SportsTek’s US$150 million IPO

O’Melveny & Myers LLP advised SportsTek Acquisition Corp. on the deal.

SportsTek Acquisition Corp. (the “Company”) 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 O’Melveny team handling the deal was led by partners Chuck Baker (Picture) and Jeeho Lee, along with associates Jason Han and Maha Syed, and also included partner Tracie Ingrasin and associate Trevor Wysocki.

Involved fees earner: Charles Baker – O’Melveny & Myers LLP; Jason Han – O’Melveny & Myers LLP; Tracie Ingrasin – O’Melveny & Myers LLP; Jeeho Lee – O’Melveny & Myers LLP; Maha Syed – O’Melveny & Myers LLP; Trevor Wysocki – O’Melveny & Myers LLP;

Law Firms: O’Melveny & Myers LLP;

Clients: SportsTek Acquisition Corp.;

Author: Martina Bellini