SportsTek Acquisition in an 8-K filing said it issued a promissory note of up to $1 million to its sponsor, JTJT Partners. The note is for advances the sponsor has made, and may yet make, to SpoetsTek for working capital expenses. The sponsor is entitled to purchase the SPAC’s warrants for $1 each up to the full amount of any unpaid balance.
SportsTek raised $150 in a February 2021 IPO 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. Read more.
