SPACInsider Logo
Getty Images (GETY) Calls All Outstanding Warrants
by Nicholas Alan Clayton on 2022-09-19 at 11:04am

Getty (NYSE:GETY) announced this morning that it will redeem all outstanding warrants for $0.01 per warrant at 5 p.m. on October 19.

This move is not being accompanied by a warrant exchange offer because of just how hot the de-SPAC has been trading over the past month. Getty is allowed to redeem warrants at this price because its stock has finished at or above $18 for 20 of 30 trading days ending on the third date prior to when it gave this notice.

Getty, in fact, hit a high of $37.88 on August 2 and generally traded above $20 for that entire month. Because of this, many of its outstanding warrants may have already been exercised and holders will still be allowed to do so until the redemption date.  It is far less attractive to do so now, however, as Getty has slumped to a market open of $8.44 this morning.

There is still time for it to bounce back up, but warrant holders do not appear to be hopeful of this as its warrants (NYSE:GETY.WT) are down -84% to $0.06 on the news. Any unexercised warrants will automatically be redeemed for $0.01 on October 19.

Getty initially announced its combination with CC Neuberger Principal Holdings II on December 10, 2021 and it began trading as a de-SPAC on July 25. With its warrant overhang about to be eliminated, this marks one of the quickest and cleanest transitions from announcement, to close, to a warrant call in some time.

The Seattle-based company serves about 1 million customers, licensing them visual content from about 450,000 contributors covering about 160,000 news, sport and entertainment events annually.

Last month, it announced it generated $74.1 million in EBITDA from $233.3 million in revenue in the second quarter of 2022 and recently inked a multi-year extension of its partnership with Amazon (NASDAQ:AMZN), making Getty content accessible on its various digital platforms.

Recent Posts
by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

by Marlena Haddad on 2022-12-08 at 10:52am

AlphaTime Acquisition Corp. (NASDAQ:ATMC) filed its S-1 yesterday morning for a $60 million IPO as the second SPAC to file for an IPO in December thus far. The new SPAC has set its sights on businesses in Asia that have the potential to generate strong, stable, and increasing free cash flow, particularly businesses with predictable revenue streams...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved