SportsMap Tech Acquisition filed a preliminary proxy outlining its proposed merger with Infrared Cameras Holdings, a provider of intelligent thermal imaging platforms. Announced in December, the business combination is valued 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.
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.
Source: SportsMap Tech Files Prelim Proxy on Infrared Camera Deal