United Kingdom-based ground transportation booking platform Gett and special purpose acquisition company Rosecliff Acquisition Corp. agreed to call off their planned merger to take the corporate booking supplier public on Nasdaq due to “recent market volatility,” according to a filing with the US Securities and Exchange Commission. The companies had announced their intended merger in November 2021.
Gett anticipates that it will be “ready to go public when markets return to a more actionable state,” according to the company.
In addition, Gett said it would withdraw from Russia, with exit details to be announced. “After careful consideration and review, we felt that exiting the Russian market was the correct thing to do,” Gett founder and CEO Dave Waiser said in a statement. Russia represented less than 17 percent in “direct gross profit,” according to the filing.
The company had been operating in the United States, the United Kingdom, Russia and Israel, according to a January report on AlphaStreet, with plans to launch in Germany, Spain, Italy and France in 2022.
Still, Gett reported preliminary 44 percent year-over-year topline growth for the fourth quarter of 2021, resulting in what it called an estimated four-times growth in operational-level profitability for the year. With its current growth coupled with the lack of SPAC-related costs, Gett expects to reach company profitability as early as the third quarter of 2022.
“We anticipate an accelerated path to company profitability already in Q3 2022, a full year earlier than originally planned,” Waiser said.