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SeatGeek, Billy Beane SPAC Drop Merger Deal on Market Conditions

June 1, 2022, 2:18 PM

SeatGeek and a blank-check firm backed by several well-known investors including Brooklyn Nets star Kevin Durant called off their $1.4 billion merger amid market volatility.

RedBall Acquisition Corp., the special-purpose acquisition company, and ticketing platform SeatGeek said in a statement Wednesday that the termination was a result of “unfavorable market conditions,” particularly those impacting growth technology firms. The SPAC’s two-year lifetime means it has until mid-August to find and close a deal with a target company.

RedBall shares jumped 6.1% to $9.95 when regular trading began in New York, while warrants for the stock crashed 90% to less ...