SportsTek Acquisition Corp. Announces Pricing of Upsized $150 Million Initial Public Offering

Rhea-AI Summary

SportsTek Acquisition Corp. priced its initial public offering (IPO) at $10 per unit, totaling 15 million units. The company aims to trade on the Nasdaq under the ticker symbol SPTKU, beginning February 17, 2021. Each unit consists of one Class A common stock share and a half warrant, with whole warrants priced at $11.50 per share. The offering is expected to close on February 19, 2021, pending customary conditions. Stifel is the sole book-running manager, with an option for over-allotments. The IPO aims at potential business combinations within the sports sector.

Positive

• Successful pricing of IPO at $10 per unit, attracting investor interest.
• Strategic focus on potential business combinations in the lucrative sports industry.

Negative

• The company faces risks related to not securing a business combination.
• Dependence on market conditions for successful completion of the offering.

TULSA, Okla., Feb. 17, 2021 (GLOBE NEWSWIRE) -- SportsTek Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 15,000,000 units at a price of $10.00 per unit. The units are expected to be listed for trading on the Nasdaq Capital Market under the ticker symbol “SPTKU” beginning February 17, 2021. Each unit consists of one share of the Company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its Class A common stock and warrants will be listed on the Nasdaq Capital Market under the symbols “SPTK” and “SPTKW” respectively.

The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Although the Company’s efforts to identify a prospective business combination opportunity will not be limited to a particular industry, it intends to focus on a target within the sports and related sectors including sports franchises, media, data analytics, and technology and services businesses serving those end markets, among others.

Stifel is acting as sole book-running manager. The Company has granted Stifel a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to the securities was filed with the Securities and Exchange Commission (the “SEC”) and became effective on February 16, 2021. The public offering is being made only by means of a prospectus. When available, copies of the prospectus relating to the offering may be obtained from Stifel, Nicolaus & Company, Incorporated, 1 South Street, 15th Floor, Baltimore, Maryland 21202, Attn: Prospectus Department, or by emailing syndprospectus@stifel.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.

The offering is expected to close on February 19, 2021, subject to customary closing conditions.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the Company’s plans with respect to the target industry for a potential business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

FAQ

What is the significance of SportsTek Acquisition Corp's IPO priced at SPTKU?

The IPO at $10 per unit signifies investor interest and is a step towards the company's goal of merging or acquiring a target in the sports sector.

When does SportsTek Acquisition Corp plan to start trading under the ticker SPTKU?

Trading under the ticker symbol SPTKU is set to begin on February 17, 2021.

What does SportsTek Acquisition Corp's IPO consist of?

Each unit in the IPO consists of one share of Class A common stock and one-half of one redeemable warrant.

What are the potential risks associated with SportsTek Acquisition Corp's IPO?

Risks include the uncertainty of completing a business combination and market conditions affecting the offering's success.