Professional golfer Tiger Woods is a major investor in Sports & Health Tech Acquisition Corp., a so-called blank-check company that is looking to raise $150 million targeting sports and health technology investments.
The company, Mr. Woods’ entry into the special-purpose acquisition companies, said it would focus on fan engagement, consumer-facing health and fitness technologies, and health and wellness, with companies estimated to be worth $600 million to $1 billion. Target with price. , It said the Covid-19 pandemic helped drive demand for sports and social content, prompting interest in health and wellness and underscoring the importance of technology in daily life.
Special Purpose Acquisition Companies, or SPACs, are publicly traded companies that raise money for potential acquisitions and have become a popular tool among well-known executives. Several sports and entertainment figures have supported SPAC, including tennis star Serena Williams, Basketball Hall of Famer Shaquille O’Neal, National Basketball Association standout Kevin Durant and former Major League Baseball star Alex Rodriguez.
The management team is led by Financial-Services and Investments Executive Chairman John Voigtman and Chief Executive Andrew White, a sports entrepreneur and President of Lead Sports Ltd.
Following the initial public offering, the two, along with Chief Financial Officer Christopher Hubman, will retain approximately 19.5% stake in SPAC through sponsorship.
Mr. Hubman has been the Chief Financial Officer of TGR, Tiger Woods Ventures since 2000. TGR handles Mr. Woods’ professional endeavors and his family-office operations.
The company intends to complete its first deal in approximately 18 months and sell approximately 15 million units for $10, each unit consisting of one-half of Class A shares and warrants.
SPAC’s sponsor, Lead Sports & Health Tech Sponsors LLC, agreed to purchase approximately 1 million warrants for $19.5 million in a private placement that, according to the documents, will close with the offering.
New investors will initially have limited say because they will not be able to vote on the appointment of directors until the initial business combination is completed, and that the initial deal cannot be submitted to new investors for approval.
The company intends to trade on the Nasdaq Capital Markets, with entities to trade under the symbol LDSPU, Class A shares under LDSP and warrants under LDSPW.
Write to Maria Armental at maria.armental@wsj.com
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