SportsTek Acquisition Corp. Announces Termination of Letter of Intent and Liquidation
24 December 2022 - 9:32AM
SportsTek Acquisition Corp. (the “Company”) (Nasdaq: SPTK, SPTKU,
and SPTKW) announced today that the non-binding letter of intent
with Metavisio (d/b/a Thomson Computing), a French company
specializing in building, marketing, and selling laptops, whose
securities are listed on Euronext Growth in Paris, with respect to
a proposed business combination transaction, has been mutually
terminated by the parties.
In addition, the Company announced today that
the board of directors of the Company (the “Board”) has elected to
abandon and not implement the extension that was approved by
stockholders on December 20, 2022, because despite significant
efforts to identify and complete an initial business combination,
the Board does not believe that the Company will be able to
complete an initial business combination on favorable terms even
with the extension. In making its decision, the Board has carefully
considered the costs, benefits, and risks of prolonging the
Company’s life, including the current adverse market conditions and
increased regulatory uncertainty around SPACs.
As a result, the Company intends to dissolve and
liquidate in accordance with the provisions of its Amended and
Restated Certificate of Incorporation and will redeem all of the
outstanding shares of common stock that were included in the units
issued in its initial public offering (the “Public Shares”).
As of the close of business on December 27,
2022, the Public Shares will be deemed cancelled and will represent
only the right to receive the redemption amount.
In order to provide for the disbursement of
funds from the trust account, the Company has instructed the
trustee of the trust account to take all necessary actions to
immediately liquidate the trust account. The proceeds of the trust
account will be held in a non-interest bearing account while
awaiting disbursement to the holders of the Public Shares. Record
holders may redeem their shares for their pro
rata portion of the proceeds of the trust account by
delivering their Public Shares to Continental Stock Transfer &
Trust Company (“Continental”), the Company’s transfer
agent. Beneficial owners of Public Shares held in “street
name,” however, will not need to take any action in order to
receive the redemption amount. The redemption of the Public Shares
is expected to be completed on or around December 27, 2022. The
per-share redemption price is being calculated by Continental. The
Company expects to file a Current Report on Form 8-K to announce
such information as soon as possible.
The Company’s initial stockholders have waived
their redemption rights with respect to its outstanding common
stock issued prior to the Company’s initial public offering.
There will be no redemption rights or
liquidating distributions with respect to the Company’s warrants,
which will expire worthless.
About SportsTek
SportsTek is a blank check company 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. SportsTek’s strategy is to
find a business combination partner and to drive long-term
stockholder value creation through the collective experience of the
Company’s management team. For more information, you can access our
public filings at the SEC’s web site http://www.sec.gov.
Forward-Looking Statements
This press release may include “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements are based on
the beliefs and reasonable assumptions of management, and actual
results could differ materially from those contemplated by the
forward-looking statements as a result of certain factors detailed
in the Company’s filings with the SEC. The Company undertakes no
obligation to update any forward-looking statements after the date
of this release, except as required by law.
Media Contact
SportsTek Acquisition Corp.918-957-1086
SportsTek Acquisition (NASDAQ:SPTKW)
Historical Stock Chart
From Aug 2024 to Sep 2024
SportsTek Acquisition (NASDAQ:SPTKW)
Historical Stock Chart
From Sep 2023 to Sep 2024