ecosystem. Looking ahead, we will strategically position and adapt our industry-leading offering alongside the maturation of the cannabis sector, including expanding our engagement with major brands. Additionally, we will continue exploring avenues for growth, both organically and through M&A," said Jeffrey Harris, Chief Executive Officer and Co-Founder of Springbig
The company and TCAC also announced the issuance of $11 million in aggregate principal amount of senior secured convertible notes to a global institutional investor, pursuant to the terms of the previously announced financing transaction.