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 2024-02-21 at 2:04pm

This year has been heralded as the year that the dam would finally break on the backlog of IPO candidates seeking to take the regular way to the public markets. So far, that has been the case with 22 companies pricing regular way IPOs after just 58 did so in all of 2022 and 101...

by Nicholas Alan Clayton on 2024-02-21 at 1:32pm

News and Rumors PR: Joby (NYSE:JOBY) has become the first eVTOL developer to complete the third of five stages for the Federal Aviation Administration’s (FAA) type certification process. Earlier this month it received the FAA’s Part 145 maintenance certificate laying the foundation for future repair services of its aircraft models. Joby combined with Reinvent Technology...

by Nicholas Alan Clayton on 2024-02-21 at 7:53am

At the SPAC of Dawn PHP Ventures (NASDAQ:PPHP) provided an update this morning on its combination with modular construction firm Modulex in the form of a refreshed investor presentation. The parties have been quiet on the news front since they announced the combination over a year ago in December 2022, but a few key facts...

by Nicholas Alan Clayton on 2024-02-21 at 6:19am

DT Cloud Acquisition Corporation (NASDAQ:DYCQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DYCQU” today, Wednesday, February 21, 2024. The new SPAC plans to focus its target search on a company that is under-performing due to a temporary dislocation in the...

by Nicholas Alan Clayton on 2024-02-20 at 2:58pm

SDCL EDGE (NYSE:SEDA) has entered into a definitive agreement to combine with copper alloy manufacturer cunova at an enterprise value of $736 million, or 9.4x its 2023E adjusted EBITDA. Osnabrück, Germany-based cunova manufactures copper casts, fittings and conductivity products for the industrial, defense and aerospace sectors. The combined company is expected to trade on the...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved