Getty Images went public through a SPAC merger in July 2022: the business combination closed on Friday, July 22, and Getty Images Holdings, Inc. began trading on the New York Stock Exchange on Monday, July 25, under the ticker GETY. The original headline described the expected listing; it is now a completed historical event.
When did Getty Images go public?
The merger between Getty Images and CC Neuberger Principal Holdings II closed on July 22, 2022. Getty’s investor FAQ confirms the company began trading on the NYSE on July 25, 2022. The distinction matters: July 22 was the deal’s closing date, while July 25 was the first trading day. Getty Images’ July 22, 2022 completion announcement and its investor FAQ document those dates.
What company and ticker began trading?
Following the merger, the combined company was named Getty Images Holdings, Inc. The completion announcement said its common stock was expected to trade on the NYSE as GETY, and its warrants as GETY WS, beginning July 25, 2022. Getty’s FAQ confirms the first trading date for Getty Images; the announcement provides the planned symbols.
How did the SPAC merger work?
Getty Images combined with CC Neuberger Principal Holdings II, a publicly traded special purpose acquisition company (SPAC). A SPAC is a company formed to raise capital through a public listing and then combine with a private operating business. In this transaction, the combination brought Getty Images back to the public markets without a conventional initial public offering (IPO) by Getty itself.
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The companies announced their business combination agreement on December 10, 2021. At that point, the transaction was proposed, not completed; it closed on July 22, 2022. Getty’s December 10, 2021 announcement described the planned combination and its terms.
What did the $4.8 billion figure mean?
Getty’s December 2021 announcement described the proposed transaction as giving the company an enterprise value of $4.8 billion. That was a deal-announcement figure tied to the proposed combination. It is not a current market capitalization or a current valuation, and it should not be used as either.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Getty said about returning to public markets
In the July 2022 completion announcement, Getty Images co-founder and chairman Mark Getty said the company believed its return to public markets would enable investment in products and services for customers ranging from large companies to individual members of the creative economy. That was the company’s stated outlook at closing, not evidence that any particular investment or outcome subsequently occurred.
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