SportsTek Acquisition announced that it mutually terminated a non-binding letter of intent with French computer manufacturer Metavisio on a potential vbusiness deal. The SPAC now plans to liquidate, effective today.
The terminated LOI was based on Metaviso having an enterprise value of $140 million to $160 million, subject to due diligence.
SportsTek management last month said closing a deal before the SPAC’s February deadline would be unlikely. Management sought a six-month extension and filed a proxy on that proposal in mid-November.
SportsTek raised $150 million in a February 2021 IPO. Read more.
