Sports Venture AKICU 1c + 1/3W
24 months Trust $10.00
Bal Harbour, Florida, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Sports Ventures Acquisition Corp. (the “Company”) announced today the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on The Nasdaq Capital Market (the “Nasdaq”) and trade under the ticker symbol “AKICU” beginning on January 6, 2021. Each unit consists of one Class A ordinary share and one-third of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “AKIC” and “AKICW,” respectively. The offering is expected to close on January 8, 2021.
Our management team, led by Alan Kestenbaum, our Chief Executive Officer, Robert Tilliss, our President and Chief Financial Officer, and Daniel Strauss, our Chief Operating Officer, has executed over $20 billion in transactions across our target sectors combined with significant public markets expertise in operating listed companies, including a special purpose acquisition company which successfully completed its initial business combination. Throughout their careers, Mr. Kestenbaum, Mr. Tilliss and Mr. Strauss have advised and invested in numerous successful businesses in the sports and entertainment industries.
Mr. Kestenbaum has extensive investing and operating experience as well as a track record in turnarounds and restructurings. Mr. Kestenbaum formed and served as chairman and CEO of one of the earliest and most successful special purpose acquisition companies in 2006, International Metals Inc., which acquired Globe Metallurgical Inc. in 2007. The combined company achieved a peak market capitalization of $1.87 billion in 2011, or $24.90 per share, before the company merged into Ferro Atlantica to create Ferroglobe in 2016. In April 2019, Mr. Kestenbaum became a minority owner and limited partner of the Atlanta Falcons of the National Football League (“NFL”), which was among the highest amounts invested in the NFL history for a limited partnership stake. He has led large investor groups in pursuit of the Carolina Panthers and another high-profile sports asset. Mr. Kestenbaum has experience in other areas of content creation, including operating a one-of-a-kind location filming destination that has been utilized by major networks, movie studios and streaming services at Stelco Inc. where he serves as CEO.
Mr. Tilliss, the Founder and Managing Member of Inner Circle Sports, is a leader in the sports industry, with over 25 years of experience advising leagues, teams, stadium owners, technology and services businesses in the sports industry. Prior to founding Inner Circle Sports in 2002, Mr. Tilliss spent 14 years at JP Morgan where he was a Managing Director and formed the bank’s sports investment banking group and served as its Group Head. Mr. Tilliss was responsible for managing a multi-billion portfolio and originating new business transactions for the firm. At Inner Circle Sports, Mr. Tilliss has continued his strong track record for sourcing and managing high profile sports transactions, residing at the nexus of leagues, teams, sports properties and investors. Mr. Tilliss has managed transactions in the NFL, NBA, MLB, NHL, MLS, EPL and has advised private team owners and municipalities on stadium and arena development. In addition, Mr. Tilliss has raised capital for emerging sports technology companies in software as a service (“SaaS”), esports, ticketing, data, and other operating businesses in the sports and media industries.
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Mr. Strauss has significant investment and operational experience across the sports, esports and entertainment industries. Mr. Strauss currently serves as the Chief Executive Officer of GlassBridge Enterprises Inc., a publicly traded asset manager that owns and operates a sports investment platform. Mr. Strauss serves as a director and investment committee member of ARRIVE, the investment arm of Roc Nation a full-service entertainment company engaging in artist and athlete management, label publishing, touring, film/TV, and new ventures. Additionally, Mr. Strauss is a director of BrookLAN, the largest, dedicated esports & video game venue in New York.