SportsTek Acquisition announced that the non-binding letter of intent with Metavisio, a French company specializing in building, marketing, and selling laptops, whose securities are listed on Euronext Growth in Paris, with respect to a proposed business combination transaction, has been mutually terminated by the parties. In addition, the Company announced today that the board of directors of the Company has elected to abandon and not implement the extension that was approved by stockholders on December 20, 2022, because despite significant efforts to identify and complete an initial business combination, the Board does not believe that the Company will be able to complete an initial business combination on favorable terms even with the extension. In making its decision, the Board has carefully considered the costs, benefits, and risks of prolonging the Company’s life, including the current adverse market conditions and increased regulatory uncertainty around SPACs. As a result, the Company intends to dissolve and liquidate in accordance with the provisions of its Amended and Restated Certificate of Incorporation and will redeem all of the outstanding shares of common stock that were included in the units issued in its initial public offering. As of the close of business on December 27, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.
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- SportsTek Acquisition Corp. Announces Termination of Letter of Intent and Liquidation
- SportsTek Acquisition Corp. and Metavisio (d/b/a Thomson Computing) Further Extend Exclusivity Period for Discussions With Respect to a Business Combination
- SportsTek Acquisition Corp. and Metavisio (d/b/a Thomson Computing) Extend Exclusivity Period for Discussions With Respect to a Business Combination
