Gett Nears $1.1 Billion SPAC Merger to Go Public

Taxi app company Gett's CEO Shahar Waiser addresses a press conference launching its new strategic partnership with German carmaker Volkswagen in Berlin on June 1, 2016. / AFP / John MACDOUGALL (Photo credit should read JOHN MACDOUGALL/AFP via Getty Images)

Corporate-transportation platform Gett is nearing a special-purpose acquisition company (SPAC) merger worth $1.1 billion with Rosecliff Acquisition Corp. I, 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 an Uber Technologies competitor.

Gett now joins companies like Lyft Inc. 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. and Coca-Cola Co., 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 percent of its trips for corporate clients now come from third parties.

Price Action

RCLF shares closed at zero percent at $9.85 in the premarket session on the last check Wednesday.

By Anusuya Lahiri 

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