Vivid Seats and Horizon Acquisition Corporation Announce Closing of Business Combination
CHICAGO, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Vivid Seats Inc. ("Vivid Seats" or the "Company"), a leading marketplace that utilizes its technology platform to connect millions of buyers with thousands of ticket sellers across hundreds of thousands of events each year, and Horizon Acquisition Corporation ("Horizon"), a publicly traded special purpose acquisition company, announced today the completion of their business combination (the "Business Combination"). The Business Combination was approved by a majority of Horizon stockholders at a special meeting held on October 14, 2021. Horizon has merged with and into Vivid Seats, with Vivid Seats as the surviving corporation. Beginning on October 19, 2021, Vivid Seats' common stock and warrants are expected to begin trading on the NASDAQ Global Select Market ("NASDAQ") under the ticker symbol "SEAT" and "SEATW", respectively.
"Today marks a major milestone for our company, our employees and our shareholders," said Stan Chia, Chief Executive Officer of Vivid Seats. "Now as a public company, we remain focused on continuing to deliver exceptional value to our loyal customers and drive growth as we strive to be the leading online ticketing marketplace."
Vivid Seats brings to NASDAQ a streamlined and high-growth business with a successful and scalable marketplace serving the concert, sports and theater markets. The Company's marketplace supports over 12 million customers and 3,400 sellers transacting across more than 200,000 listed events.
Todd L. Boehly, Chairman and Chief Executive Officer of Horizon Acquisition Corporation, commented, "We are excited to see this merger successfully realized and congratulate Vivid Seats on this milestone. We look forward to collaborating with Vivid Seats as they continue to build their growing and highly profitable marketplace backed by an impressive technology platform and extraordinary customer base."
About Vivid Seats
Founded in 2001, Vivid Seats is a leading online ticket marketplace committed to becoming the ultimate partner for connecting fans to the live events, artists, and teams they love. Based on the belief that everyone should "Experience It Live", the Chicago-based company provides exceptional value by providing one of the widest selections of events and tickets in North America and an industry leading Vivid Seats Rewards program where all fans earn on every purchase. Vivid Seats has been chosen as the official ticketing partner by some of the biggest brands in the entertainment industry including ESPN, Rolling Stone, and the Los Angeles Clippers. Through its proprietary software and unique technology, Vivid Seats drives the consumer and business ecosystem for live event ticketing and enables the power of shared experiences to unite people. Vivid Seats is recognized by Newsweek as America's Best Company for Customer Service in ticketing. Fans who want to have the best live experiences can start by downloading the Vivid Seats mobile app, going to vividseats.com, or calling at 866-848-8499.
About Horizon Acquisition Corporation
Horizon is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Horizon is sponsored by Horizon Sponsor LLC, an affiliate of Eldridge Industries, LLC ("Eldridge"). Horizon is led by Todd L. Boehly, the Co-founder, Chairman and Chief Executive Officer of Eldridge.
Caution Concerning Forward-Looking Statements
Certain statements made in this document are "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 with respect to the transaction between Vivid Seats and Horizon, including statements regarding the benefits of the transaction, the services offered by Vivid Seats and the markets in which it operates, and Vivid Seats' projected future results. These forward-looking statements generally are identified by the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "targets", "may," "will," "should," "would," "will be," "will continue," "will likely result," "future," "propose," "strategy," "opportunity" and variations of these words or similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or are not statements of historical matters are intended to identify forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, guarantees, assurances, predictions or definitive statements of fact or probability regarding future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Vivid Seats' or Horizon's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of the business combination; the inability to obtain or maintain the listing of Vivid Seats' shares on NASDAQ following the business combination; costs related to the business combination; the risk that the business combination disrupts current plans and operations, business relationships or business generally as a result of the announcement and consummation of the business combination; Vivid Seats' ability to manage growth; Vivid Seats' ability to execute its business plan and meet its projections; potential disruption in Vivid Seats' employee retention as a result of the transaction; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vivid Seats or Horizon, including in relation to the transaction; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vivid Seats' products and services, and in particular economic and market conditions in the live events industry in the markets in which Vivid Seats operates; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and in Vivid Seats' other filings with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Vivid Seats and Horizon assume no obligation and do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Neither Vivid Seats nor Horizon gives any assurance that either Vivid Seats or Horizon will achieve its expectations.
Contacts:
Investors
Ashley DeSimone, ICR
[email protected]
646-677-1827
Brett Milotte, ICR
[email protected]
332-242-4344
Media
Julia Young, ICR
[email protected]
646-277-1280
