Gett Nears $1.1B SPAC Merger To Go Public

Corporate-transportation platform Gett is nearing a special-purpose acquisition company (SPAC) merger worth $1.1 billion with Rosecliff Acquisition Corp I RCLF, the Wall Street Journal reports.
Gett now aims to streamline the company’s ride-hailing, taxi, and limousine booking options worldwide into one platform to save customers time and money. It initially started as a Uber Technologies UBER competitor.
Gett now joins companies like Lyft Inc LYFT and Indian ride-hailing operator Ola to offer many different services.
Gett is marketing itself as a solution for global companies to transport workers rapidly, particularly with many remote workers at least part-time during the pandemic.
Gett works with companies like Apple Inc AAPL and Coca-Cola Co KO, the report adds.
Gett closed its New York ride-sharing business Juno in 2019. Gett still operates ride-hailing services in markets like Israel and London, but 40% of its trips for corporate clients now come from third parties.
Price Action: RCLF shares traded higher by 1.63% at $9.95 in the premarket session on the last check Wednesday.