SportsTek Acquisition, a blank check company targeting the sports and related sectors, raised $150 million by offering 15 million shares at $10. The company offered 2.5 million more units than anticipated. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by Co-CEO and Chairman Jeffrey Luhnow, the former President of Baseball Operations and General Manager of the Houston Astros; Co-CEO and Director Tavo Hellmund, the founder and President of Tavo Hellmund, Founding and Managing Partner at Full Throttle Productions, Founding Partner and President at Event Partners Marketing, and co-founder of Grand Prix Partners; and CFO, COO, and Director Timothy Clark, who is currently a Managing Director at Hall Capital Partners and founder and Managing Partner of Tulsa Capital Partners. The company plans to target the sports and related sectors, including sports franchises, media, data analytics, and technology and services businesses serving those end markets, among others.
SportsTek Acquisition plans to list on the Nasdaq under the symbol SPTKU. Stifel acted as a lead manager on the deal.
The article Sports-focused SPAC SportsTek Acquisition prices upsized $150 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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