SportsTek Acquisition, a blank check company targeting the sports and related sectors, filed on Monday with the SEC to raise up to $125 million in an initial public offering.
The Tulsa, OK-based company plans to raise $125 million by offering 12.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At the proposed deal size, SportsTek Acquisition would command a market value of $156 million.
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 was founded in 2020 and plans to list on the Nasdaq under the symbol SPTKU. The company filed confidentially on December 23, 2020. Stifel is the sole bookrunner on the deal.
