The decision to abandon the operation comes at a time when volatility in the US market has peaked, triggered mainly by geopolitical tensions and fears of rising rates.
The transaction, announced in November, was expected to generate approximately $253 million in proceeds from the Special Vocation Acquisition Company (SPAC) trust account and an additional $30 million from the Public Equity Private Placement (PIPE) .
London-based Gett intended to use the capital to expand into the United States and other key global markets.
Gett’s cloud-based software unites operators of corporate fleets, ride-sharing services, taxis and limousines into a single platform, helping businesses manage all their ground transportation.
The company also said Russia was a minority share of its business, accounting for less than 14% of direct gross profit in the fourth quarter.
Russia described its actions in Ukraine as a “special operation”.
Gett said it expects to reach profitability as early as the third quarter, a year earlier than originally planned.
SPACs, which offer an alternative route to listing stocks, have grown in popularity in 2020. But the sector has taken a hit, as shares of popular companies such as Grab Holdings and BuzzFeed, which merged with SPACs, tumbled. after their IPO.
Since last year, the SPAC market has also been faced with an increase in investor takeovers and increased regulatory oversight.
SPACs are companies that are listed on the stock exchange but have no commercial activities. They use the pool of capital raised during an initial public offering to merge with a private company, as part of an operation which then makes it public.