Sports Ventures Acquisition Corp. Completes $230 Million Initial Public Offering
January 08 2021 - 1:24PM
Sports Ventures Acquisition Corp. (the “Company”) today announced
the closing of its initial public offering of 23,000,000 units,
including 3,000,000 units issued pursuant to the exercise by the
underwriter of its over-allotment option. The offering was priced
at $10.00 per unit, resulting in gross proceeds of $230,000,000.
Sports Ventures Acquisition Corp. is a blank check company
incorporated for the purpose of effecting a merger, share exchange,
asset acquisition, share purchase, reorganization or similar
business combination with one or more businesses. While the Company
may pursue a business combination target in any business or
industry, the Company intends to focus its search on companies with
operations or prospective operations in the sports, media and
entertainment sectors. The Company is led by Chief Executive
Officer, Alan Kestenbaum, Chief Financial Officer and President,
Robert Tilliss, and Chief Operating Officer, Daniel Strauss.
Deutsche Bank Securities Inc. acted as sole book running manager
of the offering.
The Company’s units began trading on The Nasdaq Capital Market
(the “Nasdaq”) on January 6, 2021 under the ticker symbol “AKICU”.
Each unit consists of one Class A ordinary share and one-third of
one redeemable warrant, with each whole warrant exercisable to
purchase one Class A ordinary share at a price of $11.50 per share.
After the securities comprising the units begin separate trading,
the Class A ordinary shares and warrants are expected to be listed
on Nasdaq under the symbols “AKIC” and “AKICW,” respectively.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on January 5, 2021. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The offering has been made only by means of a prospectus. Copies
of the prospectus relating to this offering have been obtainable
from Deutsche Bank Securities Inc., Attn: Prospectus Department, 60
Wall Street, New York, NY 10005, by telephone at 800-503-4611 or by
email prospectus.cpdg@db.com.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the
Company’s search for an initial business combination.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement for the initial public offering filed with the SEC.
Copies are available on the SEC’s website, www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Contact
Daniel Strauss Sports Ventures Acquisition Corp.
786-650-0074contact@sportsventuresacq.com
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