SportsMap Tech Acquisition in a regulatory filing said it entered into a subscription agreement to issue $6.805 million in convertible promissory notes in connection with the closing of its proposewd business combination with Infrared Cameras.
Of the total, $1.48 million will be issued in exchange for cancellation of an equal amount of existing SportsMap promissory notes), $1 million will be rolled over from an existing ICI Convertible Note and $4.3 million will be cash proceeds to the company.
Each note will mature on the third anniversary of the merger closing and is convertible at any time at the investors’ option at $10 per share, subject to certain adjustments. Except with the consent of the note holders, the SPAC may not repay any principal amount of any note prior to the maturity date.
The target is a provider of intelligent thermal imaging platforms. As announced last December, the deal values 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 are expected to roll all their equity into the combined company. Proceeds of approximately $118 million will be released to the combined company from the SPAC’s trust, assuming no redemptions.
SportsMap Tech raised $115 million in an October 2021 IPO with plans at that time to focus on companies engaged in sports technologies, including fan engagement, health and wellness, Esports, and fantasy sports and gambling. Read more.
