Blank check company Sportsmap Tech Acquisition is slated to go public this week and begin its quest to acquire an esport, gambling, fan engagement, or health and wellness company.
The Houston-based special purpose acquisition company's (SPAC) launch continues a trend of strong investor appetite for companies operating in the esports and sports betting arenas.
Sportsmap is scheduled to begin trading on Nasdaq Global Select Market on Tuesday, 19 October. Sportsmap intends to leverage its management’s experience and target sports tech companies in its aquisition search, according to the firm’s IPO registration statement.
“New technologies are transforming the sports industry. Key trends include the use of wearables, data analytics, new methods of fan engagement and new esports and gambling platforms,” said Sportsmap in the regulatory document. “These developments are creating attractive, high-growth opportunities.”
Offering includes shares and warrants
Sportsmap plans to offer 10 million investment units at $10 apiece. Each unit comprises one share of common stock and three-quarters of a warrant containing an exercise price of $11.50.
A blank cheque company, also known as a special acquisition company (SPAC) exists solely for the purpose of taking another firm public – through a merger, acquisition or other transaction vehicle – and has no conventional business operations. SPACs typically list publicly before completing an IPO with a target.
Sportsmap is backed by Houston-based Gow Media, whose holdings include the Sportsmap Radio Network and two ESPN stations in Houston.
Company backed by Gow Media
The SPAC and Gow Media are headed by David Gow.
Prior to founding Gow Media in 2007, he served as a management consultant, advising various clients primarily on e-commerce investment opportunities.
Nasdaq certified Sportsmap’s IPO registration on Monday 18 October in a letter. to the US Securities and Exchange Commission.
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