“2021’s SPAC Craze Under Scrutiny: Examining MariaDB’s Potential Private Acquisition”
However, by the time the merger was closed, much of the SPAC cash was nowhere to be found.
The investors that chose to sell their shares in this way did better than anyone who stuck around, because MariaDB’s stock tanked sharply during its first day as a public company.
In its SPAC pitch, the company forecast its annual recurring revenue (ARR) to reach $53 million in FY 2022, and $72 million in FY 2023.
It also expected revenue of $47 million in FY 2022, and $64 million in FY 2023.
In the first quarter of FY 2024, MariaDB reported revenue of $13.6 million, up from $12.8 million a year ago.
