Sportsmap Tech Acquisition, a SPAC focused on sports technology deals, announced a $100 million initial public offering on Tuesday, offering 10 million units at $10 each.
Led by Gow Media founder and CEO David Gow, the company began trading on the Nasdaq on Wednesday.
Gow Media is the largest privately owned media company in Texas. The offering is expected to close Thursday.
Sportsmap Tech reportedly filed confidentially with the SEC in July, with plans to focus on sports technology companies built around fan engagement, health and wellness, esports, fantasy sports, and sports gambling.
SPACs eyeing sports-related companies have been incredibly active over the past year.
- RedBall Acquisition Corp. announced a merger with ticketing platform Seat Geek earlier this month in a deal that values the combined entity at $1.35 billion.
- In April, Sports Entertainment Acquisition Corp entered an agreement to merge with Super Group and bring the international company’s massive online sports betting and gaming business to U.S. public markets.
- Bull Horn Holdings, which is targeting leading sports and entertainment companies, completed its $75 million IPO in November 2020.
After purchasing the website CultureMap in 2017, Gow Media branched off to build sports radio network SportsMap. It also owns FM stations ESPN 97.5 & 92.5 in Houston.
