SportsMap Tech Acquisition Corp. Announces Closing of $115,000,000 Initial Public Offering, Including Full Exercise of the Underwriters’ Over-Allotment Option

Rhea-AI Summary

SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU) has successfully closed its initial public offering, issuing 11,500,000 units at $10.00 each. This offering included the full exercise of the underwriters' over-allotment option, and units began trading on October 19, 2021. Each unit comprises one share of common stock and three-quarters of one redeemable warrant, with warrants granting the right to purchase stock at $11.50 per share. Roth Capital Partners and Craig-Hallum Capital Group served as joint book-runners for the offering.

Positive

• Successful IPO raising $115 million with full over-allotment exercised.
• Units trading on Nasdaq under the symbol SMAPU, which increases visibility and potential liquidity.

Negative

• Potential market volatility for newly listed units may affect short-term stock performance.
• Warrants represent a future dilution risk if exercised.

HOUSTON--(BUSINESS WIRE)-- SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU) (the “Company”) announced today the closing of its initial public offering of 11,500,000 units, which included the full exercise of the underwriters' over-allotment option, at a price to the public of $10.00 per unit. The units began trading on the Nasdaq Global Market under the symbol “SMAPU” on October 19, 2021.

Each unit consists of one share of common stock and three-quarters of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be traded on the Nasdaq Global Market under the symbols “SMAP” and “SMAPW”, respectively.

Roth Capital Partners and Craig-Hallum Capital Group acted as the joint book-running managers for the offering. Maxim Group LLC acted as the qualified independent underwriter for the offering.

A registration statement relating to the securities was declared effective by the Securities and Exchange Commission (“SEC”) on October 18, 2021. The offering was made only by means of a prospectus. Copies of the prospectus related to this offering may be obtained from Roth Capital Partners, LLC at 888 San Clemente Dr., Newport Beach, California 92660, Attn: Prospectus Department, telephone: 800-678-9147; or from Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, Attn: Equity Capital Markets, telephone: 612-334-6300 or by email at prospectus@chlm.com; or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About SportsMap Tech Acquisition Corp.

SportsMap Tech Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. The Company may pursue a business combination opportunity in any business or industry it chooses.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements, including those set forth in the risk factors section of the prospectus used in connection with the Company’s initial public offering. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211021006031/en/

David Gow

713-479-5302

info@sportsmaptech.com

Source: SportsMap Tech Acquisition Corp.

FAQ

What is the significance of SportsMap Tech Acquisition Corp.'s IPO on October 19, 2021?

The IPO allows SportsMap Tech Acquisition Corp. to raise $115 million for potential business combinations and increases its market presence.

How many units did SportsMap Tech Acquisition Corp. issue in its IPO?

The company issued 11,500,000 units in its initial public offering.

What are the components of the units offered by SportsMap Tech Acquisition Corp.?

Each unit consists of one share of common stock and three-quarters of one redeemable warrant.

What are the expected trading symbols for SportsMap Tech Acquisition Corp. after the IPO?

The common stock is expected to trade under the symbol 'SMAP' and the warrants under 'SMAPW'.

Who managed the IPO for SportsMap Tech Acquisition Corp.?

The IPO was managed by Roth Capital Partners and Craig-Hallum Capital Group.