CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Blank cheque company Sportsmap begins trading

By Monte Stewart


Updated

Sports Betting
Sports betting - Photo: Shutterstock

Blank cheque company Sportsmap Tech Acquisition’s share price rose modestly on its first day of public trading.

Houston, Texas-based Sportsmap closed up 0.5% at $10.05 on the Nasdaq Global Select Market. The share price was down marginally in after-hours trading.

The IPO continued a trend of strong investor appetite for companies involved in e-sports and sports betting.

SPAC used to take companies public

Blank cheque firms, also known as special purpose acquisition companies (SPACs), exist solely to take another company public – through a merger, acquisition or other transaction vehicle – and have no conventional business operations.

SPACs typically list publicly before completing an IPO with a target.

US100

17,979.40 Price
+0.060% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0039%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

51,105.55 Price
-1.010% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.54 Price
-1.520% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Oil - Crude

77.97 Price
-0.360% 1D Chg, %
Long position overnight fee 0.0161%
Short position overnight fee -0.0380%
Overnight fee time 22:00 (UTC)
Spread 0.030

Firm leveraging management’s experience

Sportsmap intends to leverage its management’s experience and target sports tech companies in their acquisition search, according to the firm’s IPO registration statement. The SPAC said it will focus on acquiring an esport, gambling, fan engagement, or health and wellness company.

Sportsmap offered 10 million investment units at $10 apiece. Each unit comprised one share of common stock and three-quarters of a warrant containing an exercise price of $11.50.

Sportsmap is backed by Houston-based Gow Media, whose holdings include the Sportsmap Radio Network and two ESPN radio stations in Houston.

Read More: WeWork set to go public on NYSE following successful vote

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 580.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading