YoY revenue growth of 22% to $6.4 million in Q1 2022
66% YoY growth in retail clients in Q1
2022
Proposed business combination terms include
previously announced bonus shares being issued to non-redeeming
shareholders
TCAC shareholders encouraged to vote before
11:59 p.m. ET on Wednesday, June 8,
2022
BOCA
RATON, Fla. and NEW
YORK, June 1, 2022 /PRNewswire/ -- springbig
(the "Company"), a leading provider of SaaS-based marketing
solutions, consumer mobile app experiences, and omnichannel loyalty
programs to the cannabis industry, today announced financial
highlights for its first quarter ended March
31, 2022. Additionally, Tuatara Capital Acquisition
Corporation (NASDAQ: TCAC) ("TCAC") reminds its shareholders of the
amendments to the proposed business combination with the Company
and encourages shareholders to vote in favor of the business
combination, among other matters, at its special general meeting of
shareholders (the "Special Meeting") on Thursday June 9, 2022.
springbig Q1 2022
Highlights
For the quarter ended March 31,
2022, springbig reported the following financial
results:
- Revenue of $6.4 million, an
increase of 22% year-over-year, including growth in retail
subscription revenue of 43%.
- Gross margin of 71%, an increase of 200 basis points compared
to 69% in Q1 2021.
- Category-leading net dollar retention of 107% for the trailing
twelve months, driven by strong customer loyalty and increasing
demand for springbig's platform.
- Growth in the number of retail clients by 66% from 890 in Q1
2021 to 1,475 in Q1 2022.
- Strong consumer engagement, with a year-over-year increase of
56% in the number of enrolled consumers.
"We are pleased to report a strong start to the year despite a
challenging industry and macroeconomic environment," said
Jeffrey Harris, Chief Executive
Officer and Co-Founder of springbig. "Our rising retail client
count and strong consumer reach highlights the growing demand for
our differentiated platform and high-touch services across the
cannabis marketplace."
Mr. Harris added, "We look forward to entering the second half
of the year as a public company with our business combination with
TCAC expected to close imminently. Moving ahead, the additional
funding and access to the capital markets enables us to continue
our strong organic growth trajectory through further enhancing our
industry-leading SaaS platform with additional functionality to
drive highly focused and effective loyalty programs and marketing
communication campaigns. We also intend to pursue strategic M&A
opportunities as we execute on our vision of building out a leading
technology business that plays a pivotal role across the cannabis
ecosystem."
Enhanced Terms of the Business
Combination
As previously announced, TCAC and springbig agreed to amend the
terms of the proposed merger agreement that was initially announced
on November 9, 2021 to reflect
current market conditions.
The amended and restated merger agreement reduces the total
enterprise value of springbig to $275
million, representing an 8% reduction in valuation from the
initial agreement. In addition, a bonus pool of up to 1 million
shares of TCAC common stock will be allocated pro-rata to
non-redeeming public stockholders up to a maximum of one bonus
share for each share held, effectively reducing their cost basis.
TCAC's sponsor will forfeit 1 million shares of TCAC common stock
in connection with the proposed business combination.
Special Meeting Details
The Special Meeting of TCAC shareholders will be held at the
offices of Davis Polk & Wardwell
LLP, located at 450 Lexington Avenue, New
York, NY 10017, or shareholders can attend online via live
webcast. Shareholders of record as of March
21, 2022 are entitled to receive notice of and to vote at
the Special Meeting. Shareholders are encouraged to vote before
11:59 p.m. ET on Wednesday, June 8,
2022.
If the proposals at the Special Meeting are approved, the
parties anticipate that the business combination will close shortly
thereafter, subject to the satisfaction of other closing
conditions. Upon consummation of the business combination, TCAC
intends to change its name to SpringBig Holdings, Inc. and expects
its common stock and warrants to remain listed on the NASDAQ Global
Select stock market under the new ticker symbols of "SBIG" and
"SBIGW" respectively.
TCAC shareholders who need assistance in completing the proxy
card or have questions regarding the Special Meeting may contact
TCAC's proxy solicitor, Morrow Sodali LLC, by phone at (800)
662-5200 or via email at TCAC.info@investor.morrowsodali.com.
About springbig
springbig is a market-leading
software platform providing customer loyalty and marketing
automation solutions to cannabis retailers and brands in the U.S.
and Canada. springbig's platform
connects consumers with retailers and brands, primarily through SMS
marketing, as well as emails, customer feedback system, and loyalty
programs, to support retailers' and brands' customer engagement and
retention. springbig offers marketing automation solutions that
provide for consistency of customer communication, thereby driving
customer retention and retail foot traffic. Additionally,
springbig's reporting and analytics offerings deliver valuable
insights that clients utilize to better understand their customer
base, purchasing habits and trends. For more information,
visit https://springbig.com/.
About Tuatara Capital Acquisition Corporation
Tuatara Capital Acquisition Corporation is a blank check company
incorporated for the purpose of effecting a merger, amalgamation,
share exchange, asset acquisition, share purchaser, reorganization
or similar business combination with one or more businesses,
pursuing targets that are focused on businesses in the cannabis
industry that are compliant with all applicable laws and
regulations within the jurisdictions in which they are located or
operate. For more information, visit https://tuataraspac.com/.
Investor Relations Contact
Courtney Van Alstyne
MATTIO Communications
ir@mattio.com
Media Contact
Phoebe
Wilson
MATTIO Communications
springbig@mattio.com
Forward-Looking
Statements
Certain statements contained in this press release constitute
"forward-looking statements" within the meaning of federal
securities laws. Forward-looking statements may include, but are
not limited to, statements with respect to (i) trends in the
cannabis industry and springbig market size, including with respect
to the potential total addressable market in the industry; (ii)
springbig's growth prospects; (iii) springbig's projected financial
and operational performance, including relative to its competitors;
(iv) new product and service offerings springbig may introduce in
the future; (v) the potential transaction, including the implied
enterprise value, the expected post-closing ownership structure and
the likelihood and ability of the parties to successfully
consummate the potential transaction; (vi) the risk that the
proposed business combination may not be completed in a timely
manner or at all, which may adversely affect the price of TCAC's
securities; (vii) the failure to satisfy the conditions to the
consummation of the proposed business combination, including the
approval of the proposed business combination by TCAC's
stockholders; (viii) the effect of the announcement or pendency of
the proposed business combination on TCAC's or springbig's business
relationships, performance, and business generally; (ix) the
outcome of any legal proceedings that may be instituted against
TCAC or springbig related to the definitive agreement or the
proposed business combination; (x) the ability to maintain the
listing of TCAC's securities on the NASDAQ; (xi) the price of
TCAC's securities, including volatility resulting from changes in
the competitive and highly regulated industry in which springbig
plans to operate, variations in performance across competitors,
changes in laws and regulations affecting springbig's business and
changes in the combined capital structure; (xii) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed business combination, and identify
and realize additional opportunities; and (xiii) other statements
regarding springbig's and TCAC's expectations, hopes, beliefs,
intentions or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intends," "outlook," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would," and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject, are subject to risks and uncertainties. You should
carefully consider the risks and uncertainties described in the
"Risk Factors" section of TCAC's Annual Report on Form 10-K and
registration statement on Form S-4 (the "Registration Statement"),
the proxy statement/prospectus relating to the transaction, other
documents filed by TCAC from time to time with SEC, and any risk
factors made available to you in connection with TCAC, springbig
and the transaction. These forward-looking statements involve a
number of risks and uncertainties (some of which are beyond the
control of springbig and TCAC), and other assumptions, that may
cause the actual results or performance to be materially different
from those expressed or implied by these forward-looking
statements.
Additional Information About the
Proposed Business Combination and Where to Find It
The proposed business combination will be submitted to
shareholders of TCAC for their consideration. TCAC has filed a
registration statement on Form S-4 (the "Registration Statement")
with the SEC, which includes the proxy statement to be distributed
to TCAC's shareholders in connection with TCAC's solicitation for
proxies for the vote by TCAC's shareholders in connection with the
proposed business combination and other matters as described in the
Registration Statement, as well as the prospectus relating to the
offer of the securities to be issued to springbig's shareholders in
connection with the completion of the proposed business
combination. The Registration Statement was declared effective by
the SEC on May 16, 2022. TCAC will
mail a definitive proxy statement and other relevant documents to
its shareholders as of the record date established for voting on
the proposed business combination. TCAC's shareholders and other
interested persons are advised to read the proxy statement /
prospectus, in connection with TCAC's solicitation of proxies for
its extraordinary general meeting of shareholders to be held to
approve, among other things, the proposed business combination,
because these documents will contain important information about
TCAC, springbig and the proposed business combination. Shareholders
may also obtain a copy of the definitive proxy statement/prospectus
as well as other documents filed with the SEC regarding the
proposed business combination and other documents filed with the
SEC by TCAC, without charge, at the SEC's website located at
www.sec.gov or by directing a request to 655 Third Avenue, 8th
Floor, New York, New York
10017.
Participants in the
Solicitation
TCAC, springbig and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from TCAC's stockholders in connection
with the proposed business combination. You can find more
information about TCAC's directors and executive officers in TCAC's
Annual Report on Form 10-K, which was filed with the SEC on
March 11, 2022 and subsequently
amended on April 26, 2022. Additional
information regarding the persons who may, under SEC rules, be
deemed participants in the solicitation of TCAC's stockholders in
connection with the proposed business combination, and a
description of their direct and indirect interests in the
transaction, is set forth in the Registration Statement filed with
the SEC. Stockholders, potential investors, and other interested
persons should read the proxy statement / prospectus carefully when
it becomes available before making any voting or investment
decisions. You may obtain free copies of these documents from the
sources indicated above.
No Offer or Solicitation
This press release relates to a proposed business combination
between TCAC and springbig and does not constitute an offer to sell
or the solicitation of an offer to buy any securities, or a
solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
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SOURCE springbig