{"id":2912,"date":"2022-04-11T18:25:54","date_gmt":"2022-04-11T16:25:54","guid":{"rendered":"https:\/\/a2kadvisory.com\/?p=2912"},"modified":"2022-04-11T18:56:34","modified_gmt":"2022-04-11T16:56:34","slug":"tiger-woods-spac-targets-sports-tech-company-worth-up-to-us1bn","status":"publish","type":"post","link":"https:\/\/a2kadvisory.com\/fr\/2022\/04\/11\/tiger-woods-spac-targets-sports-tech-company-worth-up-to-us1bn\/","title":{"rendered":"Tiger Woods SPAC targets sports tech company worth up to US$1bn"},"content":{"rendered":"
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Former world number one golfer is joined by Caroline Wozniacki and David Lee in new venture.<\/h5><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Tiger Woods is backing a special purpose acquisition company (SPAC) that wants to raise US$150 million in an initial public offering (IPO) to acquire a sports technology firm.<\/p>

SPACs are set up with the explicit goal of merging with another company within a certain time frame. Investors do not usually influence the specific takeover target, although the SPAC may offer some indication of which industry will be targeted.<\/p>

In a prospectus filed with the US Securities and Exchange Commission (SEC), Sports & Health Tech Acquisition Corp said it intended to target a sports technology firm valued between US$600 million and US$1 billion, citing the huge potential of the industry.<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\u2018Our efforts are to identify a prospective target business in the sports and health technology sectors,\u2019 read the filing. \u2018We intend to focus on three verticals where our founders and management team have deep expertise, allowing them to add significant value: fan engagement, consumer-facing health and fitness technologies, and health and wellbeing.<\/p>

\u2018Our management team\u2019s track record of success, deep domain expertise and a unique lens, place us in a competitive position to capture growth across the sports and health technology landscape.<\/p>

\u2018We believe that sports and health technology and its associated sub-sectors are among the most attractive industries capturing consumer attention and demand. Driven by significant market forces including highly engaged fan networks, emerging social platforms, expanding interest in wellness and increasingly disruptive technologies, the broader sports and health technology industries continue to influence consumer habits and provide connection across global communities.\u2019<\/p>

Woods is a lead investor in the project and is joined by former world number one tennis player Caroline Wozniacki and her husband David Lee, a former National Basketball Association (NBA) player.<\/p>

The SPAC\u2019s management team includes Woods\u2019 agent Mark Stenberg and the chief financial officer of TGR, Tiger Woods Ventures, Christopher Hubman. Also on board is Andrew White, the executive chairman of investment fund LeAD Sports, which will serve as the SPAC\u2019s sponsor, providing the funds to get to the IPO phase.<\/p>

Overall, the SPAC plans to sell 15 million units in its flotation. Each unit comprises a single share in the SPAC and half of a \u2018warrant\u2019 that allows a shareholder to purchase another share. The prospectus also states it plans to complete its acquisition within 18 months.<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Source : sportspromedia.com<\/a><\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Tiger Woods is backing a special purpose acquisition company (SPAC) that wants to raise US$150 million in an initial public offering (IPO) to acquire a sports technology firm.<\/p>","protected":false},"author":1,"featured_media":2915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Tiger Woods SPAC targets sports tech company worth up to US$1bn<\/a><\/blockquote>