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Leget has similar activities to Israel in Russia and some of the company’s investors come from there. Recently, a large number of companies have withdrawn from issue agreements through Spock.
The company reports that operations in Russia account for only a small share of its operations – less than 14% of direct gross profit in the fourth quarter. Dave Weiser, CEO of Get and one of its founders, said that after examining the current situation, the company has come to the conclusion that the cessation of operations in Russia is the right step today.
In its announcement, Get writes that “the company and Rosecliff have mutually agreed to withdraw from the merger, as a result of current market conditions. Get continues to maintain an accelerated path to profitability, expected as early as the third quarter of 2022. The company has shown strong annual momentum “Four times the operating profitability throughout 2021. As a result, the company expects to enter 2023 as a growing and profitable company ready for the public markets, when they return to a more stable situation. The company also announces that it will cease operations in Russia.”
Last November, Get announced that it and the Rosecliff Acquisition company had announced a merger agreement. The merged company was to operate as a get and trade on the Nasdaq under the symbol “Gett”. PIPE ($ 10 per share) from Rosecliff sponsors and existing GET shareholders.