By Chris Wack
RedBall Acquisition Corp. and ticket technology platform SeatGeek said they mutually agreed to terminate their previously announced business combination agreement and plan of reorganization.
The special purpose acquisition company said the companies decided to end the deal as a result of current unfavorable market conditions, particularly impacting growth technology companies.
"Given the volatility in the public markets, together, we determined that a termination of the business combination was in the best interest of all parties," said Jack Groetzinger, SeatGeek's chief executive.
RedBall shares were up 6% to $9.94 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
$(END)$ Dow Jones Newswires
June 01, 2022 08:42 ET (12:42 GMT)
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