Infrared Cameras Holdings, a provider of intelligent thermal imaging platforms, and SportsMap Tech Acquisition today announced a definitive agreement for a business combination that valued the merged company at $100 million.
If approved, Infrared Cameras is expected to list on the Nasdaq under a new ticker symbol.
Existing ICI shareholders will roll all their equity into the combined company. Assuming there are no redeeming stockholders, gross proceeds of approximately $118 million will be released to the combined company from the SPAC’s trust account.
Latham & Watkins is acting as legal advisor to Infrared Cameras. ArentFox Schiff is legal advisor to SportsMap. Craig-Hallum Capital Group and Roth Capital Partners are serving as financial advisors to SportsMap. Read more.
