A new SPAC — a special purpose acquisition company — has officially started trading this week, targeting $100 million in investment and looking for an innovative sports tech company to back.
SportsMap Tech Acquisition Corp. (NASDAQ: SMAPU) announced its initial public offering of 10,000,000 units at a price to the public of $10 per unit, and trading began on October 19.
This new, blank-check company is led by David Gow, CEO and chairman. Gow is also chairman and CEO of Gow Media, which owns digital media outlets CultureMap, SportsMap, AutomotiveMap, and InnovationMap, as well as the SportsMap Radio Network, ESPN 97.5 and 92.5.
With the idea of a SPAC, theoretically, SportsMap Tech can locate a company of a much larger scale, and invest and partner with it.
The SPAC, which has potential for oversubscription, plans to find a sports tech business to acquire, specifically in one of four categories within the industry: fan engagement, health and wellness, esports, or fantasy/gambling.
"With the IPO complete, we now begin the search for a company to acquire in the sports tech industry, which we define as the realm where technology is transforming sports," says Gow. "We have not been able to talk with target companies yet, but have been doing our homework to develop a list. We also plan to tap into the extensive relationships of our board."
The company is backed by an all-star team making up the board, including Oliver Luck, Reid Ryan, David Graf, and Steve Webster.