Infrared Cameras Holdings closed its business combination with SportsMap Tech Acquisition. The deal was approved by the SPAC’s stockholders Dec. 8.
The combined company has applied to list stock and warrants on the Nasdaq Global under the ticker symbols MSAI and MSAIW. A timeline for the listing was not cited in the announcement, with the SPAC noting that it is still working to satisfy the Nasdaq listing requirements.
The SPAC noted that 1,521,011 of the 1,634,944 public shares were redeemed in connection with the merger vote. About 99% of the SportsMap shares outstanding have been redeemed since the SPAC’s IPO in October 2021.
Sportsmap earlier this month said it said it had secured a subscription agreement to issue $6.805 million in convertible promissory notes in support of the acquisition.
As announced last December, the deal had valued the merged company at $100 million.
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.
Infrared Cameras said it has developed a patented single pane-of-glass view that allows customers to monitor and analyze live imaging and sensing data for all of their critical operating assets in one place. The technology is widely applicable across industry verticals, where the current standard practice is to identify maintenance needs via time-intensive, error prone manual asset inspections. Following the close, Infrared Cameras’ CEO, Gary Strahan, and the current management team will continue to lead the combined company. The combined company’s main strategic priorities will be driving new customer expansion, solidifying operational excellence, and continual improvements to the devices and software. Read more.
