- The company is offering US$15 million units in the offering
- The expected offering price is US$10 per unit
- The firm plans to raise around US$150 million in the IPO
The blank check company Sports & Health Tech Acquisition has filed for its initial public offering with the US Securities and Exchange Commission (SEC) on Thursday. The firm is primarily targeting the sports and health technology industry and it plans to raise up to US$150 million in the initial public offering.
The company was founded in 2021 and many popular faces or celebrities like professional golfer Tiger Woods, former tennis player Caroline Wozniacki, former NBA player David Lee, are involved in the special purpose acquisition company. The firm is based in Orlando, Florida.
The Chairman of the company is Jon Voigtman, who had previously held the role of Co-CEO of RBC Trading Bank. Its chief executive officer is Andrew White, who is currently serving as the chairman of a sports and health technology investment firm, leAD Sports, and its chief financial officer, Christopher Hubman, is serving as the chief financial officer of Tiger Woods TGR Ventures.
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What is in the offering?
The firm is planning to raise US$150 million through the proposed offering. It intends to offer 15 million units in the offering. The pricing of the offering is expected to be US$10 per unit.
Meanwhile, each unit is comprised of one share of common stock of the firm and one-half of a warrant, which is exercisable at US$11.50. At the proposed size of the offering, the Sports & Health Tech Acquisition is expected to have a market valuation of about US$188 million after its IPO.
The company is primarily aiming at the sports and health technology industry, as it focuses on fan engagement, consumer-facing health and fitness technologies, and health and well-being. It plans to target the firms whose enterprise valuation is in the range of US$600 million to US$1 billion.
The company is planning to get listed on the Nasdaq exchange under the ticker symbol of "LDSPU".
The company confidentially filed its Draft Registration Statement (DRS) form on December 10, 2021. Notably, the sole book-running manager for the proposed offering is RBC Capital Markets.
The firm said the Covid-19 pandemic has pushed the demand for sports and social content higher while accelerating the interests of the consumers in health and wellness. It has also underscored the importance of technologies in the daily life of consumers, the company added.